Meticulous Research® Unveils the Momentum Behind Africa's IVD Market Growth, Projecting a CAGR of 2.8% to Reach $1.49 Billion by 2030

[Redding, California 26-02-2024] - The landscape of in vitro diagnostics (IVD) in Africa is witnessing a notable surge, fueled by a confluence of factors including the burgeoning demand for IVD reagents, assays, and kits. Meticulous Research®, a leading market intelligence provider, in its latest publication on the Africa IVD market, projects a steady growth trajectory, anticipating a Compound Annual Growth Rate (CAGR) of 2.8% from 2023 to 2030, culminating in a market value of $1.49 billion by 2030.

The upsurge in demand is underpinned by several key drivers including the high prevalence of infectious diseases, the escalating burden of chronic ailments, bolstered initiatives supporting the healthcare sector, and an increasing awareness regarding the paramount importance of early disease diagnosis across Africa.

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In-depth Insights:

The comprehensive Africa IVD market report encapsulates various IVD reagents, assays, and kits utilized across government bodies, hospital laboratories, and private laboratories, spanning a spectrum of applications. These encompass infectious diseases, diabetes, oncology, cardiology, nephrology, toxicology, gastroenterology, neonatal, genetic, and neurological disorders.

Market Dynamics:

Geographical Perspective: South Africa is poised to command the lion's share of the market in 2023, attributable to a multitude of factors such as disease burden, demographic shifts with a rising geriatric population, concerted efforts promoting diagnostic testing, and ongoing initiatives aimed at bolstering healthcare infrastructure and awareness.

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Product Category: The reagents & kits segment is anticipated to seize the largest market share in 2023, driven by the substantial burden of infectious diseases prevalent in Africa. Notably, emerging threats underscore the pivotal role of IVD, with diseases like HIV, tuberculosis, malaria, neglected tropical diseases, and hepatitis demanding swift diagnostic interventions.

Technology Landscape: Molecular diagnostics are forecasted to dominate the market in 2023, spearheading the diagnostic arsenal with their capability to analyze DNA or RNA, thus facilitating swift and precise disease identification. The pressing need for rapid diagnosis, especially in the wake of outbreaks such as Ebola and COVID-19, is poised to propel the growth of this segment.

Application Domain: Infectious diseases are slated to hold the largest market share in 2023, driven by the pervasive prevalence of diseases like COVID-19, dengue, HIV, and Chagas disease. Initiatives aimed at bolstering accessibility to diagnostic testing, coupled with rising awareness, further fortify the dominance of this segment.

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Diagnostic Approach: Lab testing is envisaged to command the largest market share in 2023, owing to the availability of a diverse array of IVD tests and the superior accuracy associated with laboratory-based diagnostics. Noteworthy transformations in the laboratory testing landscape are underway, spurred by collaborative efforts aimed at enhancing testing capacities across Africa.

End-user Landscape: Hospitals & clinics are anticipated to emerge as the foremost end-users of the Africa IVD market in 2023. In vitro diagnostics form the cornerstone of healthcare delivery, with diagnostic testing services constituting an indispensable component of clinical pathways. The burgeoning demand for IVD diagnostics and escalating initiatives supporting testing in hospitals underscore the significance of this segment.

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The report offers actionable insights into the competitive landscape, encompassing financials, growth strategies, product portfolios, and geographical footprint of key market players. Notable entities featured include Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Danaher Corporation, F. Hoffmann-La Roche Ltd., QIAGEN N.V., Siemens Healthineers AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., and Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

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