USD 2.72 billion
Report ID:
SQMIR35H2247 |
Region:
Regional |
Published Date: February, 2024
Pages:
260
|Tables:
37
|Figures:
64
Latin America PoC Diagnostic Market size was valued at USD 2.72 billion in 2019 and is poised to grow from USD 2.98 billion in 2023 to USD 6.25 billion by 2031, growing at a CAGR of 9.68% in the forecast period (2024-2031).
Point of care diagnostics include glucose monitoring kits, pregnancy and fertility testing kits, infectious diseases testing kits, urinalysis testing kits, hematology testing kits, cardiometabolic monitoring kits, and other similar testing devices. These types of diagnostics are used in hospitals, professional clinics, and at home. With both acute and chronic diseases occurring all over the world, there is an increasing need for high-quality diagnostic kits for point of care.
For instance, according to a report published in the Journal of Hepatology in 2019, between 257 and 291 million people will have chronic hepatitis B virus infection and are at risk for cirrhosis and hepatocellular carcinoma. The prevalence of HBV-related cirrhosis varies worldwide. One third of HCC-related deaths worldwide are linked to HBV. Taking into account the data presented above, patient demand for diagnostic products is likely to rise in the coming years, increasing the growth of the point-of-care diagnostics market from 2022 to 2028. The fact that diagnostics kits' technological advancements have reduced the need for human error is recognized as a significant market driver. This is anticipated to increase the use of point-of-care diagnostics kits in developing and low-income nations.
Global Market Size
USD 2.72 billion
Largest Segment
nasal and oropharyngeal swabs
Fastest Growth
blood
Growth Rate
9.68% CAGR
To get more reports on the above market click here to Buy The Report
The Latin America PoC diagnostics market is segmented on the basis of Product, Sample, end user, and region. By Product, the market is segmented into Blood Glucose Monitoring, Infectious disease testing, Cardiometabolic disease testing, Pregnancy and fertility testing, Hematology testing, and others. By sample, the market is segmented into Blood, Nasal and Oropharyngeal Swabs, Urine, and others. By end user, it is segmented into Hospitals Bedside, Physician Office Lab, Urgent Care and Retail Clinics, Home and Self testing.
Latin America PoC Diagnostic Market Analysis by Product type
Based on the product, The blood glucose monitoring segment held a significant point of care diagnostics market share in 2021. This segment is also anticipated to grow at the highest CAGR. The greater sales of diabetes quick diagnosis kits are to blame for the high market share. These can be purchased without a prescription over-the-counter and assist patients in self-testing and monitoring their blood glucose levels. The kits are so highly favored because they are easily accessible, which boosts the product's sales. For instance, EKF Diagnostics announced in May 2020 the availability of STAT-Site WB for diabetes management.The test is made to be used at point-of-care diagnostic facilities like doctors' offices, diagnostic laboratories, and clinics, where results can be obtained in as little as ten minutes. It is anticipated that the infectious disease testing market will expand at a significant rate. The sudden rise in COVID-19 cases was the reason for the segment's expansion.
Latin America PoC Diagnostic Market Analysis by sample
In 2021, the nasal and oropharyngeal swabs category held a sizable portion of the market. The rise in infectious disorders brought on by respiratory viruses is to blame for the expansion of this market. As renal function diseases are becoming more common, the urine market is anticipated to expand at a considerable CAGR.
Based on the sample, The blood segment held the maximum market share in 2021 and is expected to grow at a lucrative CAGR. Blood tests can assist doctors in accurately diagnosing patients for a number of illnesses, such as HIV/AIDS, coronary artery disease, and the health of organs like the thyroid, liver, and kidneys. As a result, the market growth has been boosted by the use of blood tests to identify a variety of disorders and their effectiveness in doing so.
To get detailed analysis on other segments, Request For Free Sample Report
Brazil was the largest point of care diagnostics market in Latin America. This was due to the growing economy's increased spending power and government efforts to control and prevent the prevalence of chronic and endemic diseases. In addition, healthcare organizations like WHO and PAHO's early disease diagnosis initiatives and awareness programs account for the majority of the region's market revenue. Due to the rapid increase in the aging population and high prevalence of chronic, endemic, and infectious diseases like Chagas, as well as infectious diseases like HIC, syphilis, and RSV, Chile is expected to be the Latin American market for POC diagnostics with the fastest growth. The Latin American point of care diagnostics market is anticipated to be driven by high unmet diagnostic needs, rising per capita income, rising medical awareness, and efforts to improve healthcare infrastructure.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Latin America PoC Diagnostic Market Drivers
Increasing Need to Administer Chronic Diseases will Drive Market Growth
Latin America PoC Diagnostic Market Restraints
Slow Rate of Medical Approvals might Hinder Market Growth
Request Free Customization of this report to help us to meet your business objectives.
The majority of these businesses have offices in major economies like Brazil, Mexico, and Chile, but they sell and supply products through distributors and subsidiaries in Latin American nations.
In addition, there is a lot of competition in the market and distribution network because other medical equipment distributors offer their products in different nations. More effective POC diagnostic testing devices are being developed and manufactured by rival companies with a focus on clinics, hospitals, assisted living facilities, and home healthcare. This is expected to increase demand for POC devices and propel the market's expansion.
Latin America PoC Diagnostic Market Top Players Company Profile
Roche Diagnostics
Siemens Healthineers
BD (Becton, Dickinson and Company)
bioMérieux SA
QIAGEN N.V.
Hologic Inc.
Alere Inc.
bioLytical Laboratories
Chembio Diagnostic Systems, Inc.
CTK Biotech, Inc.
Meridian Bioscience, Inc.
Trinity Biotech
Sysmex Corporation
Sekisui Diagnostics LLC
Nova Biomedical
EKF Diagnostics Holdings plc
Abacus Diagnostica Oy
Fio Corporation
Need to Treat Diseases in Emerging Countries will Influence Market Growth
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our Latin America PoC Diagnostics Market analysis, Brazil was the largest point of care diagnostics market in Latin America. Based on the product, The blood glucose monitoring segment held a significant point of care diagnostics market share in 2021. Players in the market are investing in R&D activities to bolster their position in the market. Investing in product development and collaborations will bring lucrative opportunities for players in the PoC Diagnostics Market in Latin America.
Report Metric | Details |
---|---|
Market size value in 2019 | USD 2.72 billion |
Market size value in 2031 | USD 6.25 billion |
Growth Rate | 9.68% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
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) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Latin America PoC Diagnostic 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 PoC Diagnostic 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Latin America PoC Diagnostic Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Latin America PoC Diagnostic Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIR35H2247