Latin America In-vitro Diagnostics Market Grew at a CAGR of 17.9% During the Period 2018-2023, Driven by Need for Effective and Efficient Detection Technologies

Rising income levels and standards of living are expected to stimulate demand for quality medical care, and drive the Latin America In-vitro diagnostics market. Latin America is an important region for in-vitro diagnostics manufacturers, with reagents and instruments being key elements in important nations of the continent, including Brazil, Chile, Argentina, Colombia, Peru and Mexico. Key drivers are expected to be growing population, government insurance, patients that are newly insured, and modernized healthcare facilities. In-vitro diagnostics (IVDs) assist clinical and personal decision making, though these do not directly drive health outcomes. In-vitro diagnostics are valuable resources for disease prevention, identification and management, and influence a significant amount of clinical decision making.

Analysis of human samples offers physicians with vital information to properly diagnose, treat, and prevent illnesses. Several leading companies offer in-vitro diagnostic (IVD) solutions that deliver rapid, sensitive results while minimizing cost and complexity. Modern in-vitro diagnostics (IVDs) enable better diagnosis for prevention and management of infectious and chronic diseases. In-vitro diagnostics can help identify early warning signs and individual risk factors, generating new openings for prevention and early intervention. Some in-vitro diagnostics range beyond the laboratory, hospital or doctor’s office, enabling patients with chronic illnesses to self-monitor and manage their own conditions. These factors are expected to drive the Latin America in-vitro diagnostics market.

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Conventional in-vitro diagnostics are generally carried out in laboratories with expensive instruments and trained staff. However, over the past decades, diagnostic testing has moved closer to patients. Such testing is called point-of-care testing (POCT), and has enabled laboratory service providers to carry out testing where the patient is located; it has aided disease diagnosis, monitoring, and management. Several novel POCT devices are introduced every year, and the adoption of these advanced testing technologies has been increasing. Such developments are expected to drive the Latin America in-vitro diagnostics market.

Leading solutions providers active in the domain include F. Hoffmann-La Roche Ltd. Danaher Corporation (U.S.), Siemens Healthineers AG (Germany), Becton, Dickinson and Company (U.S.), bioMérieux, Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Netherlands), QIAGEN N.V., Wama Diagnóstica (Brazil), and Wiener Laboratorios SAIC (Argentina).

Key Findings of the Report:

• Latin America in-vitro diagnostics market is expected to be driven by rising disposable income and demand for better medical care.

• Advanced solutions by leading companies are likely to boost market growth.

Market Analysis by Products and Services, Technology, Application, End Use and Country:

• By product and services, the market is divided into Reagents and Kits, Instruments, and Software and Services. 

• By technology, the market is classified into Infectious Diseases [further broken down by type into Enzyme-Linked Immunosorbent Assay (ELISA), Enzyme-Linked Immunospot (ELISPOT), Rapid Tests, Radioimmunoassay (RIA), Western Blotting, and Others], Clinical Chemistry (further broken down by type into Basic Metabolic Panels, Liver Panels, Renal Profiles, Lipid Profiles, Thyroid Function Panels, Electrolyte Panels, Specialty Chemical Tests, and Others), Molecular Diagnostics [further broken down by type into Polymerize Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), Hybridisation, DNA Diagnostics, Microarray, and Others], Haematology, Microbiology, Coagulation and Haemostasis, Urinalysis, and Others.

• By application, the market is classified into Infectious Diseases, Diabetes, Oncology, Cardiology, Drug Testing/Pharmacogenomics, HIV/Aids, Autoimmune Diseases, Nephrology, and Others.

• By end use, the market is segmented into Hospital and Clinics, Diagnostic Laboratories, Point-Of-Care Testing, Academic Institutes, and Others.

• By country, the market is classified into Brazil, Argentina, Mexico, Chile, Peru, Uruguay, and Others.

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