Report : South & Central America Diagnostic Labs Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – By Lab Type (Single/Independent Laboratories, Hospital-Based Labs, Physician Office Labs, And Others), Testing Services [Physiological Function Testing (ECG, Echo, X-ray, Endoscopy, CT, MRI, and Others), COVID-19 Testing, General and Clinical Testing, Esoteric Testing, Specialized Testing, Non-invasive Prenatal Testing, and Others], and Revenue Source (Healthcare Plan Operators and Insurers, Out-of-Pocket, and Public System)
At 9.4% CAGR, the South & Central America Diagnostic Labs Market is speculated to be worth US$ 36.46 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America diagnostic labs market was valued at US$ 21.32 billion in 2022 and is expected to reach US$ 36.46 billion by 2028, registering an annual growth rate of 9.4% from 2022 to 2028. Increase prevalence of chronic diseases and increasing use of point-of-care diagnostics are the critical factors attributed to the market expansion.
Point-of-care testing (POCT) has become critical to patient-centric healthcare due to the rapid diagnostic results required for accurate and faster treatment decisions. 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. The current trend in Point-of-Care Diagnostics (POCD) is strongly tipping toward mobile healthcare (mH) smart devices, which could revolutionize personalized healthcare monitoring and management, paving the way for next-generation POCT. POCT can significantly improve infectious disease management, particularly in developing countries where access to timely medical care is challenging and healthcare infrastructure is outdated and sparse. In addition, technological developments in diagnostic kits have resulted in fewer manual errors, thus, becoming a prominent driver of the diagnostic labs market. The demand for high-quality point-of-care diagnostic kits is increasing rapidly with the rising prevalence of acute and chronic diseases worldwide. For example, according to the Journal of Hepatology report, about 257 to 291 billion people were chronically infected with hepatitis B virus (HBV) in 2020 and were at risk of developing cirrhosis and hepatocellular carcinoma (HCC). The extent of cirrhosis due to HBV varies across the region. Regionally, HBV is associated with one-third of deaths from HCC. Considering the above statistics, the demand for diagnostic products among patients is anticipated to increase in the coming years. The high prevalence of HIV is expected to boost the demand for point-of-care diagnostics and further accelerate the growth of the diagnostic labs market.
On the contrary, shortage of skilled professionals of South & Central America diagnostic labs market.
Based on lab type market is segmented into single/independent laboratories, hospital-based labs, physician office labs, and others. The Hospital-Based Labs segment held 49.21% market share in 2022, amassing US$ 10.48 billion. It is projected to garner US$ 17.77 billion by 2028 to expand at 9.2% CAGR during 2022–2028.
Based on testing services, the South & Central America diagnostic labs market is divided into physiological function testing, covid-19 testing, general and clinical testing, esoteric testing, specialized testing, non-invasive prenatal testing, and others. By physiological testing services market is sub segmented into ECG, Echo, X-ray, endoscopy, CT, MRI, and others. The physiological function testing, segment held 29.73% market share in 2022, amassing US$ 6.34 billion. It is projected to garner US$ 11.16 billion by 2028 to expand at 9.9% CAGR during 2022–2028.
Based on Revenue Source, the South & Central America diagnostic labs market is divided into healthcare plan operators and insurers, out-of-pocket, and public system. The healthcare plan operators and insurers segment held 46.81% market share in 2022, amassing US$ 9.98 billion. It is projected to garner US$ 17.33 billion by 2028 to expand at 9.6% CAGR during 2022–2028.
Based on country, the South & Central America diagnostic labs market has been categorized into the Brazil, Argentina and Rest of SAM. Our regional analysis states that Brazil captured 62.69% market share in 2022. It was assessed at US$ 13.37 billion in 2022 and is likely to hit US$ 24.33 billion by 2028, exhibiting a CAGR of 10.5% during the forecast period.
Key players dominating the South & Central America diagnostic labs market are Quest Diagnostics Incorporated; Eurofins Scientific; Laboratory Corporation of America Holdings; Exact Sciences Laboratories LLC; SYNLAB International GmbH; Dasa Labs; Bio Reference; Sonic Healthcare Limited; and Healius Limited.
- In Jan 2022, Quest Diagnostics, the world's leader in diagnostic information services announced the availability of an at-home COVID-19 rapid antigen test service for consumer purchase available through "QuestDirect" a consumer-initiated testing platform.
- In Feb 2021, Healius Limited entered into a partnership with Flight Centre Travel Group to provide travelers with easier access to COVID- 19-related travel testing solutions and reporting. This has helped the company to expand its pathology testing solutions and reporting services.
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