Market Trends of Saudi Arabia Diagnostic Imaging Industry
Oncology is Expected to Hold a Significant Market Share Over the Forecast Period
- The growing burden of cancer in the country, such as breast cancer, colorectal cancer, prostate cancer, and many others, along with the launch of new products, is expected to boost segment growth.
- For instance, as per Globocan, the country was dominated by breast cancer with 29% cases, followed by thyroid cancer with 14.3% cases, and colorectum cancer with 9.2% cases in 2020. Therefore, the huge incidence of cancer cases is projected to boost the demand for diagnostic imaging for detecting early signs of cancer, thus augmenting the market growth.
- In addition, the adoption of key strategies by market players and government healthcare organizations, such as partnerships and product launches to speed up cancer diagnosis in the country, is propelling segment growth.
- For instance, in February 2022, Microsoft Arabia and Roche entered into a partnership to activate artificial intelligence (AI) in the early diagnosis of cancerous diseases. The latest advanced technologies and AI will enable the diagnosis of cases that have not yet shown symptoms so that patients can receive the necessary medical support in the early stages of the disease.
- Moreover, in October 2022, the Kingdom's Ministry of Health, in collaboration with Saudi Telecom Company, launched one of the first Middle East oncology e-platform at the Seha Virtual Hospital's headquarters. The e-platform is projected to assist healthcare professionals in early cancer diagnosis, thereby boosting the market growth during the forecast period.
- Furthermore, the launch of campaigns for creating awareness regarding cancer in the country is estimated to increase the demand for cancer diagnostic modalities, thereby augmenting market growth. For instance, in October 2021, the Ministry of Health (MOH) launched an awareness campaign on early screening of breast cancer, which is the most common cancer among Saudi women. The awareness campaign is projected to boost cancer diagnostic imaging in the market during the forecast period.
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Strategic Initiatives Undertaken by Market Players in Saudi Arabia is also contributing to the market growth
- Various strategic initiatives undertaken by market players, such as partnerships and investments in Saudi Arabia, contribute to market growth.
- Various international and local companies collaborated to open joint venture diagnostic companies in the country. For instance, in July 2022, Arabian International Healthcare Holding Co., known as Tibbiyah, entered a joint venture agreement with European Unilabs diagnostics AB to form and operate a limited liability firm under the name of Saudi European Diagnostics Company (SEDC). The joint venture SEDC aims to expand diagnostic imaging services in the country, which is expected to propel market growth during the forecast period.
- Furthermore, in October 2022, Integrated Diagnostics Holdings (IDH) entered a Joint Venture (JV) agreement with Al Makhbaryoun Al Arab (Biolab) and Izhoor Holding Medical Company (Izhoor) to launch a new diagnostic venture in Saudi Arabia. The strategic partnership will assist IDH in further expanding its geographic reach and patient base by gaining access to the Saudi Arabian healthcare industry.
- Thus, the rising strategic initiatives by various key players to expand diagnostic imaging products and services are projected to augment the market growth during the forecast period.
