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Regional clinical lab market worth $10bn, say experts

The region’s clinical laboratory services market is estimated to be worth around $8 - $10 billion growing at a CAGR of 6 per cent - 8 per cent until 2025, said the organisers of the upcoming Saudi Laboratory Congress in Jeddah, citing a Colliers International report.

The 2019 Saudi Laboratory and Diagnostics Congress will kick off tomorrow (October 13) placing prominence on the latest advancements and international guidelines in the medical laboratory and diagnostic area.

Organized by the Saudi society for Laboratory science and Maarefah Management, a leading healthcare education company, the event will bring international and local experts from Oct 13 – 15 at Le Meridien Jeddah. The third day is dedicated to specialized workshops.

“Our main aim of organizing medical laboratory conference is to spread knowledge and help health professionals around the country, also to support the Kingdom’s Vision 2030,”said Prof Khalid Al Harbi, chairman of the conference and the Saudi Society for Clinical Laboratory Sciences (SSCLS).  

Apart from the hot topics, efficient lab management tools, quality indicators and guidelines, total lab automation and its impact on efficiency and patient safety, the fundamental role of effective diagnostic tools in blood banks, and managing a successful Point of Care Testing Unit will be up for discussion.

MRC data is any indication, the Global Infectious Disease Diagnostics Market is accounted for $14.82 billion in 2017 and expected to touch $25.90 billion by 2026 growing at CAGR of 6.4 per cent in the period.

Sources say the prevalence of infectious diseases, growing R& D activities coupled with the development of novel technologies and rising new diagnostic tests to check infectious diseases are factors influencing the market.  While growth is forecast, concern is looming over a lack of skilled technicians and high cost of these devices which could hamper the growth of bacterial disease diagnostics market.

Experts opine that technological advancements and increasing funding, public-private investments in life science researches are driving the growth market. A vast rise in the awareness among people in developing nations regarding sex-related health issues is expected to push up the microbiology testing market, too.

Apart from technological advancements significantly improving the microbiology testing efficiency, introduction of tests by leading companies in the market could influence the global demand positively.

While rising geriatric population, who lack immunity, improving healthcare infrastructure across several economies, rising disposable income among the consumers, and changing lifestyle with unhealthy eating are factors driving the global microbiology testing market, inadequate reimbursements, stringent government regulations, and intense competition among the vendors might pose challenges to the growth.

The event will provide the opportunity to connect with the leading local, regional and international experts like laboratory directors, technology experts, quality professionals, biologists, pathologists, chemists, technologists and other health allied professionals.

“Early identification, case management and isolation, together with appropriate infection prevention and control measures can prevent human-to-human transmission, which is the most important part of disease control. The congress with gather experts from diagnostics and laboratory and healthcare providers to discuss best practices in and international standards in detection and prevention of diseases,” said Waleed Rafaay, COO of Maarefah Management. – TradeArabia News Service