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Private laboratory market to exceed EUR 1 bln by late 2021 – opinion

KYIV. Sept 15 (Interfax-Ukraine) – Over 2021, the private laboratory market will exceed EUR 1 billion, Commercial Director of Synevo Mykola Skavronsky has said.

"According to our rough estimates, if in 2019 the private laboratory market in Ukraine was somewhere around EUR 200-250 million, then this year we will cross the figure in EUR 1 billion. The market has now doubled in recent years, that is, it goes exponentially," he told Interfax-Ukraine.

According to Skavronsky, "when this market exploded, many new operators appeared here," while existing companies are developing, and regional ones are beginning to "run over to neighboring and not quite neighboring distant regions."

He said that in such a situation, one of the main strategies of Synevo is to try to retain the existing market share, "although we clearly understand that we will lose it."

"It’s hard enough to maintain the same market share when you don’t pay doctors. At the same time, we will go into digitalization as much as possible," the company’s commercial director said.

Skavronsky said that one of the directions of Synevo’s strategy at present will be, among other things, strengthening relations with partners, remarketing the patient base, including in the interests of clinics that cooperate with Synevo.

Synevo is the largest network of laboratories in Ukraine, part of the Swedish medical holding Medicover. The Synevo network includes 320 laboratory centers operating in 125 settlements of Ukraine, as well as eight laboratories in which more than 1,000 types of tests are performed.

The laboratory centers of the company serve more than 4 million clients annually.

In 2017, Synevo, as part of the Medicover holding, carried out an IPO on the Stockholm Stock Exchange. Thus, Synevo became the first and only medical company in Ukraine which shares are listed on the international stock exchange.

Since 2007, the Medicover holding has invested over EUR 50 million in the development of the company.