The size of the Latin American IVD Market is estimated to be growing at a CAGR of 5.9% from 2022 to 2027. The market size is forecasted to be worth USD 12.84 billion by 2027 from USD 9.64 billion in 2022.
In-vitro diagnostics can easily detect any disease from the samples taken from the patient, where it is convenient and gives accurate results in less time. Growing popularity towards various diagnostics and treatment procedures across the region is a major driving factor for the market growth. In addition, increasing disposable income in urban areas, growing awareness of personalized medicine are further gearing up the Latin American In-Vitro Diagnostics Market.
The development of innovative IVD products in research centers with different techniques to improve healthcare services is escalating the growth scope for the market in Latin America. In addition, changes in lifestyle and food habits, growing awareness towards an early diagnosis to have quality treatment procedures, adoption of automated devices in laboratories, and growing demand for point of care testing devices are some other key factors driving the market growth for in-vitro diagnostics in Latin America.
However, people in rural areas are less aware of these devices, which restricts the growth rate of the market. Fluctuations in the productivity rate of the devices, equipment that requires huge amounts for installation and maintenance where it is difficult for small-scale enterprises are key factors inhibiting the market growth. Lack of standardization and frequent changes in the economic strategies impede the demand of the market in Latin America.
This research report on the Latin America IVD Market has been segmented and sub-segmented into the following categories:
In Latin America, the Brazilian IVD market is expected to account for the most significant share during the forecast period. Increasing awareness about the use of in-vitro diagnostics and growing healthcare expenditure are leveling up the market's growth in Brazil. There are increases in the rate of chronic diseases in this region. Improvement in the healthcare infrastructure is to elevate the growth of this market to the extent. The ANVISA, which is the regulatory body of Brazil for healthcare, has created a platform for the registration of in-vitro diagnostic devices.
The Mexican IVD market is another most promising regional market in the Latin American region. There is an increase in demand for new technology in Mexico. The public and private hospitals have increased the fund for the development of in-vitro diagnostic in their country. The public and private sectors are focusing on developing new products in favor of the end-users. This is to enhance the demand for the in-vitro diagnostic market.
KEY MARKET PLAYERS:
Most of the promising companies operating in the Latin American IVD Market profiled in this report are Abbott Laborat, Ortho Clinical Diagnostics, Inc., Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostic, Beckman Coulter Inc., Biomérieux, Ortho Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Sysmex Corporation & Thermo Fisher Scientific, Inc.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org