South America Immunodiagnostics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product [Enzyme-Linked Immunosorbent Assays (ELISA), Chemiluminescence Immunoassays (CLIA), Radioimmunoassays (RIA), and Others], Clinical Indication (Infec

South America Immunodiagnostics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product [Enzyme-Linked Immunosorbent Assays (ELISA), Chemiluminescence Immunoassays (CLIA), Radioimmunoassays (RIA), and Others], Clinical Indication (Infectious Diseases, Hepatitis+HIV, Endocrinology, Gastrointestinal, Metabolics, and Others), and End User (Hospitals, Clinics, Diagnostic Laboratories, Academic & Research Institutes, and Others)

The South America immunodiagnostics market is expected to grow from US$ 887.91 million in 2022 to US$ 1,399.57 million by 2028; it is estimated to grow at a CAGR of 7.9% from 2022 to 2028.

Increasing Use of Point-of-Care Immunodiagnostics is Driving the South America immunodiagnostics market

Point-of-care testing (POCT) has become critical to patient-centric healthcare due to the need for rapid diagnostic results to determine the accurate and faster treatment. A shift from centralized point-of-care testing to decentralized testing for chronic and infectious patients has resulted in convenient patient access to these diagnostics. Current approach of diagnosis and monitoring chronic conditions or detecting pathogens such as bacteria and viruses rely on immunoassay testing. Advanced point-of-care devices enable rapid screening of up to three components from a single sample. Also, the point-of-care diagnostics (POCD) inclined toward mobile healthcare (mH) smart devices could revolutionize personalized healthcare monitoring and management, paving the way for next-generation POCTs. The infectious disease management can be significantly improved by POCTs, especially in developing countries where access to timely medical care is challenging and healthcare infrastructure is outdated and sparse. Additionally, the technologically developed diagnostic kits leading to fewer manual errors, propel the immunodiagnostics market. Innovative immunodiagnostic products are being developed by several market players. For instance, Thermo Fisher Scientific has developed immunodiagnostic products such as enzyme-linked immunoassay (ELISA) reagents and buffers, antibodies and detection probes, linking mechanisms, blocking buffers and detergents, detection substrates, and capture surfaces, as well as services such as bioconjugation and detection. Further, on September 1, 2020, Roche launched SARS-CoV-2 Rapid Antigen Test. The SARS-CoV-2 Rapid Antigen Test is used in POC settings for symptomatic and asymptomatic people to help healthcare professionals identify the infection within 15 minutes in people suspected of carrying the virus. Likewise, the use of immunodiagnostics in cancer treatment is increasing. In oncology, an immunodiagnostic test can confirm the presence of a solid tumor by detecting known tumor-associated antigens or antibodies. These advantages and indications are driving the South America immunodiagnostics market.

South America Immunodiagnostics Market Overview

The South America immunodiagnostics market is segmented into Brazil, Argentina, and the Rest of SAM. The rising prevalence of infectious diseases and the growing focus on R&D investment and expansion by key players are influencing the market growth in the region. Further, technological advancements in the field of immunodiagnostics are expected to drive the market growth. Additionally, the increasing use of point-of-care immunodiagnostics is expected to create ample opportunities for the growth of the immunodiagnostics market over the forecast period. According to World Population Ageing 2019, in Brazil, the number of people aged above 65 years in 2019 was 19.526 million and is expected to reach 52.026 million by 2050. This rise in the geriatric population is expected to increase the prevalence rate of liver cancer in the country as this population is more prone to chronic diseases, thus boosting the market for immunodiagnostics. Additionally, leukemia is the most common cancer in children and has the incidence rates in industrialized countries, followed by developing countries. As per the GLOBOCAN 2020, 11,396 cases of leukemia were identified in Brazil in 2020, including both males and females of all ages. Such a prevalence indicates the rising demand for acute myeloid leukemia treatment in the country. Thus, the increasing use of point-of-care diagnostics is also majorly contributing to the market growth.

South America Immunodiagnostics Market Revenue and Forecast to 2028 (US$ Million)

South America Immunodiagnostics Market Segmentation

The South America immunodiagnostics market is segmented into product, clinical indication, end user, and country.

Based on product, the South America immunodiagnostics market is segmented into enzyme-linked immunosorbent assays (ELISA), chemiluminescence immunoassays (CLIA), radioimmunoassay (RIA), and others. The enzyme-linked immunosorbent assays (ELISA) segment registered the largest market share in 2022.

Based on clinical indication, the South America immunodiagnostics market is segmented into infectious diseases, hepatitis+HIV, endocrinology, gastrointestinal, metabolics and others. The infectious diseases segment registered the largest market share in 2022.

Based on end user, the South America immunodiagnostics market is segmented into hospitals, clinics, diagnostics laboratories, academic and research institutes, and others. The hospital segment registered the largest market share in 2022.

Based on country, the South America immunodiagnostics market is segmented into Brazil, Argentina, and the Rest of SAM. Brazil dominated the market in 2022.

Abbott Laboratories; bioMerieux SA; Danaher Corp; DiaSorin S.p.A.; F. Hoffmann-La Roche Ltd; PerkinElmer Inc.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Siemens Healthineers AG; Svar Life Science AB; and Thermo Fisher Scientific Inc are the leading companies operating in the South America immunodiagnostics market.

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