Industry: Healthcare | Publish Date: 08-Jul-2024 | No of Pages: 139 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : N/A
The Latin America In-Vitro Diagnostics Market size was valued at USD 4.33 billion in 2023, and is predicted to reach USD 5.98 billion by 2030, at a CAGR of 4.3% from 2024 to 2030. In-vitro diagnostics (IVD) refers to a wide range of medical tests conducted on samples of bodily fluids, tissues, or cells outside of the body to diagnose diseases, monitor therapy, and assess overall health conditions. These tests are performed in laboratory settings using various techniques and technologies, including immunoassays, molecular diagnostics, clinical chemistry, hematology, and microbiology.
These tests enable early detection of diseases, allowing for timely intervention and treatment initiation. By providing rapid and accurate results, IVD tests facilitate personalized medicine, guiding tailored treatment approaches based on individual patient characteristics.
Also, in-vitro experiments provide valuable insights into biological systems, enabling scientists and researchers to make significant contributions to fields such as medicine, biotechnology, and pharmacology. They serve as essential tools for understanding fundamental biological processes and developing innovative solutions to address health challenges.
Brazil's substantial healthcare expenditure reflects the government's commitment to improving access to quality healthcare services and addressing the healthcare needs of its population. The International Trade Administration reports that, Brazil is the largest healthcare market in Latin America and allocates approximately 9.47% of its GDP, totalling USD 161 billion, to healthcare expenditures. This investment drives demand for a variety of diagnostic tests offered by the in-vitro diagnostics industry, including those for infectious diseases, chronic conditions, cancer, and genetic disorders.
The chronic disease such as cancer often require ongoing monitoring and management, which further increases the demand for in-vitro diagnostics tests. According to the Global cancer Observatory, as of 2022, in Peru, there were 33,724 new cancer cases reported among males, 39,103 among females which resulted in a total of 72,827 cases across both genders. As cancer cases increase, there is a heightened need for early detection and personalized treatment, leading to a surge in the development and adoption of advanced In-Vitro diagnostics technologies.
High costs associated with research, development, and regulatory approval are significant factors restraining the market growth. Operating within this sector necessitates significant financial investment for companies to navigate the complex landscape of research and development.
This investment often encompasses extensive clinical trials, laboratory testing, and product refinement to guarantee accuracy and reliability. Additionally, obtaining regulatory approvals from agencies such as the FDA requires strict adherence to stringent standards, further compounding the financial burden. This financial constraint can discourage potential adopters from market expansion.
Point-of-care testing (POCT) is poised to be a significant driver of growth in the in-vitro diagnostics (IVD) market in the forthcoming years. POCT serves as a valuable complement to laboratory testing, especially in situations where immediate results are crucial, such as emergency departments, ambulances, and remote healthcare settings.
With POCT technologies offering rapid tests for infectious diseases, cardiac markers, glucose monitoring, pregnancy testing, and more, healthcare providers can quickly assess patients' conditions and make timely treatment decisions. By integrating POCT with traditional IVD, healthcare providers can enhance their diagnostic capabilities, delivering more efficient and patient-centered care. This integration streamlines workflows, allowing for faster diagnosis and treatment initiation, ultimately leading to improved patient outcomes.
The promising players operating in the Latin America in-vitro diagnostics industry include Roche Holding AG, Abbott Laboratories, Thermo Fisher Scientific Inc, Danaher Corporation, Becton, Dickinson and Company, Siemens Healthineers AG, bioMérieux SA, Sysmex Corporation, QIAGEN N.V., and Bio-Rad Laboratories, Inc., and others.
Reagents
Instruments
Software & Services
Immunodiagnostics
Enzyme-Linked Immunosorbent Assay (ELISA)
Rapid Tests
Chemiluminescence Immunoassay (CLIA)
Enzyme-linked Immunosorbent spot (ELISpot)
Radioimmunoassay (RIA)
Western Blot
Hematology
Molecular Diagnostics
PCR
INAAT
Hybridization
DNA diagnostics
Microarray
Other Molecular Diagnostics
Tissue Diagnostics
Clinical Chemistry
Basic Metabolic Panel
Liver Panel
Renal Profile
Lipid Profile
Thyroid Function Panel
Electrolyte Panel
Speciality Chemicals
Other IVD Techniques
Infectious Diseases
Cancer
Cardiac Diseases
Immune System Disorders
Nephrological Diseases
Gastrointestinal Diseases
Others
Stand Alone Laboratory
Hospitals
Academics and Medical Schools
Point of Care Testing
Other End Users
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size Value in 2023 |
USD 4.33 billion |
Revenue Forecast in 2030 |
USD 5.98 billion |
Value Growth Rate |
CAGR of 4.3% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
Companies Profiled |
10 |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Roche Holding AG
Abbott Laboratories
Thermo Fisher Scientific Inc.
Danaher Corporation
Becton, Dickinson and Company
Siemens Healthineers AG
bioMérieux SA
Sysmex Corporation
QIAGEN N.V.
Bio-Rad Laboratories, Inc.