Redding, California, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to a new market research report, ‘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’, published by 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.
Chronic infectious diseases caused by bacterial and viral pathogens in Latin America are rising due to changing climatic conditions, increasing population, migration & mobility, and poor public health resources. The pathogenic agents that cause emerging and re-emerging diseases in Latin America include bacterial pathogens (Salmonella enteritidis; Salmonella typhimurium, Salmonella typhi, Brucellaabortus, and Klebsiella pneumonia) and viral pathogens (HPV, HIV, EBV, Zika, and Chikungunya). Leprosy, dengue, leishmaniasis, HIV, Chagas disease, COVID-19 disease, and cancer are some of the diseases that are currently prevalent in the region. Testing is one of the greatest tools in understanding and managing the disease. The high prevalence of infectious diseases across the region is expected to increase the demand for diagnosis for early detection, prevention, and treatment.
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Growing Awareness Regarding Early Disease Diagnosis to Propel the Growth of this Market
Early diagnosis of infectious diseases leads to better treatment and future care. The early diagnosis of infectious diseases helps medical professionals and patients make various important medical decisions regarding care and support. There are many advantages to obtaining an accurate and early diagnosis after noticing the symptoms of a particular medical condition.
Increasing awareness regarding the importance of early disease detection is a major factor driving the growth of Latin America in vitro diagnostics market. Public organizations in the region promote early diagnosis and prevent and eradicate the mortality causes associated with infectious diseases. For instance, in 2021, concerning the leading causes of cancer death in children and adolescents in Latin America, the Pan American Health Organization (PAHO) was urging improved diagnosis and treatment. In September 2021, PAHO launched a virtual course on the early diagnosis of cancer in children and adolescents to improve the competencies and skills of primary care personnel for early cancer diagnosis. Similarly, in December 2020, PAHO and the Joint United Nations Programme on HIV and AIDS (UNAIDS) launched a public information campaign to increase awareness about the availability of self-testing for HIV, as many people having HIV remain undiagnosed.
Thus, rising concerns regarding the early diagnosis of diseases are expected to accelerate the adoption of diagnostic products, fueling the growth of the in vitro diagnostics market in the region.
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The Latin America IVD market is segmented by 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 their market share at the country level.
Based on product & solution, the reagents & kits segment is expected to register the fastest CAGR during the forecast period. Factors such as rising awareness among the population to identify the diseases and increasing use of kits & reagents to identify the organisms causing various diseases in less time and cost boost the segment's growth. Furthermore, the cost-effectiveness and rising demand for COVID-19 testing products will likely boost the growth of the kits & reagents segment in the coming years.
Based on technology, 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 rising demand for highly sensitive and advanced methods for disease diagnosis, the increased prevalence of various infectious and chronic diseases, and the ability to detect a wide range of pathogens using this technology.
Based on application, in 2023, the infectious diseases segment is expected to account for the largest share of the Latin America IVD market. The large market share of this segment is attributed to the high prevalence of infectious diseases such as COVID-19, dengue, HIV, and Chagas disease in the region, growing awareness for diagnostic testing, and increasing availability of COVID-19 test kits across the region. However, 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.
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Based on end user, in 2023, the hospital & clinics segment is expected to account for the largest share of the Latin IVD market. Hospitals & clinics can increase economies of scale and maximize the usage of equipment and staff while not reducing the level of service. Due to this reason, hospital laboratories are one of the major customers for IVD in Latin America. In addition, the availability of insurance facilities in the region provides access to a higher quality of medical care to individuals. Nearly 80% of the care at private hospitals in Latin America is covered by insurance.
Based on geography, 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.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry in the past three to four years. The Latin America IVD market has witnessed several product launches. For instance, in September 2021, Danaher Corporation (U.S.) launched DxU Iris Workcell, a fully automated system that streamlines urinalysis workflow, through its subsidiary Beckman Coulter, Inc. (U.S.), at the AACC Annual Scientific Meeting & Clinical Lab Expo. In June 2020, Abbott Laboratories (U.S.) launched the SARS-CoV-2 IgG laboratory serology test in Brazil to detect antibodies.
The key players operating in the Latin America IVD 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.), 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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Scope of the Report:
Latin America In Vitro Diagnostics Market Assessment - by Product & Solution
- Reagents & Kits
- Instruments
- Software & Services
Latin America In Vitro Diagnostics Market Assessment - by Technology
- Molecular Diagnostics
- Point-of-Care (PoC) Diagnostics
- Immunoassay/Immunochemistry
- Biochemistry/Clinical Chemistry
- Whole Blood Glucose Monitoring
- Hematology
- Microbiology
- Coagulation & Hemostasis
- Urinalysis
- Other Technologies
(Other technologies include hybridization and loop-mediated amplification)
Latin America In Vitro Diagnostics Market Assessment - by Application
- Infectious Diseases
- Oncology
- Cardiology
- Diabetes
- Autoimmune Disorders
- Nephrology
- Other Applications
(Other applications comprise toxicology, gastroenterology, neonatal, genetic, and neurological disorders)
Latin America In Vitro Diagnostics Market Assessment - by Diagnostic Approach
- Lab Testing
- OTC/Self-testing
- Point-of-care Testing
Latin America In Vitro Diagnostics Market Assessment - by End User
- Hospitals & Clinics
- Diagnostic Laboratories
- Home Care
- Other End Users
Other end users include long-term care facilities, academic & research institutes, ambulatory care centers, and transfusion laboratories.
Latin America In Vitro Diagnostics Market Assessment - by Country
- Brazil
- Mexico
- Argentina
- Colombia
- Peru
- Chile
- Ecuador
- Uruguay
- Dominican Republic
- Paraguay
- Bolivia
- Rest of Latin America
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