(PharmaNewsWire.Com, February 27, 2021 ) Meticulous Research®– leading global market research company published a research report titled, “Latin America In Vitro Diagnostics (IVD) Market by Product (Consumables, Instruments, Software), Technology (Immunoassay, Microbiology, Molecular Diagnostics), Application (Oncology, Diabetes), End User (Hospital, Reference Lab) – Forecast to 2027”.
According to this latest publication from Meticulous Research®, the Latin American in vitro diagnostics market is expected to grow at a CAGR of 7.9% from 2020 to reach to $6.3 billion by 2027. The growth in the IVD market in this region is mainly attributed to the factors such as growing prevalence of chronic and infectious diseases associated with rising geriatric population, rising adoption for automation in reference laboratories and hospitals, growing adoption of personalized medicine, and growing preference for point-of-care (POC) testing. Further, the development of condition specific markers and diagnostic kits offer significant growth opportunities for the players operating in this region.
The Latin America in vitro diagnostics market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. This study is majorly analyzed on the basis of product (consumables, instruments, software & services), technology (immunoassay, microbiology, molecular diagnostics), application (oncology, diabetes, endocrinology), and end user (hospital, reference lab). The study also evaluates industry competitors and analyzes the market at country level.
Based on product, the reagents, assays, and kits segment is estimated to command the largest share of the in vitro diagnostics market in Latin America in 2020. However, the segment is also expected to witness rapid growth, mainly due to the factors such as rising willingness among the population to identify the diseases at early stage; rising incidence of various diseases; and the recent outbreak of coronavirus (COVID-19) disease since November 2019 and related emergency requirement for various kits and assays for the early disease detection.
Based on technology, the immunoassay/immunochemistry segment is estimated to account for the largest share of this market in 2020. However, the molecular diagnostics technology segment is projected to grow with the fastest CAGR during the forecast period, owing to the factors such as high prevalence of infectious & genetic diseases in the region, rising awareness of personalized medicine and companion diagnostics, and advancements in molecular techniques.
Based on end user, the hospital laboratories segment is estimated to command the largest share of the overall market IVD market in Latin America in 2020. However, the point-of-care (POC) testing segment is expected to grow with the fastest CAGR during the forecast period, owing to the factors such as increasing adoption of PoC with the need for faster disease diagnosis at patients’ location, increasing aging population, rising number of R&D initiatives undertaken by manufacturers for the development of portable IVD devices, and development of CLIA-waived products for easy accessibility.
Geographically, Brazil is estimated to dominate the Latin America IVD market in 2020. However, Peru is expected to be one of the fastest growing countries in the region during the forecast period on account of the growing economic stability and rising healthcare expenditure in the country; rising disposable incomes; and high unmet clinical needs
Key players:
The key players operating in the in vitro diagnostics market in Latin America are Roche Diagnostics (Switzerland), Siemens Healthcare GmbH (Germany), Qiagen N.V (Germany), Biomérieux S.A. (France), Abbott Laboratories (U.S.), Becton, Dickinson And Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Wama Diagnóstica (Brazil), Labin Perú S.A. (Peru), WM Argentina SA (Argentina), Belomed SRL (Peru), Wiener Laboratorios SAIC (Argentina), Diagnóstica Peruana SAC (Peru), Diamed Argentina (Argentina), Andina Medica (Peru), and Grifols Chile S.A (Chile) among others.
What was the total value of sales generated by the IVD manufacturers in the Latin American region in 2018 and 2019?
At what rate the demand for IVD products is projected to grow for the next 5-7 years? Also, what was the historical market size and growth for IVD market in Latin America?
What are the major factors impacting the growth of this market at country and regional level? What are major opportunities for existing market players and new entrants in the market?
What impact does the current COVID-19 pandemic have on the IVD market at various levels in the value chain?
Which are the high growth market segments in terms of products, technology, application, end-users, and countries?
Which countries are expected offer significant growth opportunities for the vendors operating in the in vitro diagnostics market in Latin America?
Who are the major players in the in vitro diagnostics market in Latin America? And also, what are their specific product/service offering in the IVD Industry?
What recent developments have taken place in the IVD market in Latin America and how these strategic developments are creating the regional impact in this market?
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