The Latin America in vitro diagnostics market size is expected to reach USD 5.2 billion by 2030, expanding at a CAGR of 1.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The Latin America IVD market is expected to grow at a significant CAGR till 2024 owing to the rising prevalence of target disorders, aging population, and the presence of favorable government initiatives for early disease diagnosis. Other factors that are anticipated to boost the growth include the introduction of technologically advanced instruments and the increasing R&D initiatives for the development of disease-specific kits.
Regular testing for diabetes, cardiovascular, cancer, and sexually transmitted diseases are necessary for the timely treatments, further avoiding the risk of fatal health complications. The availability of tests for home and near patient testing is estimated to further enhance the usage rates of these devices. From November 2015, the Anvisa, which is a regulatory body for medical devices in Brazil, has started allowing the registration for HIV self-testing kits.
The increasing adoption point of care devices coupled with the increasing awareness among the healthcare professionals regarding the early diagnosis of various diseases has provided a boost to the Latin IVD market. The rising epidemic of communicable diseases in the southernpart of Latin America, the growing need for rapid and accurate diagnostics, and the changing healthcare infrastructure scenario are some of the key drivers of the Latin IVD market.
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The instrument segment is one of the most important segments of in vitro diagnostics. The presence of highly automated analyzers and the availability of over the counter products are some of the factors responsible for its significant share.
The Molecular diagnostics segment is anticipated to be the fastest growing technology over the decade. Molecular diagnostics is a transformative area of diagnostics. The continuous innovation in technology helps the physicians for critical decision making
The home care segment is estimated to witness a significant growth over the forecast period. The high number of R&D initiatives undertaken by key competitors for the development of portable IVD devices with improved sensitivity and user-friendliness is a key factor attributing towards its growth.
In 2022, Brazil was the largest regional segment, owing to the established healthcare infrastructure, growing awareness for cancer screening, and the increasing demand for genetic testing.
Key players operating in the Latin America IVD market are 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.
Grand View Research has segmented the Latin America in vitro diagnostics market based on product, technology, application, end-use, and region:
Latin America IVD Product Outlook (Revenue in USD Million, 2018 - 2030)
Latin America IVD Technology Outlook (Revenue in USD Million, 2018 - 2030)
Latin America IVD Application Outlook (Revenue in USD Million, 2018 - 2030)
Latin America IVD End-use Outlook (Revenue in USD Million, 2018 - 2030)
Latin America IVD Regional Outlook (Revenue in USD Million, 2018 - 2030)
List of Key Players in Latin America In Vitro Diagnostics Market
F. Hoffmann-La Roche Ltd.
Siemens Healthcare GmbH
Bio-Rad Laboratories, Inc.
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