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

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

Chile's in vitro diagnostics market is expected to register a CAGR of 6.2% over the forecast period (2022-2027).

The emergence of COVID-19 has led to the health crisis that the world has witnessed and had an unprecedented impact on various industries and specifically the healthcare and biotechnology industries, including the in-vitro diagnostic market. The strict lockdowns and government regulations resulted in the restriction on the movement of people that intended to slow down the spread of COVID-19 but also resulted in a disturbed supply chain, which impacted the supply of these devices to hospitals. The COVID-19 outbreak affected Chile’s in-vitro diagnostic market’s growth adversely in its preliminary phase; however, this market is expected to gain traction due to the significant urge by rapid demand for newly launched emergency use authorized in-vitro tests used for COVID-19 detection. However, this adverse impact is being compensated by the rapid demand for newly launched emergency use authorized in vitro diagnostic tests used for COVID-19 detection. Moreover, the rising vaccination rate is expected to surge the demand for other in vitro diagnostic tests as well.

The factors which are significantly driving the market are the increasing prevalence of chronic disease and the increasing use of point-of-care (POC) diagnostics. The increasing incidence of chronic diseases like cancer is driving the Chile in-vitro diagnostic market. For instance, International Agency for Research on Cancer 2021, reported that 51.6 thousand cancer cases in Chile in the year 2020, and this number is expected to increase by 85.2 thousand in the region by 2040. Thus, increasing cases of cancer are expected to drive the demand for associated in-vitro diagnostic devices, thereby contributing to the growth of the market. For another instance, in 2022 an article titled, "Diagnosis of HIV infection using mass community rapid testing in Santiago, Chile" reported that Chile has had the highest increase in new HIV infections in Latin America in the last ten years. The HIV infection prevalence rate in the region reported was 1.03% which was twice the estimate of official sources. For another instance, in 2021 Joint United Nations Programme on HIV/AIDS (UNAIDS) and the Chilean Ministry of Health estimated that 74,000 (64,000–85,000) people are living with HIV in Chile with a 0.5% (0.5–0.6) HIV prevalence among people aged 16 – 49 years. Therefore, the high prevalence of HIV cases in the region is driving the in-vitro diagnostic tests with adequate sensitivity and specificity, thereby driving the market.

The increasing use of point-of-care diagnostics is driving the market. The largest benefit of point of care testing is that it can be done rapidly and be performed by clinical personnel. Rapid test results can provide a physician and other clinical personnel with results that can quickly help determine a course of action or treatment for a patient. Some of the most widely used point of care (POC) devices, such as blood glucose measurements and pregnancy tests, indicate in-home testing by the patients. For instance, International Diabetes Federation (IDF) 2021 reported that 1.7 million people living with diabetes in the Chile region which was 41.2 % higher than in the past decade. Thus, increasing cases of diabetes are increasing the demand if in-vitro diagnostics, thereby driving the market.

Therefore, due to the above-mentioned reasons, the market is expected to show significant growth over the forecast period. However, stringent regulations may slow down the growth of the market.

Key Market TrendsApplication in Diabetes is Expected to Hold Significant Market Share Over the Forecast Period.

Diabetes is a chronic disorder resulting from insulin deficiency and hyperglycemia and has a high risk of development of complications for the eyes, kidneys, peripheral nerves, heart, and blood vessels. Quick diagnosis and early prevention are critical for the control of the disease status. Traditional biosensors such as glucose meters and glycohemoglobin test kits are widely used in vitro for this purpose because they are the two major indicators directly involved in diabetes diagnosis and long-term management. There has been a huge demand for these tests that make it a model disease to develop new approaches to biosensors.

The high incidence of diabetes is expected to drive the market in the region. According to International Diabetes Federation (IDF), 2021 data reported that 10.8% of Chile's population is prevalent in diabetes. The same source also quoted that 1,747.1 per 1000s adults aged between (20 –79) years are living with diabetes. Hence this is expected to increase the overall demand for early diagnostics tests like in-vitro diagnostics tests which will help the market to grow in Chile.

Thus, due to the above-mentioned reasons, the diabetes segment is expected to hold a significant market share over the forecast period.

Competitive Landscape

The Chile in-vitro market is consolidated in nature due to the presence of fewer companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known as Abbott Laboratories, Becton, Dickinson and Company, BioMérieux, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG, QIAGEN NV, Siemens Healthcare GmbH, Sysmex Corporation, and Thermo Fischer Scientific Inc.

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