Latin America In Vitro Diagnostics Market Size, Share & Trends Report Analysis By Product (Instruments, Reagents, Software), By Technology (Immunochemistry, Hematology), By Application (Infectious Diseases, Diabetes, Oncology, Cardiology), By End-use, And Segment Forecasts To 2024

Industry Insights

The Latin America In Vitro Diagnostics (IVD) market was valued at USD 3.0 billion in 2015. The growing population base, favorable government insurance policies, and improved healthcare infrastructure are the high impact rendering growth drivers of the Latin America IVD market.

The growing base of the geriatric population with increased susceptibility to infections is estimated to provide the market with a significant growth potential. In Chile, the population aged 65 and above is expected to double from 2010 to 2030.

Favorable programs and initiatives are introduced by the government of Latin America to spread awareness about in vitro diagnostics devices among local device manufacturers. For instance, The ALADDiV is the Latin American alliance for the development of the in-vitro diagnostics. It works by promoting the access of patients to new health technologies, bridging the gap between the manufacturer and the end-user.

The risk for abdominal obesity, which further results in cardiovascular and metabolic disorders is over 48% in Brazil, Colombia, Mexico, and Argentina as compared to the other countries. The key players are focusing on targeting these unmet needs by launching IVD devices for preventive care. For instance, in June 2014, Roche launched its fully automated urine analyzer Cobas 6500 in Latin American countries.

Product Insights

In 2015, the reagents segment dominated the market with a revenue generation of over USD 1.9 billion. The large share of the segment is attributed towards the escalating usage rates in various fields such as academic institutes, healthcare centers, and clinical laboratories.

The innovations in technology and higher investment by market players for new product development have proved to be opportunistic for the growth of the instruments market over the forecast period.

Technology Insights

Immunochemistry, clinical chemistry, hematology, molecular diagnostics, coagulation, and microbiology are the techniques included under the technology segment. Clinical chemistry held the largest market share in 2015 over 35%. The growing incidences of lifestyle diseases, diabetes, and anemia in Latin American countries, such as Argentina and Colombia, are estimated to contribute towards the increased adoption rates of clinical chemistry tests in this region.

The molecular diagnostics segment is estimated to witness lucrative growth during the forecast period owing to the introduction of upgraded technology, which can provide high through output results in lesser time with lesser manpower.

Application Insights

Infectious diseases, was the largest application segment in the Latin America in-vitro diagnostics market in 2015. The increasing incidences of infectious diseases coupled with low awareness about hygienic conditions in the Latin American countries attribute towards a high share in the market. The cases of vector-borne infections, such as dengue, hemorrhagic fever, and yellow fever, have also been high since 1995 at twice the rate. The Pan American Health Organization and the WHO are working together towards the eradication of infectious diseases in this region.

Oncology, on the other hand, is estimated to witness lucrative growth over the forecast period. Increasing cases of cancer, favorable government initiatives for early diagnosis, and rising awareness levels are the key factors contributing to a lucrative CAGR of over 9.0%.

End-use Insights

IVD devices find end-use applications in hospitals, laboratories, and homecare. Hospitals held a significant share of around 46.0% in 2015. Wide acceptance of IVD tests coupled with the increasing rate of outsourcing laboratory services by public hospitals is one of the factors leading to the aforementioned share.

The homecare segment is one of the fastest-growing segments over the forecast period owing to the increasing demand for point of care IVD devices. Lab test is the biggest privately held Brazilian company operating in the in vitro diagnostic devices market. The company is expected to expand its business to manufacture POC devices and assembly analyzers in Brazil.

Regional Insights

Brazil held a revenue share of over 40.0% in 2015 and was in the forefront among other countries owing to the presence of unified healthcare infrastructure such as the SUS, growing focus of key market players for investment in this region, and favorable reimbursement policies pertaining towards diagnostic tests. Colombia is expected to grow at a lucrative CAGR during the forecast period.

Competitive Market Share Insights

Key players operating in the Latin America IVD market include Roche Diagnostics, Abbott Laboratories, Inc., Hologic (Gen-Probe), Becton Dickinson (BD) Company, Alere, Inc., Bio-Rad Laboratories, Qiagen N.V., Inc., bioMerieux, BioQuidel Corporation, and Siemens Healthcare.