South America In Vitro Diagnostics Market to Grow with a CAGR of 1.42% through 2028
An increase in aging population and
research & development are expected to drive the South America In Vitro
Diagnostics Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “South
America In Vitro Diagnostics Market –Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the South
America In Vitro Diagnostics Market stood at USD 5.93 billion in 2022 and is
anticipated to grow with a CAGR of 1.42% in the forecast period, 2024-2028.
This can be attributed to increased awareness. Improved healthcare
infrastructure, coupled with educational efforts, has resulted in increased
awareness among both healthcare professionals and the general population
regarding the benefits of early diagnosis and regular health check-ups. This
increased awareness has contributed to higher demand for IVD tests and a more
proactive approach to healthcare. Furthermore, the South America IVD market is
diversifying its test menus to cover a wide range of diseases and health
conditions. As the burden of non-communicable diseases, like diabetes and
cardiovascular diseases, continues to grow, IVD companies are expanding their
offerings to address these emerging health challenges.
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The South America In Vitro Diagnostics (IVD) market is
being significantly influenced by a combination of factors. These include a
rapidly expanding population, government insurance policies that are conducive
to growth, and continuous improvements in healthcare infrastructure. The market
is poised for substantial growth, partly due to the increasing number of
elderly individuals who are more susceptible to infections. For example, in
Chile, the population aged 65 and above is expected to double from 2010 to 2030.
Moreover, Latin American governments are proactively implementing programs and
initiatives to raise awareness about in vitro diagnostics devices, with
organizations like the ALADDiV (Latin American Alliance for Developing In-Vitro
Diagnostics) bridging the gap between device manufacturers and end-users.
In addition, a noteworthy health risk is the high
prevalence of abdominal obesity in countries such as Brazil, Colombia, Mexico,
and Argentina, which contributes to cardiovascular and metabolic disorders. Key
industry players are addressing these unmet needs by introducing IVD devices
for preventive care. For instance, Becton Dickinson offers a range of versatile
immunoassay reagents in Brazil, including the BD Cytometric Bead Array (CBA)
Solution, BD Immunoassay ELISA Reagents, and BD ELISPOT Reagents.
The South America In Vitro Diagnostics Market is
segmented into product, technology,
application, end use, regional distribution, and company.
Based on its end use, the hospitals sector commanded a
substantial market share in 2022. This can be attributed to the widespread
acceptance of IVD tests, coupled with the rising trend of public hospitals
outsourcing their laboratory services, contributing significantly to the
aforementioned share. Conversely, the home care segment is emerging as one
of the fastest-growing sectors in the projected period, driven by the
increasing demand for point-of-care (POC) IVD devices. Within the Brazilian in
vitro diagnostic devices market, Lab test, the largest privately-owned company,
is poised for expansion as it diversifies its business to include the
production of POC devices and assembly analyzers in Brazil.
Based on technology, the molecular diagnostics
category secured the predominant market share in 2022, primarily attributed to
the introduction of advanced technology capable of delivering high-throughput
results in less time and with a reduced workforce. Likewise, clinical chemistry
held a significant market share for the same year. The escalating incidence of
lifestyle-related diseases, diabetes, and anemia in Latin American nations,
such as Argentina and Colombia, is anticipated to contribute to the increased
adoption of clinical chemistry tests within the region.
Concurrently, both the coagulation and microbiology
segments are projected to exhibit the highest CAGR throughout the forecasted
period. This growth stems from the rising prevalence of blood disorders and
infectious diseases, an increased demand for sophisticated testing systems, and
expanded research and development efforts in these domains. Notably, in August
2021, Siemens Healthineers introduced the Sysmex CN-6000 and CN-3000 Hemostasis
Systems for mid and high-volume coagulation testing, aiding in the diagnosis of
abnormal bleeding or blood clotting.
Major companies operating in South America In Vitro
Diagnostics Market are:
- Becton Dickinson & Co Ltd
- BIOMÉRIEUX SA
- Abbott Laboratories Inc
- Quidel Corp
- OraSure Technologies, Inc.
- Hologic Inc
- Cepheid
- QIAGEN NV
- F Hoffmann-La Roche AG
- Siemens Healthcare GmbH
- Bio-Rad Laboratories Inc
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“The South America In Vitro Diagnostics market is on
the brink of significant changes driven by emerging trends. The growing
adoption of point-of-care testing, increased focus on infectious diseases, the
rise of personalized medicine, and the integration of advanced technologies are
just a few of the key trends shaping the future of the IVD landscape in the
region. As healthcare delivery methods and patient expectations evolve, the IVD
market will continue to adapt and innovate to provide more efficient and
effective diagnostic solutions for the diverse population of South America.
These trends promise to drive advancements and improvements in healthcare and
diagnostic services for years to come,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“South America In Vitro Diagnostics Market By Product
(Instruments, Reagents, Software), By Technology (Immunoassay, Hematology,
Clinical chemistry, Molecular diagnostics, Coagulation, Microbiology, Others),
By Application (Infectious diseases, Diabetes, Oncology/Cancer, Cardiology,
Nephrology, Autoimmune diseases, Drug testing, Others), By End Use (Hospitals,
Laboratory, Home care, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of South America In Vitro Diagnostics Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in South America In Vitro Diagnostics Market.
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