The in-vitro diagnostics (IVD) market is expected to top US$10 billion by 2027, thanks to the growing preference for early disease diagnosis from the public and governments favouring their usage, according to the research by Market Data Forecast.
This growth phenomenon will be addressed at Medlab Middle East, the MENA region’s largest medical laboratory exhibition and congress, which takes place at Dubai World Trade Centre from February 6 to 9.
According to the research by Market Data Forecast, the IVD market, which refers to tests done on samples such as blood or tissue taken from the human body, is expected to grow at a compound annual growth rate (CAGR) of 6.17 per cent between 2022 and 2027 in the Middle East and Africa region, a result of the growing preference for early disease diagnosis from the public and governments favouring their usage.
This is being further compounded by the increasing adoption of technology to develop advanced cutting-edge IVD devices which allow for quick, precise and error-free diagnostics in detecting, curing, treating or preventing disease and other conditions. The uptake of these devices surged due to the increase in point-of-care testing and molecular diagnostics during the COVID-19 pandemic.
According to the data, the increasing prevalence of chronic diseases, growing healthcare expenditure, the adoption of the latest technological advancements, and increasing government initiatives are likely to result in Saudi Arabia, the UAE and Qatar being the main drivers of growth in the region.
Tom Coleman, Exhibition Director for Informa Markets, said: “At the core of the growth in the market of IVDs is the utilisation of new technology. Developments in analytics, user-friendliness, and individualised patient treatments are driving industry advancements. As a result, medical device manufacturers are working to broaden the range of available IVD technologies and create new products by utilising point-of-care (POC), liquid biopsies, molecular diagnostics, artificial intelligence (AI), and the Internet of Things (IoT).”
A host of exhibitors at Medlab Middle East, which takes place under the show theme, ‘paving the way for technological advancements and sustainability in laboratory medicine’, will be showcasing the width and breadth of new products in the IVD market, including next-generation sequencing tests that can scan a person’s DNA to detect genomic settings, with devices varying from small, handheld tests to more complex laboratory instruments.
As part of the Medlab Middle East Congress programme, a new dedicated track, Point-of-care testing (POCT) Tech Advances and Clinical Impact, will focus on future perspectives and the recent, evolving technological advances that enable the development of novel POCT instruments. This is set to take place on February 7.
Anwar Abueida, Sales Manager at Al Hayat Pharmaceuticals, one of the UAE’s leading pharmaceutical companies, said: “If you compare now to 10 years ago, there have been big changes in the IVD market. We have gone from sending the samples to the lab and waiting for hours to get the results to now seeing results in, ideally, minutes. We expect to see more changes and improvements in the next decade.”
Medlab Middle East will welcome over 700 exhibitors this year, representing 180 countries and denoting a 100 per cent increase in the 2022 edition of the show. International pavilions have also seen a rise from 11 to 14.
In addition to a full line-up of exhibitors on the show floor, a series of seminars and workshops will take place to allow visitors to learn first-hand about the latest medical laboratory innovations from exhibitors.
Medlab Middle East Congress will provide education and solutions to advance laboratory skills and improve laboratory functions to over 5,000 conference delegates. With 13 conferences, the Congress is the largest CME-accredited multi-track medical laboratory congress globally, featuring 130+ local and international speakers.
To learn more about Medlab Middle East, visit https://www.medlabme.com/en/home.html and register here.
