(I-BusinessNews.Com, July 21, 2022 ) According to a new market research report titled, ‘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 by Meticulous Research®, the Latin America in vitro diagnostics (IVD) market is expected to grow at a CAGR of 7.8% from 2022 to reach $7.75 billion by 2029.
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 of these diseases for early detection, prevention, and treatment.
Impact of COVID-19 on the In Vitro Diagnostics Market in Latin America
The outbreak of the COVID-19 pandemic created immense opportunities for the IVD market as testing provided one of the greatest solutions in managing the pandemic. Before the vaccine launch, diagnostic testing became a valuable tool for managing the pandemic. COVID-19 disease affected the economy of Latin American countries through production, demand, supply chain, and market disruptions and its financial impact on firms and financial markets. Brazil was the second most affected country globally due to COVID-19 disease.
Different tests served different purposes in managing the pandemic; the viral RNA testing enabled point of care and acute detection of those infected with SARS-CoV-2. However, immunological tests gained importance for contact tracing. Furthermore, in response to the COVID-19 pandemic and shortages of laboratory-based molecular testing capacity and reagents, multiple diagnostic test manufacturers developed and sold rapid and easy-to-use devices to facilitate testing outside of laboratory settings. These simple test kits were then imported or launched into the Latin American market. For instance, in March 2021, Abbott Laboratories (U.S.) launched the Panbio COVID-19 Ag Rapid Test Device with nasal swab sample Collection in Brazil.
The Latin America IVD market is segmented on the basis of by product & service (consumables, system, software & services), technology (immunoassay, point-of-care), application (infectious diseases, diabetes), (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 their market share at THE country level.
Based on product & service, the kits & reagents segment is expected to grow at 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 lesser time and cost are responsible for the growth of the segment. Furthermore, the cost-effectiveness and rising demand for COVID-19 testing products are likely to boost the growth of the kits & reagents segment in the coming years.
Based on technology, in 2022, the immunoassay segment is estimated to account for the largest share of the Latin America IVD market. However, the point of care diagnostics segment is expected to grow at the fastest CAGR during the forecast period. Infectious diseases are a significant burden on public health and economic stability in Latin America. The rapid and precise confirmation of clinical findings is vital, and point-of-care enables immediate decisions. The growing incidences of infectious diseases have increased the demand for point-of-care testing in Latin America.
Quick Buy – “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” Research Report: https://www.meticulousresearch.com/Checkout/19904207
Based on application, in 2022, the infectious diseases segment is estimated 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.
Based on customer type, in 2022, the hospital laboratories segment is expected to account for the largest share of the Latin IVD market. Hospital laboratories have the capabilities to 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 2022, Brazil is estimated to account for the largest share of the Latin America IVD market, closely followed by Mexico, Argentina, Colombia, Chile, and Peru. The large market share of this segment is attributed to the increasing prevalence of diabetes and other infectious diseases, the growing elderly population, and the increasing demand for point of care diagnostics.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry in the past four years (2019–2022). 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.
Some of 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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