South Africa In Vitro Diagnostic Devices Market Size Set to Touch USD 946 Million by 2029
South Africa in vitro diagnostic (IVD) devices market is flourishing because of increasing awareness of early disease diagnosis and rising incidences of chronic and infectious diseases among aging population.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Africa in vitro diagnostic (IVD) devices market size at USD 548.22 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects South Africa in vitro diagnostics devices market size to grow at a significant CAGR of 8.21% reaching a value of USD 945.6 million by 2029. Major growth factors of South Africa in vitro diagnostics devices market include increasing need for accurate and efficient diagnostic tests, expanding the usage of point-of-care diagnostics in the country, increasing adoption of technology advancements in the diagnostics market. Based on a PubMed Central article published in July 2022, around 7.9 million people in South Africa are infected with HIV, with a nationwide prevalence rate of 14% across all age groups. Since HIV-positive people are more vulnerable to a variety of chronic and infectious diseases, the country's demand for in-vitro diagnostic tools for diagnosis and monitoring is expected to boost the demand for market. Also, according to the International Diabetes Federation's (IDF) 2021 report, the number of South African adults aged 20-79 years with diabetes is projected to rise from 4.2 million in 2021 to 7.5 million by 2045. As a result of this significant and growing disease burden, the demand for in-vitro diagnostic tests and products in South Africa is expected to increase, leading to growth in the in-vitro diagnostics market during the forecast period. Also, the IVD market is expanding owing to the implementation of advanced technologies such as PCR, NGS, genetic testing, and molecular diagnostics. This has resulted in a shift from conventional diagnostic methods to modern generation that operates at the genetic level. Advanced technologies have played a crucial role in enabling this transition in the IVD industry. Hence, such factors have fueled the expansion of South Africa in vitro diagnostics (IVD) market during the period in analysis. However, high cost deterring the customers from adopting technologies is anticipated to restrain the growth of overall market.
Sample Request @ https://www.blueweaveconsulting.com/report/south-africa-in-vitro-diagnostics-devices-market/report-sample
South Africa In Vitro Diagnostics Devices Market – Overview
In Vitro Diagnostics (IVD) refer to tests conducted on samples such as blood or tissue that have been extracted from the human body. These diagnostics are used to detect diseases or other health conditions, monitor a person's overall health, and assist in treating illnesses. In precision medicine, IVDs are also used to identify patients who are likely to benefit from particular treatments or therapies. Next-generation sequencing tests are an example of IVDs that screen an individual's DNA to detect genomic variations. IVDs are critical tools for everyday medical practice and emergencies, and numerous treatment decisions are based on their results. The development and availability of laboratory capacity are crucial for effective healthcare delivery worldwide. In-vitro diagnostic point-of-care testing is needed to speed up patient management and improve access to services. This testing involves directly measuring an analyte in a patient's sample at the hospital without sending it to a laboratory. This approach can offer several benefits, including faster results and robust interventions. The development of condition-specific markers is expected to have a significant impact on the market economy.
Impact of COVID -19 on South Africa In Vitro Diagnostics Devices Market
COVID-19 pandemic has increased global demand for in-vitro diagnostic (IVD) goods like as test kits and reagents for the rapid and precise identification of SARS-CoV2 virus infection. The pandemic underlined the importance of IVDs in detecting infectious diseases, notably COVID-19, and testing was regarded as a vital step in pandemic control. During the pandemic, the IVD market witnessed a beneficial impact, owing principally to the rapid release of COVID-19 diagnostic kits by key companies. The World Health Organization raised the number of laboratories equipped to identify COVID-19 to over 900, and genetic sequencing efforts in Africa were enhanced, leading to a rise in sequencing data on the continent. The IVD market lost some traction during post pandemic, but it is predicted to develop steadily during the forecast period.
South Africa In Vitro Diagnostics Devices Market – By Application
Based on application, South Africa in vitro diagnostics devices market is segmented into Oncology, Infectious Disease, Diabetes, Cardiology, and Nephrology. The infectious diseases segment is expected to account for the highest share of South Africa in vitro diagnostics market during the forecast period. The increased occurrence of infectious diseases and multi-drug-resistant infectious diseases around the world, as well as the increasing demands for practical diagnostic tools for these diseases, can be attributed to the sector's considerable contribution.
Major players operating in South Africa in vitro diagnostics devices market include Abbott, Danaher, Siemens Healthineers AG, Roche Diagnostics, Sysmex Corporation, Beckman Coulter South Africa, and Mindray South Africa. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Don’t miss the business opportunity in the South Africa In Vitro Diagnostics Devices Market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Africa In Vitro Diagnostics Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Africa In Vitro Diagnostics Devices Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Research Blog
Phone No: +1 866 658 6826