Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "Latin America In Vitro Diagnostics Market by Product & Solution, Technology, Application, Diagnostic Approach, End User - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Latin America in vitro diagnostics (IVD) market is expected to register a CAGR of 5.5% during the forecast period 2023-2030 to reach $6.45 billion by 2030.
The growth in the Latin America IVD market is attributed to the increasing prevalence of diseases, the 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 toward personalized healthcare and advancements in genomics and proteomics offer significant growth opportunities for the players operating in this market.
Based on product & solution, in 2023, the reagents & kits segment is expected to account for the largest share of the Latin America IVD market.
This segment is also expected to register 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 technology, the molecular diagnostics segment is expected to account for the largest share of the market.
Molecular diagnostics is a technique used to study biological markers in the genome and proteome and diagnose and monitor diseases. It is one of the most preferred diagnostic testing methods. The advantages of molecular diagnostics, such as high sensitivity and accuracy, the rising geriatric population, the growing prevalence of chronic diseases, and the rising incidence of infectious diseases, are some of the factors contributing to the largest share of this segment.
Based on application, the cardiology segment is expected to register the fastest CAGR during the forecast period.
Cardiovascular diseases are one of the leading causes of death in many countries of Latin America. It is estimated that over a million people die every year due to some kind of cardiovascular diseases in Latin America. Therefore, there has been an increase in demand for cardiac IVD testing with the rising incidence of cardiovascular diseases.
Based on diagnostic approach, the lab testing segment is expected to account for the largest share of the Latin America IVD market. The large share of this segment is primarily attributed to the higher accuracy and reliability, lower costs, availability of several IVD tests, and availability of a quality assurance program.
Based on end user, the hospitals & clinics segment is expected to register the fastest CAGR during the forecast period.
Factors such as the high prevalence of various chronic & infectious diseases, the rising need for early disease diagnosis, a high number of patients in hospitals & clinics, and the advanced infrastructure of hospitals & clinics to be equipped with in vitro diagnostics technologies are driving the growth of this segment.
In 2023, Brazil is expected to account for the largest share of the Latin America IVD market, followed by Mexico, Argentina, Colombia, and Chile.
Market Dynamics
Drivers
- Rising Prevalence of Communicable and Non-communicable Diseases
- Growing Awareness Regarding Early Disease Diagnosis
- Adoption of Point-of-care Testing
- Expanding Medical Tourism in the Region
Opportunities
- Inclination Toward Personalized Healthcare or Personalized Medicine
- Advancements in Genomics and Proteomics
Challenges
- Regulatory Scenario in Latin American Countries
The key players operating in the Latin America in vitro diagnostics market are
- F. Hoffmann-La Roche Ltd.
- Siemens Healthineers AG
- Abbott Laboratories
- Danaher Corporation
- Becton Dickinson and Company
- bioMerieux SA
- Qiagen N.V.
- Thermo Fisher Scientific Inc.
- Wama Diagnostica
- Wiener Laboratorios SAIC
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
For more information about this report visit https://www.researchandmarkets.com/r/clcjvk
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