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Meticulous Research®– a leading global market research company, published a research report titled, "Latin America In Vitro Diagnostics Market by Product & Solution, Technology (Immunoassay, Point of Care, Molecular Diagnostics), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoC), End User - Forecast to 2030.'
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According to this latest publication from Meticulous Research®, Latin America in vitro diagnostics (IVD) market is expected to register a CAGR of 5.5% from 2023 to reach $6.45 billion by 2030. The rising prevalence of communicable and non-communicable diseases, growing medical tourism, adoption of point-of-care testing, and growing awareness regarding early disease diagnosis are driving the growth of this market. Moreover, the inclination toward personalized healthcare and advancements in genomics and proteomics offer opportunities for the IVD market in Latin America. However, the regulatory scenarios in the Latin America region pose a challenge to the growth of the IVD market.
The Latin America IVD market is segmented based on product & solution (reagents & kits, system, software & services), technology (molecular diagnostics, point of care diagnostics, immunoassay/immunochemistry, biochemistry/clinical chemistry, whole blood glucose monitoring, hematology, microbiology, coagulation & hemostasis, urinalysis, other IVD technologies), application (infectious diseases, oncology, cardiology, diabetes, autoimmune disorders, nephrology, other applications), diagnostic approach (point-of-care testing, lab testing, and OTC/self-testing), end user (hospitals & clinics, diagnostic laboratories, home healthcare, other end users). The study also evaluates industry competitors and analyzes the market at the country level.
Among all products & solutions studied in this report, in 2023, the reagents & kits segment is expected to account for the largest share of the Latin America IVD market. The reagents used in diagnostic testing assays are critical for properly functioning 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. These PoC kits help improve access to services, better manage healthcare resources, and reduce hospital admissions and clinic visits. Thus, the introduction of PoC testing has led to the increased demand for kits & reagents, which is expected to drive the segment's growth in the upcoming years.
Among all technologies studied in this report, in 2023, the molecular diagnostics segment is expected to account for the largest share of the Latin America IVD market. The large share of this segment is attributed to the increased prevalence of infectious diseases, especially the rising prevalence of HIV in Latin America and the higher sensitivity and accuracy of molecular diagnostics compared to other technologies in detecting pathogens.
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Among all applications studied in this report, the oncology disease segment is expected to register a high CAGR during the 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. The prevalence of cancer in Latin America is estimated to increase from 1.46 million new cases in 2020 to 1.91 million new cases by 2030.
Among all diagnostic approaches studied in this report, in 2023, lab testing is expected to account for the largest share of the Latin America IVD market. Lab testing is a traditional approach in which the clinician takes a sample from the patient and sends it to the laboratory for processing and testing. The lab testing approach for IVD has higher accuracy and reliability when compared to point-of-care testing. The laboratory testing approach can be performed on all types of IVD tests.
Among all end users studied in this report, in 2023, the hospitals & clinics segment is expected to account for the largest share of the market. The large share of this segment is attributed to the increased adoption of IVD technologies in hospital laboratories, the high patient population in the region, and the strong infrastructure of the hospitals to equip themselves with advanced IVD technologies.
Among all countries studied in this report, in 2023, 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 demand for genetic testing, increasing awareness of IVD products' use, and growing awareness for cancer screening.
Key Players
The key players operating in the IVD market in Latin America 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.), bioMérieux SA (France), Qiagen N.V. (Netherlands), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnóstica (Brazil), and Wiener Laboratorios SAIC (Argentina).
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Key questions answered in the report-
• What is the total sales value of Latin America in vitro diagnostics manufacturers?
• At what rate the demand for in vitro diagnostics products is projected to grow for the next 5–7 years? Also, what was the historical market size and growth of the Latin America in vitro diagnostics market?
• What are the major factors impacting the growth of this market at the country level? What are the major opportunities for existing market players and new entrants?
• Which are the high-growth market segments in terms of product & solution, technology, application, diagnostics approach, end user, and countries?
• Which countries are expected to offer significant growth opportunities for the vendors operating in Latin America in vitro diagnostics market?
• Who are the major players in the Latin America in vitro diagnostics market? And also, what are their specific product/service offering in the in vitro diagnostics industry?
• What are the recent developments in Latin America in vitro diagnostics market, and how these strategic developments are creating a regional impact in this market?
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