(PharmaNewsWire.Com, February 27, 2021 ) Meticulous Research® – leading global market research company published a research report titled “Latin America Point of Care Diagnostics Market by Product (Blood glucose monitoring, Coagulation monitoring, Hematology testing, Cholesterol testing), Platform (Microfluidics, Molecular diagnostics), Mode (OTC Testing), End User- Forecast to 2027’.
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According to this latest publication from Meticulous Research®, the point of care diagnostics market in Latin America is expected to grow at a CAGR of 16.1% from 2020 to reach to $203 million by 2027. The growth in the point of care diagnostics market in the region is attributed to the increasing prevalence of infectious diseases, rising geriatric population, increasing initiatives by manufacturers to provide better tests, shortage of skilled laboratory technicians, and increasing funding/investments for the development of PoC products. Furthermore, the growing demand for home care therapeutic and diagnostic devices offer significant growth opportunities for players operating in the point of care diagnostics market in this region.
The Latin America point of care diagnostics market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027 - by product (blood glucose monitoring, coagulation monitoring, hematology testing, cholesterol testing), platform (microfluidics, molecular diagnostics), mode (OTC testing), end user (home care, hospital), and geography. The study also evaluates industry competitors and analyzes the market at country level.
Based on product type, the blood glucose monitoring segment is estimated to command the largest share of the overall Latin America PoC diagnostics market in 2020. However, the infectious diseases testing kits segment is expected to register the fastest growth during the forecast period. The growing prevalence of infectious diseases like influenza that demand rapid testing to offer accurate and timely treatment are expected to provide strong revenue growth opportunities for PoC testing companies operating in the Latin American region.
Based on technology/platform, the lateral flow assays segment is estimated to account for the largest share of this market in 2020, due to the affordability and clinical utility of lateral flow assays in PoC applications.
Based on end user, the home care/self-testing segment is estimated to command the largest share of the overall POC diagnostics market in Latin America in 2020, mainly due to the growing inclination towards at-home healthcare, increasing focus on continuous and remote patient monitoring, and growing need for rapid tests among home care users.
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This research report analyzes major countries and provides comprehensive analysis for countries like Brazil, Mexico, Argentina, Chile, Peru, Colombia, and Rest of Latin America. Brazil is estimated to command the largest share of the Latin America PoC diagnostics market in 2020, which is attributed to the factors such as rising prevalence of infectious diseases, diabetes, cancer, and cardiac disorders; increased healthcare spending in Brazil with its developing economy; and government initiatives to control the incidence levels of chronic and endemic diseases in Brazil.
Key Players:
The key players operating in the Latin America point-of-care diagnostics market are Alere Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Danaher Corporation (U.S.), Thermo Fisher Scientific (U.S.), Becton, Dickinson and Company (U.S.), Quidel Corporation (U.S.), biomérieux S.A. (France), Chembio Diagnostics (U.S.), Johnson & Johnson (U.S.), Siemens Healthineers GmbH (Germany), Orangelife Comercio E Industria (Brazil), and PTS Diagnostics (U.S.) among others.
Key questions answered in the report-
What is the value of revenue generated from the sale of point-of-care diagnostics products in Latin America? At what rate their demand is expected to grow for the next 5-7 years?
What was the historical market for point-of-care diagnostics market across Latin America?
What are the key factors driving the growth of the Latin America point-of-care diagnostics market?
What are major opportunities for existing market players and new entrants in the Latin America point-of-care diagnostics market?
Which are the high growth market segments in terms of product, platform, mode of sale/prescription, end users, and countries?
Which country holds the dominant share in the Latin America point-of-care diagnostics market and which country offers the major traction for the vendors operating in this region?
How is the competitive landscape in the Latin America point-of-care diagnostics market?
Who are the prominent players in the Latin America point-of-care diagnostics market and what share of the market do they hold?
What recent developments have happened in the Latin America point-of-care diagnostics market in recent past? Which vendors were majorly involved in these developments and how has this impacted their share in the Latin America point-of-care diagnostics market?
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