Market Research Report
Latin America In Vitro Diagnostics Market by Product & Service, Technology (Immunoassay, Point of Care, Molecular Diagnostics), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoC), Customer Type - Forecast to 2029
|Latin America In Vitro Diagnostics Market by Product & Service, Technology (Immunoassay, Point of Care, Molecular Diagnostics), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoC), Customer Type - Forecast to 2029|
Published: June 8, 2022
Meticulous Market Research Pvt. Ltd.
Content info: 191 Pages
Delivery time: 1-2 business days
The Latin America in vitro diagnostics (IVD) market is expected to grow at a CAGR of 7.8% during the forecast period 2022-2029 to reach $7.75 billion by 2029.
The report provides the key industry drivers, restraints, challenges, and opportunities through extensive secondary and primary research and in-depth analysis of the market scenario. The growth in the Latin America IVD market is attributed to the increasing prevalence of diseases, rising geriatric population, growing awareness for early disease diagnosis, a shift in the focus from centralized to the point of care testing, and the emergence of the COVID-19 pandemic. Moreover, the inclination towards personalized healthcare and advancements in genomics and proteomics offer significant growth opportunities for the players operating in this market.
Based on product & service, in 2022, the kits & reagents segment is estimated to account for the largest share of the Latin America IVD market. This segment is also expected to grow at the fastest CAGR during the forecast period. The reagents used in diagnostic testing assays are critical for the proper functioning of any diagnostic facility providing IVD testing. Increasing virulence of infectious diseases and rapid growth in molecular testing for hospital-acquired infections has led to the development of PoC tests & kits. The advent of PoC testing has increased the demand for kits & reagents.
Based on application, the oncology segment is expected to grow at the fastest CAGR during the forecast period. The in vitro diagnostic for oncology consists of tests or medical devices that examine specimens taken from the human body and provide essential data for screening, diagnosis, and treatment of cancer. Advancements in technology and immunochemistry have led to point of care (PoC) testing and self-testing for cancer diagnosis. Furthermore, the increasing prevalence of cancer in Latin America is expected to drive the growth of in vitro diagnostics for oncology applications.
Based on diagnostic approach, the point of care testing is estimated to account for the largest share of the Latin America IVD market. Latin American counties have a lower health-system capacity and weaker disease surveillance systems than some developed countries; hence point of care testing becomes an important tool to increase the population's diagnostic coverage.
Based on customer type, the home care/self-testing segment is expected to grow at the fastest CAGR during the forecast period. Factors such as the outbreak of the COVID-19 pandemic, increasing need to manage and monitor chronic diseases, rising awareness for the use of home healthcare testing products, and the need to reduce waiting time for testing results & healthcare costs are leading to the growth of the segment. However, home care IVD products possess some potential challenges, such as device failure, inaccurate test results, the user's inability to interpret test results, and failure to take necessary follow-up measures, which may restrain the growth of this segment to some extent.
An in-depth analysis of the geographical scenario of the Latin America IVD market provides detailed qualitative and quantitative insights about the major countries - Brazil, Mexico, Colombia, Chile, Argentina, Peru, Uruguay, Ecuador, the Dominican Republic, Paraguay, Bolivia, and the Rest of Latin America. In 2022, Brazil is estimated to account for the largest share of the Latin America IVD market, followed by Mexico, Argentina, Colombia, and Chile.
The key players operating in the Latin America in vitro diagnostics market are F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Becton, Dickinson and Company (U.S.), bioMerieux SA (France), Qiagen N.V. (Netherlands), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnostica (Brazil), and Wiener Laboratorios SAIC (Argentina).
Latin America In Vitro Diagnostics Market, by Product & Service
Latin America In Vitro Diagnostics Market, by Technology
Other technologies comprise microscopy, hybridization, and loop-mediated amplification
Latin America In Vitro Diagnostics Market, by Application
Other applications comprise nephrology, toxicology, gastroenterology, neonatal, genetic, and neurological disorders.
Latin America In Vitro Diagnostics Market, by Diagnostic Approach
Latin America In Vitro Diagnostics Market, by Customer Type
Other customers comprise long-term care facilities, academic & research institutes, ambulatory care centers, and transfusion laboratories.
Latin America In Vitro Diagnostics Market, by Country/Region