Latin America Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Product (Glucose Testing, Hb1Ac Testing, Coagulation, Fertility, Cardiac Markers, Infectious Diseases, Primary Acre Systems, Hematology) By End-Use (Clinics, Hospital, Home), And Segment Forecasts To 2024

Industry Insights

Latin America's point of care diagnostics market size was valued at USD 1.19 billion in 2015. Hospitals assisted living homecare facilities and other healthcare facilities are noted to have increased adoption rates of POC diagnostics in Latin America to provide rapid and effective diagnostic results consequently resulting in industrial growth.

Key players have entered into Latin America to explore the potential opportunities for market enhancement with introduction of new products along with existing range. Introduction of cost-effective technology pertaining to efficient and accurate screening, diagnosis, and monitoring of diseases coupled with government initiatives to control spread of diseases and provide improved healthcare facilities is expected to serve as an important driver over the forecast period.

Argentina Point of Care (PoC) Diagnostics Market, By Product, 2013 - 2024 (USD Million)

Additionally, increase in geriatric population base that is more prone to infections and other diseases is expected to boost the demand for home care and assisted living healthcare monitoring and diagnostic devices

Also, adoption of sedentary lifestyle by the young and middle-aged population is estimated to contribute towards prevalence of diabetes, cardiac, drug abuse and STDs in developing countries in addition to the presence of chronic and endemic diseases like Chagas in less developed regions is expected to grow market potential.

Rising concern pertaining to increased prevalence of the infectious disease in Latin America, various healthcare organizations and governments have introduced screening programs and plans to control and eradicate these diseases.

Gradually growing economies, increased spending power among population, high prevalence of disease and increased medical awareness are expected to drive the Latin America point of care diagnostics market through to the forecast period. 

Product Insights

Blood glucose monitoring POC devices accounted for highest share in revenue generation in 2015 owing to high adoption rates with increased prevalence of diabetes in developing countries. Technological developments in glucose monitoring devices with biosensors are expected to enhance adoption by clinics, hospitals, home care, and assisted living facilities which is anticipated to generate revenue for the market.

The market potential for the segment is relatively more saturated with respect to other segments hence no sudden growth is estimated in this segment over the forecast period. However, the glucose testing segment is projected to dominate the market throughout.

Cardiac marker testing is estimated to be the fastest-growing segment over the forecast period through the current market scenario for the segments hold a relatively smaller share. High prevalence of cardiac diseases and increased related deaths is anticipated to drive the segment growth.

Another important segment in the market is infectious diseases. POC diagnostic tests for screening and monitoring various infectious diseases prevalent in Latin America is projected to be of high potential for market growth. The temperate climatic condition of the region is prone to outbreaks of community and other infectious diseases providing opportunities for enhancement for the segment.

In addition to these, increased prevalence of communicable diseases and STDs in the region coupled with awareness programs and initiatives to control the spread of these diseases is expected to increase the market potential of the segment

End-use Insights

Clinics dominated the Latin America point of care diagnostics market with respect to revenue in 2015 owing to the increased adoption of POC tests in the clinical diagnosis of infection and monitor disease progression based on symptoms or other parameters.

Home healthcare is projected to witness the fastest growth in the industry pertaining to the comfort level it provides to the patients and cost-effective products available. Products in the segment are expected to provide medical staff and clinicians take decisions instantly and address healthcare problems.

Healthcare emphasis is witnessing a shift towards early detection and control of diseases owing to which home care based POC diagnostic products demand is anticipated to enhance leading to lucrative revenue generation over the forecast period.

Regional Insights

Brazil was the largest Latin America point of care diagnostics market with revenue share valued at 35% in 2015 with respect to revenue generation owing to increased spending power of the developing economy coupled with government initiatives to control and prevent the incidences levels of chronic and endemic diseases. Moreover, initiatives and awareness programs by healthcare organizations like WHO and PAHO pertaining to early disease diagnosis contribute to the largest share in market revenue of the region.

Chile is estimated to be the fastest-growing market for POC diagnostics in Latin America pertaining to rapid increase in aging population and high prevalence of chronic, endemic, and infectious diseases like Chagas, and infectious diseases like HIC, syphilis, RSV, and others. Highly unmet diagnostic needs, rise in per capita income levels, growing medical awareness, and efforts in improving healthcare infrastructure are anticipated to drive the Latin America point of care diagnostics market over the forecast period.

Competitive Insights

Key players of the Latin America point of care diagnostics market include Alere Inc (Abbott), Abbott Laboratories, Siemens Healthineers, Bio-Rad Laboratories, Danaher Corporation, bioMerieux, OraSure Technologies Inc, Roche Diagnostics, Agilent Technologies, Inc., Abaxis Inc. Most of the companies have their presence in major economies like Brazil, Mexico, and Chile whereas their sell and supply of products is offered through distributors and subsidiaries operating in countries across Latin America. Also, products are offered through other medical equipment distributors in various countries provide substantial competition with respect to market presence and distribution network.

Competitive players are involved in development and commercialization of more efficient POC diagnostic testing devices for end use majorly targeting clinics, hospitals, assisted living, and home healthcare use which is expected to raise the demand for POC devices and thus drive market growth.