Latin America PoC Diagnostic Market market

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

Report ID: SQMIR35H2247 | Region: Regional | Published Date: February, 2024
Pages: 260 | Tables: 37 | Figures: 64

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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).

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. 'Abbott Laboratories', ' Roche Diagnostics   ', ' Siemens Healthineers   ', ' BD (Becton, Dickinson and Company)   ', ' bioMérieux SA   ', ' QIAGEN N.V.   ', ' Hologic Inc.   ', ' Danaher Corporation   ', ' 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 '

Around the world, a significant rise in the prevalence of chronic diseases like diabetes, cardiovascular problems, and infectious diseases has been observed. One of the primary drivers of the anticipated rise in demand for point-of-care diagnostics is the high prevalence rate of such conditions. Due to the need for accurate and speedy treatment decisions, point-of-care testing has become essential for patient-centered healthcare. Patients now have easy access to these diagnostics thanks to the transition from centralized point-of-care testing to decentralized testing for chronic, infectious, and chronic conditions.

The prevalence of chronic and endemic diseases like Chagas in less developed regions is expected to increase market potential, and the adoption of a sedentary lifestyle by the young and middle-aged population is estimated to contribute to the prevalence of diabetes, cardiac disease, drug abuse, and STDs in developing nations.

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.

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