USD 76000 million
Report ID: SQMIG35E2017 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 119 | Figures: 77
Latin America In Vitro Diagnostics Market size was valued at USD 76000 million in 2021 and is poised to grow from USD 136673.76 million in 2022 to USD 106914.16 million by 2030, growing at a CAGR of 4.08% in the forecast period (2023-2030).
The increasing prevalence of various types of diseases, rising geriatric population, growing awareness for early disease diagnosis are the key factors for growth of Latin America in vitro diagnostics market. The growing base of the geriatric population with increased infections is estimated to provide significant growth during the forecast period in the Latin American market. initiatives are taken by the government of Latin America to increase awareness about in vitro diagnostics devices to recover diseases as soon as possible.
Various steps and innovations taken for the access of patients to new health technologies, fulfill the gap between the manufacturer and the end-user. These applications and management of the market needs excellent technical skill, so devices are employed in specialist medical facilities to perform diagnosis. In-vitro diagnostics is applied to various aspects in healthcare.
Latin America In Vitro Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 76000 million
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Latin American in vitro diagnostics market is segmented based on the Product, technology, application end users and region. Based on the product, the Latin America in vitro diagnostics market is segmented into instrument, reagents, software. Based on the technology, the market has been segmented into immunochemistry, molecular diagnostics, clinical chemistry, hematology. Based on application Latin America in vitro diagnostics market is segmented into Infectious Diseases, Diabetes, Oncology, Cardiology. Based on end users, the Latin America In Vitro Diagnostics Market is segmented into hospitals, laboratories, and homecare. Based on Region Latin America, the Latin America In Vitro Diagnostics Market is categorized into Brazil, Mexico, Argentina, Colombia, Chile, and Peru.
Latin America In Vitro Diagnostics Market Analysis by Technology
Clinical chemistry dominated the global market in 2021 by capturing over 37% of the market. The increasing incidences of diseases, diabetes, and anemia in Latin American countries are influencing the clinical chemistry segment.
The molecular diagnostics segment is the fastest growing segment during the forecast period. Due to the continuous introduction and upgradation in technology, which can provide high output results in lesser time with lesser manpower.
Infectious diseases dominated the application segment in the Latin America in-vitro diagnostics market in 2021 with highest revenue generation. The market growth is due to lack of awareness about hygienic conditions in the Latin American countries. Due to infection of many diseases such as Dengue, hemorrhagic fever, and yellow fever. The Pan American Health Organization and the WHO are taking initiative to develop awareness of infectious diseases in this region.
Oncology is expected to grow over the forecast period, due to increasing cases of cancer. Government initiatives for early diagnosis, and rising awareness for increasing growth of oncology.
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Brazil dominated the Latin America in vitro diagnostics market and held a revenue share of over 42.0% in 2021. It is due to increasing demand for unified healthcare infrastructure such as the SUS, growing focus of key market players for investment in this region. In addition, favorable reimbursement policies pertaining towards diagnostic tests.
Colombia is faster growing country in Latin America in vitro diagnostics market with high CAGR during the forecast period. Improvement in healthcare expenditure and increasing adoption of point-of-care devices in Latin America are increasing the demand for vitro diagnostics market.
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Latin America In Vitro Diagnostics Market Drivers
Rising Incidence of Chronic Diseases
Latin America In Vitro Diagnostics Market Restraints
High Cost of in vitro Instruments
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Latin America in vitro diagnostics market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Latin America In Vitro Diagnostics Market Top Player's Company Profiles
Latin America In Vitro Diagnostics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Latin America in vitro diagnostics market analysis, Market is growing due to increasing Incidence of diseases in the Latin America region. Colombia is the fastest growing country in the Latin America region. The market is dominated by the clinical chemistry segment due to clinical treatment in hospital and home. High initial cost of instruments are hindering the market growth but the adoption of new technologies by customers have increased demand for the in vitro diagnostics market.
|Market size value in 2021||USD 76000 million|
|Market size value in 2030||USD 136673.76 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Latin America In Vitro Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Latin America In Vitro Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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