Meticulous Research®– a leading global market research company, published a research report titled, 'Latin America In Vitro Diagnostics Market By Product & Service, Technology (Immunoassay, PoC, Molecular Diagnostics), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoC), Customer Type - Forecast to 2029.'
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 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, inclination towards personalized healthcare and advances 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 & 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.
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Scope of the Report:
Latin America In Vitro Diagnostics Market, by Product & Service
• Kits & Reagents
• Instruments
• Software & Services
Latin America In Vitro Diagnostics Market, by Technology
• Immunoassay
• Whole Blood Glucose Monitoring
• Molecular Diagnostics
• Point of Care Diagnostics
• Clinical Chemistry
• Hematology
• Coagulation & Hemostasis
• Critical Care Diagnostics
• Urinalysis
• Other Technologies
Other technologies comprise microscopy, hybridization, and loop-mediated amplification
Latin America In Vitro Diagnostics Market, by Application
• Infectious Diseases
• Diabetes
• Oncology
• Endocrinology
• Cardiology
• Other Applications
Other applications comprise nephrology, toxicology, gastroenterology, neonatal, genetic, and neurological disorders.
Latin America In Vitro Diagnostics Market, by Diagnostic Approach
• Lab Testing
• OTC/Self-testing
• Point of Care Testing
Latin America In Vitro Diagnostics Market, by Customer Type
• Hospital Laboratories
• Private Laboratories
• Home Care/Self-testing
• Government Bodies
• Other Customers
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
• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Peru
• Ecuador
• Uruguay
• Dominican Republic
• Paraguay
• Bolivia
• Rest of Latin America
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Based on product & service, in 2022, the kits & reagents segment is estimated to account for the largest share of the IVD market in Latin America. 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. These PoC kits help improve access to services, better management of 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.
Based on technology, in 2022, the immunoassay segment is expected to account for the largest share of 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 an easy-to-use, portable, nasal-swab antigen rapid test. The test provides results in up to 15 minutes and aims to scale up COVID-19 testing in Brazil. In addition, the development of novel tests and increasing usage of miniaturized devices are propelling the growth of this segment.
Based on application, the oncology disease segment is estimated to grow at the fastest 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.
Based on the diagnostic 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 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.
Based on customer type, home care/self-testing segment is estimated to grow at the fastest CAGR during the forecast period. A shift from central laboratory diagnosis to point of care testing has been witnessed. The use of PoC has led to increased patient satisfaction, quick & reliable results, and reduced patient visits to healthcare centers. Latin American countries have lower health-system capacity and weaker disease surveillance systems than developed countries. Hence, home-care/self-testing IVDs are an important tool to increase the population's diagnostic coverage.
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 demand for genetic testing, increasing awareness of IVD products' use, and growing awareness for cancer screening.
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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).
Key questions answered in the report-
• What is the total sales value generated by the in vitro diagnostics manufacturers in Latin America?
• 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 in vitro diagnostics market in Latin America?
• What are the major factors impacting the growth of this market at the country level? What are major opportunities for existing market players and new entrants?
• What impact does the current COVID-19 pandemic have on the IVD market at various levels in the value chain?
• Which are the high-growth market segments in terms of products, technology, application, diagnostics approach, customer type, and countries?
• Which countries are expected to offer significant growth opportunities for the vendors operating in vitro diagnostics market in Latin America?
• Who are the major players in the in vitro diagnostics market in Latin America? And also, what are their specific product/service offering in the in vitro diagnostics industry?
• What are the recent developments in the in vitro diagnostics market in Latin America, and how these strategic developments are creating a regional impact in this market?
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