As per the research report, the Latin America HIV Diagnostics Market size is valued at USD 462.84 million in 2022 and is estimated to be growing at a CAGR of 10.2% to reach 752.21 million by 2027 during the forecast period.
HIV/AIDS, also called a Human Immunodeficiency Virus or Acquired immunodeficiency syndrome, can be transmitted through contact with infected blood, vaginal fluids, and semen. Whereas the treatment can help, but this condition can't be cured and requires a medical diagnosis.
The driving factors contributing to the market's growth are a rise in disease prevalence and increased HIV patients. Latin America stands for technological improvements and advancements, and hence, the improved diagnostic tools increase market value. Increased adaption of home kits for testing blood for HIV also increased market value. Rapid assay tests, immunological tests are also responsible for accurate testing process for diagnosing HIV. Hence research and developments in this region through various government funds increase market size.
The strict rules and regulations for the ethical committee hamper the market growth. For the research and developments government releases funds; still, the expensive process for the same is back point for the market. High costs are associated with the process and tests like NAT (Nucleic acid testing). Lack of proper guidance and poor regulation also a turndown point for this market.
During COVID 19, there are many travel ban issues and lockdown regulations to prevent the virus's spread. There is a lack of skilled workers and staff for various clinics, hospitals, and diagnostic centers. Hence this affected market in a huge scenario. The people who wanted to get tested could not get in touch with healthcare workers as they indulged in COVID healthcare schemes and regulations.
This research report on the Latin America HIC Diagnostics Market has been segmented and sub-segmented into the following categories:
Regionally, the Latin American market continues to grow steadily during the forecast period. Around 2.4 million people were reported with HIV in Latin America. Wherein Adult HIV Prevalence for age between 19 to 45 years is seen more. The awareness about HIV in people is impressive in Latin America that the people know their HIV status and receive treatment. In Caribbean countries, 11 out of 16 regions rely on funds from external sources such as charities, public, NGO'S, and Government. Also, the Caribbean is the second largest HIV prevalence region.
Prominent companies leading in the Latin America HIV Diagnostics Market profiled in the report are Abbott Healthcare, Bristol-Myers Squibb, Alere Inc., Abbvie Inc., Janssen Therapeutics, Gilead Sciences, Merck & Co. Inc, BD Biosciences, Beckman Coulter, VIIV Healthcare, Partec, Sysmex, Apogee Flow Systems, Mylan inc., PointCare Technologies Inc., Zyomyx Inc., Qiagen, Siemens Healthcare, Roche Diagnostics, and bioMerieux.
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