The size of the Point of Care (POC) Diagnostics/Testing Market in Latin America was worth USD 2.98 billion in 2022 and estimated to reach USD 4.74 billion by the end of 2027, with a CAGR of 9.68%.
The introduction of cost-effective technologies related to the efficient and accurate detection, diagnosis, and surveillance of disease and government initiatives to control the spread of disease and provide better health facilities, will serve as an essential factor in the course of the forecast period. Besides, the increase in the geriatric population, which is more prone to infections and other diseases, is expected to stimulate demand for home health care and independent living diagnostic and monitoring devices. Besides, adoption of a sedentary lifestyle by the young and middle-aged population is believed to contribute to the prevalence of diabetes, heart problems, drug addiction, and STDs in developing countries, in addition to the expected prevalence presence of chronic and endemic diseases such as Chagas in less developed regions to increase market potential. Increasingly concerned about the increasing prevalence of infectious diseases in Latin America, several health organizations and governments have put detection programs and plans to control and eradicate these diseases. Gradually growing economies, increasing the purchasing power of the population, high prevalence of the disease, and increased awareness of medicine are expected to push the point-of-care diagnostics market in Latin America in the forecast period.
The high price of molecular test kits is expected to hamper the growth of the market. Molecular-based test kits play an essential role in the diagnosis of infectious diseases. However, the high price of molecular test kits leads to their low adoption, especially in emerging countries. The non-reimbursement of certain infectious diseases is also expected to limit the growth of the market.
COVID-19 Impact on this market
The increasing prevalence of various chronic and infectious diseases such as heart disease, hepatitis, cancer, gastrointestinal, respiratory, and sexually transmitted diseases (STDs) play a vital role in the growth of the point-of-care diagnostics market. However, the recent outbreak of coronavirus disease (COVID-19) has led to the rapid expansion of the region's POC diagnostics market. In April 2020, Vale S.A., a Brazilian multinational, purchased 5.5 million new quick test kits for the coronavirus (COVID-19) to help the Brazilian government fight the country's spread of the disease. Additionally, Hi Technologies, a Brazilian healthcare technology startup specializing in laboratory examination equipment, produces batches of rapid tests to diagnose COVID-19. Amid the ongoing pandemic, the widespread adoption of point-of-care diagnostic test kits in the Latin American region has increased dramatically, according to WHO advice.
This market research report on the Latin America POC Diagnostics Market has been segmented and sub-segmented into the following categories and analyzed market size and forecast until 2025.
Regionally, emerging markets such as Brazil offer high growth potential for companies involved in developing and distributing point-of-care diagnostic devices. Increasing initiatives by market players, a growing patient population base, and a rise in the number of partnerships and joint ventures among point-of-care providers are the key factors driving the growth of the point-of-care diagnostics market in emerging countries.
The Latin American region has suffered a significant epidemiological burden of infectious diseases such as severe acute respiratory syndrome (SARS), Middle East respiratory syndrome (MERS), Ebola, chikungunya, avian flu, swine flu, Zika, and COVID-19 in recent years. The increasing prevalence of several infectious diseases in low-economy countries like Haiti, Bolivia, Guatemala, and others and the rapid spread of STDs in the developing economies of Brazil, Mexico, and Chile, should stimulate the need for POC Diagnostics superior to the prognosis period. Besides, the number of government initiatives for early detection and diagnosis of the disease and support for establishing health check-ups and camps is expected to increase demand. Brazil dominated the POC diagnostics industry in Latin America in 2019, with an estimated revenue share of over 41%. The presence of healthcare reforms, such as the Unified Healthcare System, is expected to boost the market growth in Brazil. The high prevalence of infections and the rapid increase in diabetes, cancer, and heart conditions in the country are expected to increase POC diagnostics demand. Chile is estimated to experience potential development in the coming years due to the emergence of the Zika virus and a greater prevalence of Chagas disease. The evolution of the economy to develop the health care infrastructure, control and reduce the incidence of target diseases, and prevent the emergence of new diseases, is estimated to boost the demand for POC diagnostics in this country.
Key players dominating the Latin American POC testing market are Abbott Laboratories, Inc., Danaher Corporation, Roche Diagnostics Limited, BioMerieux, Siemens Healthcare, Beckman Coulter, Inc., Becton, Dickinson and Company, Johnson & Johnson, Alere Inc., and PTS Diagnostics.
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