Latin America In Vitro Diagnostics Market by Product & Solution, Technology (Immunoassay, Point of Care, Molecular Diagnostics), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoC), End User - Forecast to 2030

Latin America In Vitro Diagnostics Market by Product & Solution, Technology (Immunoassay, Point of Care, Molecular Diagnostics), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoC), End User - Forecast to 2030

Latin America In Vitro Diagnostics Market by Product & Solution, Technology (Immunoassay, Point of Care, Molecular Diagnostics), Application (Infectious Diseases, Diabetes, Oncology), Diagnostic Approach (Lab, OTC, PoC), End User—Forecast to 2030

The Latin America in vitro diagnostics (IVD) market is expected to register a CAGR of 5.5% during the forecast period 2023–2030 to reach $6.45 billion by 2030.

The report provides the key industry drivers, restraints, challenges, and opportunities through extensive secondary and primary research and in-depth analysis of the market scenario. The growth in the Latin America IVD market is attributed to the increasing prevalence of diseases, the rising geriatric population, growing awareness for early disease diagnosis, a shift in the focus from centralized to the point of care testing, and the emergence of the COVID-19 pandemic. Moreover, the inclination toward personalized healthcare and advancements in genomics and proteomics offer significant growth opportunities for the players operating in this market.

Based on product & solution, in 2023, the reagents & kits segment is expected to account for the largest share of the Latin America IVD market. This segment is also expected to register the fastest CAGR during the forecast period. The reagents used in diagnostic testing assays are critical for the proper functioning of any diagnostic facility providing IVD testing. Increasing virulence of infectious diseases and rapid growth in molecular testing for hospital-acquired infections has led to the development of PoC tests & kits. The advent of PoC testing has increased the demand for kits & reagents.

Based on technology, the molecular diagnostics segment is expected to account for the largest share of the market. Molecular diagnostics is a technique used to study biological markers in the genome and proteome and diagnose and monitor diseases. It is one of the most preferred diagnostic testing methods. The advantages of molecular diagnostics, such as high sensitivity and accuracy, the rising geriatric population, the growing prevalence of chronic diseases, and the rising incidence of infectious diseases, are some of the factors contributing to the largest share of this segment.

Based on application, the cardiology segment is expected to register the fastest CAGR during the forecast period. Cardiovascular diseases are one of the leading causes of death in many countries of Latin America. It is estimated that over a million people die every year due to some kind of cardiovascular diseases in Latin America. Therefore, there has been an increase in demand for cardiac IVD testing with the rising incidence of cardiovascular diseases.

Based on diagnostic approach, the lab testing segment is expected to account for the largest share of the Latin America IVD market. The large share of this segment is primarily attributed to the higher accuracy and reliability, lower costs, availability of several IVD tests, and availability of a quality assurance program.

Based on end user, the hospitals & clinics segment is expected to register the fastest CAGR during the forecast period. Factors such as the high prevalence of various chronic & infectious diseases, the rising need for early disease diagnosis, a high number of patients in hospitals & clinics, and the advanced infrastructure of hospitals & clinics to be equipped with in vitro diagnostics technologies are driving the growth of this segment.

An in-depth analysis of the geographical scenario of the Latin America IVD market provides detailed qualitative and quantitative insights about the major countries - Brazil, Mexico, Colombia, Chile, Argentina, Peru, Uruguay, Ecuador, the Dominican Republic, Paraguay, Bolivia, and the Rest of Latin America. In 2023, Brazil is expected to account for the largest share of the Latin America IVD market, followed by Mexico, Argentina, Colombia, and Chile.

The key players operating in the Latin America in vitro diagnostics market are F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Qiagen N.V. (Netherlands), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnóstica (Brazil), and Wiener Laboratorios SAIC (Argentina).

