Market Research Report
South Africa In-Vitro Diagnostics Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||391063|
|Published||Content info||70 Pages
Delivery time: 2-3 business days
|South Africa In-Vitro Diagnostics Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: September 1, 2019||Content info: 70 Pages||
The In-Vitro Diagnostics market in South Africa is expected to grow in the coming future. This growth is majorly attributed to the rising burden of chronic diseases in South Africa, increasing the use of point-of-care diagnostics in the country and technological advancements that are being done in the diagnostics market.
As per the report published by the Government of South Africa in 2018, the prevalence of HIV in the country is around 13.1%. It has been suggested that the number of people living with HIV in the country would reach beyond 7.52 million by 2019. This indicates the burden of HIV in South Africa. Therefore, there is a growing need for better diagnostics which in turn is augmenting the demand for the same.
After HIV, Cardiovascular Diseases (CVD) is the leading cause of death in South Africa and almost one in every six deaths are associated with CVD. Therefore, rising chronic diseases in the country are propelling the demand for in-vitro diagnostics which in turn is contributing to the market growth.
As per the scope of this report, in vitro diagnostics involves medical devices and consumables that are utilized to perform in vitro tests on various biological samples. They are used for the diagnosis of various medical conditions, such as Diabetes and Cancer.
Reagents are Expected to Hold Largest Market Share in the Product Segment
The reagent segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturer to be used during the in-vitro diagnosis process. Given the high cost of many diagnostic platforms, it is common for manufacturers to lease equipment instead of selling technology outright to end-users. In these arrangements, the lease is tied to contracts to purchase associated reagents or assays for the equipment over the life of the contract. Many diagnostic companies have in excess of 75% of sales from consumables such as assays and reagents, and such agreements guarantee the generation of cyclic revenues associated with the sale of reagents and other consumables.
South Africa has established local immunoassay reagent programs to manufacture low-cost, high-quality immunoassay reagents. Kits from these projects are now becoming available and are likely to fuel the South African market for in-vitro diagnostics.
The In-Vitro Diagnostics market in South Africa is showing intense competition currently. This is majorly due to the rising investment of the global companies in South Africa as this country shows several opportunities for growth. With the rising expansion strategies that are being implemented by the companies, it is expected that in the future, several small and mid-sized companies will penetrate the market and hold a substantial share.