Latin America Point of Care Diagnostics Market To Reach $5.9 Billion By 2030

Latin America Point of Care Diagnostics Market Growth & Trends

The Latin America point of care diagnostics Market size is expected to reach USD 5.9 billion, expanding at a CAGR of 7.3% by 2030, based on a new report by Grand View Research, Inc. Penetration of major key players in Latin American countries coupled with increased initiatives by government and academic institutes towards retaining the spread of chronic diseases is expected to fuel market growth through to 2024. 

Moreover, increaseddensity of geriatric population in the countries and immigration of retired people from Northern and Central America to this region looking forward towards assisted living healthcare and home health care is anticipated to propel growth in the coming years.Furthermore, owing to increased geriatric population prevalence of chronic, endemic and infectious diseases is high in LAC which is expected to increase the market potential through to 2024. 

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Latin America Point of Care Diagnostics Market Report Highlights

• The infectious diseases testing kits segment accounted for the largest revenue share in 2022. Latin America has a high prevalence of infectious diseases, such as HIV/AIDS, malaria, dengue fever, and Zika virus.

• Hb1Ac POC test is the second highest contributor to the market share with respect to revenue. This segment is expected to grow at a CAGR faster than glucose testing owing to itsreliability and rapidly increased patient base for diabetes management.

• High prevalence of endemic infectious disease along with positive potential for emergence of new diseases like Ebola make infectious disease testing another segment of prime activity in Latin America point of care market. This segment includes rapid diagnostic tests for a considerable number of infectious diseases like HIV, Influenza/Flu, Clostridium Difficile, HBV, HPV, Pneumonia Or Streptococcus Associated Infections, Respiratory Syncytial Virus (RSV), HCV, MRSA, TB And Drug-Resistant TB, HSV, Ebola, Cryptosporidiosis, E.Histolytica, Syphilis, Legionella/Legionnaires’ Disease, Adenovirus Infections, Trichomonas, Rubella

• Growing prevalence of a number of infectious diseases in lower economy countries like Haiti, Bolivia, Guatemala, and others in addition to rapid spread of STDs in developing economies of Brazil, Mexico, and Chile is expected to propel the need for POC diagnostics over the forecast period. Further, number of initiatives by government for early screening and diagnosis of the diseases, and support to set up health checkups and camps is anticipated to contribute towards rise in demand.

• Clinics are estimated to dominate the Latin America POC diagnostics industry with respect to end user owing to the increased awareness for health care among the population and initiatives by international healthcare organizations and number of governments to control the spread of diseases in this region. Owing to increased availability of products and comparative rise in usage rate for disease monitoring and diagnosis the segment is expected to generate lucrative revenue for the market.

• Brazil dominated the Latin America point of care diagnostics market and accounted for the largest revenue share of 40.8% in 2022 and is expected to witness the fastest CAGR of 7.9% over the forecast period. Presence of healthcare reforms like Unified Health System (SUS) is expected to fuel the market growth in Brazil. high prevalence of infections and rapid increase in incidences of diabetes, cancer and cardiac disorders in the country is anticipated to rise demand for POC diagnostics.

• Mexico is expected to grow at a significant CAGR of 7.8% over the forecast period due to a large population base. This large population provides a large potential market for PoC diagnostics.

• Strategies by participants to maintain competitive advantage over others in the industry to enhance the market presence is expected to enhance market growth in this region. Initiatives by government to bring together manufacturers, healthcare service providers and research institutes are anticipated to maintain revenue generation for industry.

Latin America Point of Care Diagnostics Market Segmentation

Grand View Research has segmented Latin America point of care diagnostics market on the basis by product, end-use, and region: 

Latin America Point of Care Diagnostics Product Outlook (Revenue, USD Million, 2018 - 2030)

• Glucose Testing

• Hb1Ac Testing

• Coagulation

• Fertility/Pregnancy

• Infectious Diseases

• Cardiac Markers

• Thyroid Stimulating Hormone

• Hematology

• Primary Care Systems

• Decentralized Clinical Chemistry

• Feces

• Lipid Testing

• Cancer Marker

• Blood Gas/Electrolytes

• Ambulatory Chemistry

• Drug Abuse Testing

• Autoimmune Disease

• Urinalysis/Nephrology

Latin America Point of Care Diagnostics End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Clinics

• Hospitals

• Home

• Assisted Living Healthcare Facilities

• Laboratory

Latin America Point of Care Diagnostics Country Outlook (Revenue, USD Million, 2018 - 2030)

• Latin America

  • Brazil

  • Mexico

  • Argentina

  • Rest of LA

List Of Key Players in the Latin America Point of Care Diagnostics Market

• Alere Inc. (Abbott)

• Abbott Laboratories

• Siemens Healthineers

• Bio-Rad Laboratories

• Danaher Corporation

• bioMérieux

• OraSure Technologies Inc

• Roche Diagnostics

• Agilent Technologies, Inc.

• Abaxis Inc.