Latin America Theranostics Market

Latin America Theranostics Market Size & Growth (2022 to 2027):

As per the research report, the size of the Latin America Theranostics Market is valued at USD 6.71 million in 2022 and estimated to be growing at a CAGR of 13.15%, to reach USD 12.44 million by 2027 during the forecast period 2022 to 2027.

Quick and accurate diagnostics followed by correlation with physical symptoms gave rise to developing better and innovative treatment modalities. This sector also includes pharmaceutical with healthcare collectively. The combination of effective drugs and advanced diagnostic tests is known as “theranostics”.

The increasing emergence of chronic and life-threatening diseases and the demand for advanced detection for these disease coupled with better treatment options are major drivers of the theranostics market in Latin America. According to the WHO (World Health Organization), in 2017, around 18 million people died from cardiovascular disease across the world. According to the WHO (World Health Organization), in 2019 cancer was the second leading cause of death worldwide and an estimated 9.7 million people died. Annually, about 1 in 6 deaths are due to cancer across the world.

The prevalence of type 1 diabetes in Latin America varies between 0.5 and 8.5 cases per 100,000 children aged 15 and under, and the prevalence rate of type 2 diabetes varies between 1.5% and 10%, with higher prevalence rates in urban areas. These incidences of diabetes in Latin America is expected to increase by 38% over the next decade, compared to an estimated increase of 15% in the total population.

Furthermore, the advancements in the adoption on nano particles in the biological imaging and therapy is expected to drive the market growth. In addition, lowering expenses and approval for medical trials are other key factors in the growth of the Latin America theranostics market. There is continuous research activities in these fields which greatly contributes to the growth of the market. There are multiple collaborations and partnerships of leading manufacturers from U.S and Europe to develop unique diagnostic tests.

The government is actively taking part in this sector. Most local Latin American countries spend 60% on public and compulsory insurance schemes, and the remaining 410% goes to personal payment schemes. According to reports, between 2011 and 2018, the growth rate of health expenditure per capita was 3.8% per year in Latin America, higher than the 3.1% observed for gross domestic product. These number dictates the growing need for expanding theranostics market in the near future.

However, key factors such as strict government regulations and lack of reimbursement policies are factors hampering the growth of the Latin America theranostics market.

This research report on the Latin America Theranostics Market has been segmented and sub-segmented into the following categories:

By Disease Type:

• Neurological Disorders
• Cardiovascular Diseases
• Immunological Disorders
• Oncology
• Others

By Technology:

• Polymerase Chain Reaction (PCR)
• Immunohistochemistry
• In Situ Hybridization
• Sequencing
• Others

By End-User:

• Hospitals
• Diagnostics Laboratories
• Others

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the Latin American health system has progressed rapidly in recent years. Many regional countries are giving more importance to the health of the population. Government initiatives such as the Plan Nacer in Argentina, the unified tax-funded health system in Brazil, and rising constitutional rights in Colombia, these countries are making successful attempts to help the theranostics market expand with time.

Brazil theranostics market dominated the Latin America theranostics market in the year 2020. Recently, Brazil spent 46.6% of its funds for healthcare as a percentage of total government spending rose, and in Argentina, the expenses were recorded around 23%. Brazil is one of the majormarkets in this region with more than $ 2 billion expected in investments, followed by Mexico, Chile, Colombia, which are also expected to gain healthy growth rate in the projected period.

Mexico theranostics market is anticipated to grow at a high CAGR owing to the increasing incidences of chronic diseases such as cancer and diabetes. According to the National Cancer Institutes, 55,350 new cancer cases were diagnosed in Mexico in 2018. In addition, the developing healthcare infrastructure, increasing R&D activities are driving the market in the region.

Argentina theranostics market is aiming for sale revenues from collaboration between pharmaceutical and diagnostic companies to expand the Latin America theranostics market. This strategic move is looked upon favourably by many international companies.

KEY MARKET PLAYERS

Prominent companies leading in the Latin America Theranostics Market profiled in the report are Abbott Laboratories, AmeriPath, Dickinson and Company, BIOTEC Laboratories, Dade Behring, Dianon Systems, Dynacare Laboratories, Enterix, Focus Diagnostics, Pfizer and Beckman Coulter.