Scope of the Report:

Latin America In Vitro Diagnostics Market Assessment—by Product & Solution

Reagents & Kits
Instruments
Software & Services

Latin America In Vitro Diagnostics Market Assessment—by Technology

Molecular Diagnostics
Point of Care (PoC) Diagnostics
Immunoassay/Immunochemistry
Biochemistry/Clinical Chemistry
Whole Blood Glucose Monitoring
Hematology
Microbiology
Coagulation & Hemostasis
Urinalysis
Other Technologies

(Other technologies include hybridization and loop-mediated amplification)

Latin America In Vitro Diagnostics Market Assessment—by Application

Infectious Diseases
Oncology
Cardiology
Diabetes
Autoimmune Disorders
Nephrology
Other Applications

(Other applications comprise toxicology, gastroenterology, neonatal, genetic, and neurological disorders)

Latin America In Vitro Diagnostics Market Assessment—by Diagnostic Approach

Lab Testing
OTC/Self-testing
Point-of-care Testing

Latin America In Vitro Diagnostics Market Assessment—by End User

Hospitals & Clinics
Diagnostic Laboratories
Home Care
Other End Users

Other end users include long-term care facilities, academic & research institutes, ambulatory care centers, and transfusion laboratories.

Latin America In Vitro Diagnostics Market Assessment—by Country

Brazil
Mexico
Argentina
Colombia
Peru
Chile
Ecuador
Uruguay
Dominican Republic
Paraguay
Bolivia
Rest of Latin America

[Latin America In Vitro Diagnostics Market] - Report Summary

Report Metrics	Details
Years Considered	2021 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	205
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Product & Solution, Technology, Application, Diagnostic Approach, and End User
Regions Covered	Brazil, Mexico, Argentina, Peru, Chile, Ecuador, Uruguay, Dominican Republic, Paraguay, Bolivia, Rest of Latin America
Key Companies Mentioned	F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Qiagen N.V. (Netherlands), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnóstica (Brazil), and Wiener Laboratorios SAIC (Argentina).

FAQs About the Report

What is the scope of the Latin America in vitro diagnostics market study?

The Latin America in vitro diagnostics market study covers the market sizes & forecasts of reagents, kits, assays, instruments/analyzers, and software/services used to diagnose diseases. This report involves the value analysis of various segments and sub-segments of the Latin America in vitro diagnostics market at the country level.

What is the revenue generated from the sales of in vitro diagnostics products & solutions in Latin America? At what rate is their demand expected to grow for the next 5-7 years?

The Latin America in vitro diagnostics market is projected to reach $6.45 billion by 2030, at a CAGR of 5.5% during the forecast period.

Which product & solutions segment is estimated to hold the major share of the market in 2023?

Based on products & solutions, the kits & reagents segment is estimated to account for the largest share of the Latin America in vitro diagnostics market in 2023. Factors such as the increasing prevalence of infectious diseases in the region and the increasing use of kits & reagents to identify the organism causing various diseases in less time and cost contribute to the high growth of this market.

Which technology segment is expected to hold the largest market share in 2023?

Based on technology, the molecular diagnostics segment is expected to account for the largest share of the market in 2023. The significant market share can be attributed to its advantages, such as high sensitivity and accuracy and the high prevalence of infectious diseases in the region.

Which application segment is projected to create more traction in the Latin America IVD market?

Based on application, the cardiology segment is expected to register the highest CAGR during the forecast period due to the increasing prevalence of cardiovascular diseases and new innovative product launches for the cardiology segment.

What are the key factors supporting the growth of this market? Also, what are the major opportunities for existing market players and new entrants in Latin American in vitro diagnostics?

The growth of the in vitro diagnostics market in Latin America is attributed to the rising prevalence of communicable and non-communicable diseases, growing medical tourism, the adoption of point-of-care testing, and growing awareness regarding early disease diagnosis. Furthermore, the inclination toward personalized healthcare and advances in genomics and proteomics offer growth opportunities for the Latin America IVD market.

Who are the major players operating in the Latin America IVD market?

The key players operating in the Latin America IVD market are F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Danaher Corporation (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Qiagen N.V. (Netherlands), Thermo Fisher Scientific Inc. (U.S.), Wama Diagnóstica (Brazil), and Wiener Laboratorios SAIC (Argentina).

Which countries are likely to offer significant growth opportunities for the vendors in this market during the analysis period?

Countries such as Brazil, Argentina, Peru, Colombia, and Chile are projected to offer significant growth opportunities to the vendors in this market due to their well-established healthcare infrastructure and growing healthcare expenditure.