Latin America Chemiluminescence Immunoassay Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Oncology, Fertility, Endocrinology, Cardiology, Infectious Diseases, Diabetes, and

Latin America Chemiluminescence Immunoassay Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Oncology, Fertility, Endocrinology, Cardiology, Infectious Diseases, Diabetes, and Others), End User (Hospitals, Blood Banks, Clinical Laboratories, Pharmaceutical & Biotech Companies, and Others), and Country

The Latin America chemiluminescence immunoassay market size is expected to grow from US$ 497.67 million in 2023 and is projected to reach US$ 955.12 million by 2031; it is expected to register a CAGR of 8.6% during 2023-2031.

Compression wraps for legs are designed to manage and alleviate the symptoms of lymphedema. These wraps help with the flow of lymph fluids and decrease swelling by applying controlled pressure to the affected areas of the leg. Compared to traditional compression stockings, compression wraps are adjustable, making them an ideal choice for individuals having difficulty putting on stockings or are experiencing fluctuating levels of edema. Adjustable compression wraps are considerably less expensive and more effective in achieving ulcer healing. Therefore, adjustable compression wraps are a powerful, self-applicable, and cost-effective alternative to inelastic bandages in treating venous leg ulcers. The increasing occurrence of venous conditions and the growing incidence of cancer leading to lymphedema are noteworthy factors contributing to the expansion of the Latin America chemiluminescence immunoassay market size. However, the availability of alternate treatments hinders the Latin America chemiluminescence immunoassay market growth as conditions such as lymphedema, chronic venous insufficiency, peripheral edema, venous stasis ulcers, and varicose veins can also be treated via medication and surgical procedures, especially minimally invasive procedures. Other treatment procedures used to treat the abovementioned conditions include foam sclerotherapy, laser treatment, ambulatory phlebectomy, and catheter-assisted procedures that use radiofrequency or laser energy. Techniques such as intermittent pneumatic compression devices are also used to prevent blood clots in the deep veins of the legs. It employs a device to mimic natural muscle contractions, aiding in venous return. Thus, the availability of alternative treatments, such as compression garments, devices, and therapies for the treatment of the abovementioned conditions, hampers the growth of the Latin America chemiluminescence immunoassay market.

Application-Based Insights

Based on application, the Latin America chemiluminescence immunoassay market is segmented into oncology, fertility, endocrinology, cardiology, infectious diseases, diabetes, and others. The oncology segment held the largest Latin America chemiluminescence immunoassay market share in 2023. According to the Lancet, ~1.5 million new cancer cases and ∼700,000 cancer-related deaths are annually recorded in Latin America and the Caribbean (LAC) region as of 2023. According to the World Health Organization, in Brazil, cancer is ranked as the second leading cause of death, resulting in 227,920 deaths in 2018. It also reports that the age-adjusted death rate due to cancer is 111 per 100,000 for men and 95 per 100,000 for women. According to the Revista Brasileira de Cancerologia, nearly 704,000 new cancer cases were reported in Brazil in 2023. For instance, the EDI Human Chromogranin A CLIA Kit is indicated for the quantitative detection of human chromogranin A (CgA) levels in serum using the ECL100 or ECL25 immunoassay analyzer. This test may be used as an aid to detect patients with pheochromocytoma and neuroendocrine tumors (such as carcinoids, etc.).

In addition, the Fertility segment is expected to register the highest CAGR from 2023 to 2031. According to the National Institutes of Health (NIH), ~188 centers in 16 countries reported 87,732 females had their first menstrual cycles in 2020, and 12,778 childbirths and 14,405 live births were recorded in Latin America. According to the Comisión Económica para América Latina y el Caribe, the total fertility rate (TFR) of Latin America, which fell below replacement level in 2015, was estimated at 1.85 live births per woman in 2022, with a further projection to drop to 1.68 by 2100. There has also been an increase in the average age of fertility. The Biopanda Prolactin chemiluminescence immunoassay test kit provides a means for the quantitative determination of prolactin in human serum. Chemiluminescent immunoassay has replaced radioimmunoassay in the measurement of serum progesterone as a current standard owing to factors such as high correlation and increased practicality. Thus, the factors mentioned above support Latin America chemiluminescence immunoassay market growth.

End User-Based Insights

Based on end user, the Latin America chemiluminescence immunoassay market is segmented into hospitals, blood banks, clinical laboratories, pharmaceutical & biotech companies, and others. The hospitals segment held the largest Latin America chemiluminescence immunoassay market share in 2023 and clinical laboratories segment is expected to register the highest CAGR in the market during 2023–2031. Immunodiagnostics tests are performed in different hospital departments, including clinical microbiology labs, pathological labs, serological labs, histopathology and hematology sections, clinical biochemistry labs, and hospital wards. Some A few immunodiagnostic instruments provide quick results, while samples are sent to specialized laboratories in the case of complex tests. The rising demand for point-of-care (POC) immunoassay testing products in hospital settings benefits the CLIA market. At present, CLIA tests are employed to detect tumor markers and diagnose infectious diseases, endocrine disorders, diabetes, and so on. With such varied applications in one automated system, CLIA systems find significant applicability in hospitals.

However, Diagnostic laboratories, built in adherence to domestic or international regulatory requirements, use CLIA-based kits and instruments for providing diagnostics services to hospitals, clinics, at-home care setups, etc. The surging prevalence of chronic and infectious diseases in Latin America, and the practice of outsourcing immunodiagnostics procedures are the factors supporting the Latin America chemiluminescence immunoassay market growth in the diagnostic laboratories segment.

The Global Cancer Observatory, OECD, and National Center for Biotechnology Information are among the primary and secondary sources referred to while preparing the Latin America chemiluminescence immunoassay market report.

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