At 4.7% CAGR, the South & Central America In-Vitro Diagnostics Market is projected to be worth US$ 8,478.11 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the South & Central America in-vitro diagnostics market was valued at US$ 5,874.17 million in 2022 and is expected to reach US$ 8,478.11 million by 2030, registering a CAGR of 4.7% from 2022 to 2030. Growth in point-of-care testing and surge in demand for IVD during Covid-19 pandemic and increasing demand for personalized medicine and genomics are among the critical factors attributed to the South & Central America in-vitro diagnostics market expansion.    

Point-of-care testing (POCT) is a pivotal opportunity in the in vitro diagnostics market, revolutionizing healthcare delivery with its potable and rapid diagnostic capabilities. These tests, conducted at or near the patient’s location, offer immediate results, enabling timely clinical decision-making. Several factors drive the growth of POCT.

Firstly, the demand for convenient and swift diagnostic solutions in healthcare settings, such as emergency rooms, clinics, and home care, propels the expansion of POCT. Secondly, technological advancements have led to the development of compact and user-friendly POCT devices.

Moreover, the COVID-19 pandemic underscored the significance of rapid and accessible diagnostics. The pandemic accelerated the deployment and utilization of point-of-care COVID-19 tests, showcasing the relevance and potential of POCT in managing infectious diseases on a global scale. This experience accelerated research and development on POCT, further driving innovation and investment in portable testing solutions.

IVDs that are used in the diagnosis of infectious diseases include immunoassays, and molecular assays. Diagnostics companies also focus on making rapid advancements in their offerings to manage COVID-19. Further, regulatory authorities introduced temporary amendments or modifications to their standards, which favored the launches of new IVDs during the pandemic. The demand for molecular diagnostics and immunoassays surged due to these government initiatives. Thus, the COVID-19 pandemic has benefitted the in-vitro diagnostics market due to the rising demand for point-of-care (POC) diagnostics and laboratory testing procedures.

On the contrary, cumbersome reimbursement procedures and stringent regulations regarding products hamper the South & Central America in-vitro diagnostics market.

Based on product & services, the South & Central America in-vitro diagnostics market is segmented into reagents & kits, instruments, and software & services. The reagents & kits segment held 79.1% share of South & Central America in-vitro diagnostics market in 2022, amassing US$ 4,648.58 million. It is projected to garner US$ 6,778.69 million by 2030 to expand at 4.8% CAGR during 2022–2030.

Based on technology, the South & Central America in-vitro diagnostics market is segmented into immunoassay/ immunochemistry, clinical chemistry, molecular diagnostics, microbiology, blood glucose self-monitoring, coagulation & hemostasis, hematology, urinalysis, and others. The immunoassay/ immunochemistry segment held 28.4% share of South & Central America in-vitro diagnostics market in 2022, amassing US$ 1,667.79 million. It is projected to garner US$ 2,508.42 million by 2030 to expand at 5.2% CAGR during 2022–2030.

Based on application, the South & Central America in-vitro diagnostics market is segmented into infectious diseases, diabetes, oncology, cardiology, autoimmune diseases, nephrology, and others. The infectious diseases segment held 39.7% share of South & Central America in-vitro diagnostics market in 2022, amassing US$ 2,331.83 million. It is projected to garner US$ 3,428.27 million by 2030 to expand at 4.9% CAGR during 2022–2030.

Based on end user, the South & Central America in-vitro diagnostics market is segmented into hospitals, laboratories, homecare, and others. The hospitals segment held 48.3% share of South & Central America in-vitro diagnostics market in 2022, amassing US$ 2,839.94 million. It is projected to garner US$ 3,992.17 million by 2030 to expand at 4.3% CAGR during 2022–2030.

Based on country, the South & Central America in-vitro diagnostics market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 56.7% share of South & Central America in-vitro diagnostics market in 2022. It was assessed at US$ 3,332.25 million in 2022 and is likely to hit US$ 4,915.78 million by 2030, exhibiting a CAGR of 5.0% during 2022–2030.

Key players operating in the South & Central America in-vitro diagnostics market are Abbott Laboratories, Becton Dickinson and Co, bioMerieux SA, Bio-Rad Laboratories Inc, Danaher Corp, F. Hoffmann-La Roche Ltd, Qiagen NV, Siemens AG, Sysmex Corp, and Thermo Fisher Scientific Inc, among others.   

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