Latin America PoC Diagnostic Market Size, Share, Growth Analysis, By Product(Hospitals Bedside, Physician Office Lab) - Industry Forecast 2024-2031

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.