Argentina In Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Argentina In Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Argentina in vitro diagnostics market is expected to register a CAGR of nearly 5.4%, during the forecast period (2022 - 2027).

The COVID-19 pandemic had a positive impact on the market. The COVID-19 pandemic opened the door for a rise in demand for point-of-care and in vitro diagnostic kits and equipment for the quick identification of the SARS-CoV-2 virus. In the nation, a number of businesses have introduced their COVID-19 diagnostic kits. For instance, two diagnostic tests for the SARS-CoV-2 virus were introduced by CTK Biotech in March 2020 in worldwide markets, including Argentina. Thus, the market is expected to grow in the future. However, the pandemic had a slight adverse effect on Argentina in vitro diagnostics market. Due to the restrictions put in place to check the spread of the SARS-CoV-2 virus in different parts of the country, the footfall in hospitals and other diagnostics centers, along with research centers, decreased, which impacted new diagnostics and other related procedures for medical conditions other than COVID-19 in Argentina. However, the pandemic also had an impact on market growth.

This rising prevalence has increased the demand for early and effective diagnostic tests. The use of point-of-care (POC) diagnostics has also increased over the past few decades. Moreover, increasing awareness and acceptance of personalized medicine and companion diagnostics have helped the market growth. According to a research study titled "Epidemiological study of prevalent pathogens in the Northwest region of Argentina (NWA)" that was published in October 2020, shigellosis is one of the main causes of children's morbidity and mortality in Argentina. Around 1,200,000 cases of acute diarrhea are reported in public hospitals each year, and the Northwest region of Argentina accounts for about 30% of all cases of diarrhea in the nation. The Health Authorities of Argentina revealed in June 2020 that the country has experienced the highest number of dengue cases in recent years, with more than 70,000 overall cases and 41,754 confirmed cases as of that date. The most recent instance of an infectious sickness is COVID-19, which is brought on by the SARS-CoV-2 virus. This disease also helped the market under study develop because of the nation's strong demand for in vitro diagnostics and point-of-care equipment. For instance, according to the World Health Organization Action in Countries report from May 2020 on Argentina, that nation quickly established a network of 338 public and private laboratories that were conducting PCR tests for COVID-19 across the nation by June 4, 2020, reaching a testing rate of 4000 per 1,000,000 people. Hence from the aforementioned factors, the market is estimated to witness healthy growth over the forecasted period.

However, reimbursement policies and stringent regulatory guidelines are some of the restraining factors in the market studied.

Key Market TrendsOncology Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Factors such as increasing cancer prevalence coupled with research studies are expected to increase the market growth. According to the International Agency for Research on Cancer's report for 2020, there were around 130,878 new instances of cancer diagnosed in Argentina in both sexes 2020, and there were also approximately 70,074 cancer-related deaths. Additionally, according to the same source, there have been around 358,327 cancer cases in Argentina over the past five years. According to the survey, prostate cancer was most common in males, while breast cancer was most common in women across the nation. As per the same source, there are around 15,895 cases of colon cancer reported in Argentina for the year 2020. The same source also reported that the 5-year prevalence of colon cancer in Argentina is 33,509. All the healthcare-related criteria under analysis revealed decreases, according to a study titled "The Impact of the COVID-19 Pandemic on Cancer Care in the Public Health Subsector, Province of Santa Fe, Argentina," which was published in Ecancer Medical Science in July 2021. The impact was more noticeable in screening, though; there were between 56% and 87% fewer operations done overall. There was a 26% decline in diagnosis. Treatment was the study's variable with the least impact, dropping by 3%. However, post the pandemic the screening process is likely to increase which is expected to increase the market growth.

Thus, the abovementioned factors are expected to increase the market growth.

Competitive Landscape

Argentina in vitro diagnostics market is moderately competitive and consists of several major players. The major companies are focusing on increasing technological advancements, in order to address customer needs, like fully automated systems, which reduce manual processes and consumables and also provide fast and accurate results. BioMérieux, Danaher Corporation, Roche Diagnostics, Becton, Dickinson and Company, and Bio-Rad Laboratories Inc. are some of the major players in the market.

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