Meticulous Research® – a leading global market research company, published a research report titled,'LatinAmericaInVitroDiagnosticsMarketByProduct&Service,Technology(Immunoassay, PoC, Molecular Diagnostics), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach(Lab,OTC,PoC),CustomerType-Forecastto2029.'
According to this latest publication from Meticulous Research®, the Latin American in vitro diagnostics (IVD) market is expected to grow at a CAGR of 7.8% from 2022 to reach $7.75 billion by 2029. The rising prevalenceofcommunicableandnon-communicablediseases,growingmedicaltourism,adoptionofpoint of care testing, and growing awareness regarding early disease diagnosis are driving the growth of this market.Moreover,inclinationtowardspersonalizedhealthcareandadvancesingenomicsandproteomics offer opportunities for the IVD market in Latin America. However, the regulatory scenarios in the Latin Americaregionposeachallengeto thegrowthoftheIVDmarket.
The Latin America IVD market is segmented based on product & service (kits & reagents, instruments, software & services), technology (immunoassay, whole blood glucose monitoring, molecular diagnostics, PoC diagnostics, clinical chemistry, hematology, coagulation & hemostasis, critical care diagnostics, urinalysis), application (infectious diseases, diabetes, oncology, cardiology, endocrinology), diagnostic approach (point of care testing, lab testing, and OTC/self-testing), customer type (government bodies, hospital laboratories, private laboratories, home care/self-testing). The study also evaluates industry competitors and analyzes the market at the country level. Download Sample Report Here: https://www.meticulousresearch.com/download-samplereport/cp_id=5105
ScopeoftheReport: LatinAmericaInVitroDiagnosticsMarket,byProduct&Service
• Kits&Reagents
• Instruments
• Software&Services
LatinAmericaInVitroDiagnosticsMarket,byTechnology
• Immunoassay
• WholeBloodGlucoseMonitoring
• MolecularDiagnostics
• PointofCareDiagnostics
• ClinicalChemistry
• Hematology
• Coagulation&Hemostasis
• CriticalCareDiagnostics
• Urinalysis
• OtherTechnologies
Othertechnologiescomprisemicroscopy,hybridization,andloop-mediatedamplification
LatinAmericaInVitroDiagnosticsMarket,byApplication
• InfectiousDiseases
• Diabetes
• Oncology
• Endocrinology
• Cardiology
• OtherApplications
Otherapplicationscomprisenephrology,toxicology,gastroenterology,neonatal,genetic,andneurological disorders.
LatinAmericaInVitroDiagnosticsMarket,byDiagnosticApproach
• LabTesting
• OTC/Self-testing
• PointofCareTesting
LatinAmericaInVitroDiagnosticsMarket,byCustomerType
• HospitalLaboratories
• PrivateLaboratories
• HomeCare/Self-testing
• GovernmentBodies
• OtherCustomers
Othercustomerscompriselong-termcarefacilities,academic&researchinstitutes,ambulatorycare centers,andtransfusionlaboratories.
LatinAmericaInVitroDiagnosticsMarket,byCountry/Region
• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Ecuador
• Uruguay
• DominicanRepublic
• Paraguay
• Bolivia
• RestofLatinAmerica
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Basedonproduct&service, in2022,thekits&reagentssegmentisestimatedtoaccountforthelargest shareoftheIVDmarketinLatinAmerica.Thereagentsusedindiagnostictestingassaysarecriticalforthe proper functioning of any diagnostic facility providing IVD testing. Increasing virulence of infectious diseasesandrapidgrowthinmoleculartestingforhospital-acquiredinfectionshasledtothedevelopment of PoC tests & kits. These PoC kits help improve access to services, better management of healthcare resources,andreducehospitaladmissionsandclinicvisits.Thus,theintroductionofPoCtestinghasledto the increased demand for kits & reagents, which is expected to drive the segment's growth in the upcomingyears.
