The Latin American IVD Market is estimated to grow 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.
The growing prevalence of chronic and infectious diseases across the Latin American region is propelling the Latin American IVD market growth. Cancer is the leading cause of death in the Latin American region. Therefore, early cancer detection is essential for receiving the best treatment and increasing the chances of survival for the patient. In vitro diagnostic is a medical device that helps to diagnose infectious diseases through the patient's samples. Many people have been suffering from infectious diseases caused by bacteria, viruses, parasites, and fungi in recent years. The most recent example would be the cause of the pandemic, due to which many people suffered from this infectious disease named coronavirus. Some of the other infectious diseases, such as HIV, pneumonia, and tuberculosis also detected by the in-vitro diagnostic devices leading to the need for the market.
The growing adoption of advanced rapid test kits is fuelling the market’s growth rate. Owing to the spread of the coronavirus disease and the increase in variants of Covid-19, key players are focused on developing different types of rapid test kits that can be done at home. Therefore, they developed the test kits with an easy testing process that needs samples like blood, urine, etc., from the body. Additionally, the use of Covid-19 rapid kit development has increased due to the re-start of the cases in recent days.
The rising adoption of point-of-care testing favors Latin American IVD market growth. Due to the increasing number of diabetes cases in the region, most people use glucose monitoring devices for immediate results. These devices can be used anywhere, like a hospital, clinic, or home. Additionally, point-of-care diagnostic devices are used to treat cholesterol levels, blood pressure, and temperature and to register the oxygen levels in the body.
In addition, the growing usage of personalized medicine is supporting the growth rate of the Latin American IVD market. In vitro diagnostics also helps identify the patient's primary problem and helps in giving personalized medicine and treatment. Personalized medicine helps in the fast cure and prevention of diseases.
Furthermore, the IVD market growth in Latin America is driven by the growing popularity of various diagnostics and treatment procedures across the region, increasing disposable income in urban areas, growing awareness of personalized medicine, the development of innovative IVD products in research centers with different techniques to improve healthcare services, 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.
However, low awareness levels regarding the advantages associated with in-vitro diagnostics in the rural areas of the Latin American region are one of the major factors hampering the Latin American IVD market growth. Fluctuations in the productivity rate of the devices and equipment that requires vast amounts for installation and maintenance where it is difficult for small-scale enterprises are key factors inhibiting market growth. Furthermore, a lack of standardization and frequent changes in economic strategies impede market growth in Latin America. The high cost of in-vitro diagnostic instruments is the main reason for the market growth slowdown. Furthermore, the need for more skilled professionals to conduct the tests impedes market growth. In addition, strict rules for the approvals of the devices and unclear reimbursement scenarios also hampered the market growth.
This research report on the Latin America IVD Market has been segmented and sub-segmented into the following categories:
The IVD market in Latin America accounted for a moderate share of the worldwide market in 2021. However, the Latin American market is anticipated to grow steadily and hold better occupancy in the worldwide market owing to the growing focus of key market participants to capture the market potential of the Latin American region, which helps the development of safe and effective diagnostic test and increase awareness of the need for accurate diagnosis. In addition, due to the increasing success rate of IVD devices, many hospitals and clinics have adopted test kits which promotes market growth.
In Latin America, the Brazilian IVD market is expected to lead during the forecast period. Increasing awareness about using in-vitro diagnostics and growing healthcare expenditure are leveling up the market's growth in Brazil. In addition, 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 an extent. The ANVISA, the regulatory body of Brazil for healthcare, has created a platform for registering in-vitro diagnostic devices. The Increasing number of research centers to produce IVD kits and devices are the main reason for the market growth in this region. In addition, increasing investment by the government also helps in the rise of market growth. Furthermore, due to the increasing number of cardiovascular and metabolic disorders, critical players in this region are showing interest in developing in-vitro diagnosis devices which drive the market forward.
The Mexican IVD market is another 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 developing in-vitro diagnostics 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.
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