Latin America In Vitro Diagnostics (IVD) Market
Size and Growth rate:
Latin America
In Vitro Diagnostics (IVD)
market was estimated at USD 5403.42 million
in 2018 and is expected to reach USD 8373.2
million by 2025, registering a compound annual growth rate of 6.52% over the 2018-2025 forecast period.
In vitro diagnostics are medical devices used to examine
biological samples such as blood, urine, feces, tissues and other body fluids.
The tests can be performed in an independent laboratory and in a hospital
laboratory.
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Drivers, Challenges
and Opportunities:
Obesity, bad eating habits, sedentary lifestyles and high
smoking and alcohol consumption are one of the factors that affect the high
incidence of cancer, diabetes, cardiovascular disease and other illnesses, which
are primarily driving the growth of this regional market. An increasing the population of elderly people susceptible to illness requires regular diagnostic
tests. This is one of the main engines of market growth. In addition,
technological developments in terms of accuracy, portability and
cost-effectiveness should accelerate the demand for IVD devices. Also, the
growing demand for point-of-care devices (PoCs) is expected to stimulate market
growth.
However, the growth of the market is limited due to the lack
of experienced healthcare professionals and the awareness of the population.
There is also strong regulation on new products and existing products and
technologies that can limit the growth of the market to a certain extent.
Increasing demand for portable IVD devices is a key factor that
will create market opportunities. It is hoped that the introduction of
improved technologies such as miniaturization of microfluidics, biochips and
nano-biotechnology will increase opportunities for these products. These
improvements have resulted in increased access to diagnostic tests at the point
of care and should lead to quick and effective results.
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Geographic Insights
of Latin America In Vitro Diagnostics (IVD) Market:
The risk of abdominal obesity, which causes cardiovascular
and metabolic disorders, exceeds 48% in Brazil, Colombia, Mexico and Argentina
compared to other countries. Brazil's share of revenues exceeded 40.0% in 2015
and ranked first among other countries due to the presence of a unified health
infrastructure such as the SUS. Colombia is expected to witness a profitable
CAGR during the forecast period.
Key market players
Profiled in this Latin America In Vitro Diagnostics (IVD) Market
Report are:
Roche Diagnostics, Abbott Laboratories, Inc., Hologic
(Gen-Probe), Becton Dickinson (BD), Alere, Inc., Bio-Rad Laboratories, Qiagen
NV, are some of the leading players in the IVD market in Latin America.
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