Basedontechnology,in2022,theimmunoassay segmentisexpectedtoaccountforthelargestshareof the Latin America IVD market. Many immunoassay techniques have been developed, with ELISA, microarray, radioimmunoassay, immunocytochemistry, and western blotting being well-known. The outbreak of the COVID-19 pandemic created immense opportunities for the immunoassays market. For instance,Abbott Laboratories(U.S.) launched aneasy-to-use,portable,nasal-swabantigenrapidtest.The test provides results in up to 15 minutesand aims to scale up COVID-19 testing in Brazil. In addition, the developmentofnoveltestsandincreasingusageofminiaturizeddevicesarepropellingthegrowthofthis segment.
Basedonapplication,theoncologydiseasesegmentisestimatedtogrowatthefastestCAGRduringthe forecast period. The IVD for oncology consists of tests or medical devices that examine specimens taken from the human body and provide essential data for screening, diagnosing, and treating cancer. The increasing prevalence of cancer in Latin America is expected to drive the growth of IVD for oncology applications.TheprevalenceofcancerinLatinAmericaisestimatedtoincreasefrom1.46millionnewcases in2020to 1.91millionnew casesby 2030.
Based on thediagnostic approach,in 2022, lab testing is estimated to dominate the Latin America IVD market. Lab testing is a traditional approach in which the clinician takes a sample from the patient and sendsittothelaboratoryforprocessingandtesting.ThelabtestingapproachforIVDhashigheraccuracy andreliabilitywhencomparedtopointofcaretesting.Thelaboratorytestingapproachcanbeperformed onalltypesofIVDtests.
Basedoncustomertype,homecare/self-testingsegmentisestimatedtogrowatthefastestCAGRduring the forecast period. A shift from central laboratory diagnosis to point of care testing has been witnessed. TheuseofPoChasledtoincreasedpatientsatisfaction,quick&reliableresults,andreducedpatientvisits to healthcare centers. Latin American countries have lower health-system capacity and weaker disease surveillance systems thandeveloped countries.Hence, home-care/self-testing IVDs are an important tool to increasethepopulation'sdiagnosticcoverage.
Based on country,in 2022, Brazil is expected to account for the largest share of the Latin America IVD market due to its well-established healthcare infrastructure, growing healthcare expenditure, rising demandforgenetictesting,increasingawarenessofIVDproducts'use,andgrowingawarenessforcancer screening.
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KeyPlayers:
Thekey playersoperatingintheIVDmarketinLatinAmericaareF.Hoffmann-LaRocheLtd.(Switzerland), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Becton, DickinsonandCompany(U.S.),bioMérieuxSA(France),QiagenN.V.(Netherlands),ThermoFisherScientific Inc.(U.S.),WamaDiagnóstica(Brazil),andWiener LaboratoriosSAIC(Argentina).
Keyquestionsansweredinthereport-
• WhatisthetotalsalesvaluegeneratedbytheinvitrodiagnosticsmanufacturersinLatinAmerica?
• At what rate the demand for in vitro diagnostics products is projected to grow for the next 5–7 years?Also,whatwasthehistoricalmarketsizeandgrowthoftheinvitrodiagnosticsmarketin LatinAmerica?
• What are the major factors impacting the growth of this market at the country level? What are majoropportunitiesforexistingmarketplayersandnewentrants?
• WhatimpactdoesthecurrentCOVID-19pandemichaveontheIVDmarketatvariouslevelsinthe valuechain?
• Which are the high-growth market segments in terms of products, technology, application, diagnosticsapproach,customertype,andcountries?
• Which countries are expected to offer significant growth opportunities for the vendors operating invitrodiagnosticsmarketinLatinAmerica?
• Who are the major players in the in vitro diagnostics market in Latin America? And also, what are theirspecificproduct/serviceofferingintheinvitrodiagnosticsindustry?
• What are the recent developments in the in vitro diagnostics market in Latin America, and how thesestrategicdevelopmentsarecreatingaregionalimpactinthismarket?
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