Latin America Clinical Laboratory Services Market Outlook 2031:
The Latin America clinical laboratory services market size was valued at USD 12.68 Billion in 2022 and is projected to reach USD 17.43 Billion by 2031, expanding at a CAGR of 3.6% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing burden of chronic diseases and rising demand for diagnostic tests in the region.
There is a significant increase in the complexities and volume of data in clinical trials. The healthcare sector globally is pushing towards a significant shift to increase inflow of new clinical trials, which are based on structured, standardized, and consumer interest. In the region, clinical research is given a prime importance as to find advanced solutions for the rising prevalence of chronic and targeted diseases.
The clinical labs are constantly upgraded with innovative technique and converting into automation besides following the international standards. These automated solutions enable speedy process of sample testing, which result in reducing human errors and labor costs by integration of electronic, mechanical, and informatics tools.
Growing adoption rates of laboratory automation systems in clinical settings across the globe is creating lucrative opportunities for the market growth. Further, increasing adoption of database management tools, integrated workflow management systems, and patient test records are gaining significant traction in the healthcare industry.
On average, companies are providing laboratory services that ensure processing of around 100 to 150 billion samples every year. However, sample creation and successful experimentation has been a key challenge in clinical testing labs and several market players are continuously focusing to address this issue. For instance, vendors are focusing on adoption of 384-well plates instead of 96-well plates, to cut reagent costs and time taken for performing assays. The 384-well plates cut cost and time by half as compared to the 96-well plates.
Latin America Clinical Laboratory Services Market Drivers, Restraints, Trends, and Opportunities
- Rapid advance in data management and sample preparation owing to growing volumes of testing samples is projected to boost the market growth during the forecast period.
- Growing investments by key players in the market of Latin America and rising development of clinical laboratories to expand medical research and drug discovery are expected to boost the revenue generation during the forecast period.
- Growing adoption of laboratory automation systems as well as improvement of informatics and automated data management solutions in clinical labs to help perform seamless operations are expected to drive the market growth.
- Complexity in the sample preparation and lack of skilled technicians handling the testing procedures through experimental protocols with productivity enhancement are posing key challenges that can impede the regional market growth.
- The outbreak of COVID-19 pandemic has adversely affected the market growth. The diagnostic virology of this region has been under immense pressure to provide reliable testing kits for the possible Sars-Cov-2 infection to stop the virus spread.
Scope of the Latin America Clinical Laboratory Services Market Report
The report on the Latin America clinical laboratory services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Latin America Clinical Laboratory Services Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Test Types (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, and Other Esoteric Tests), Service Providers (Hospital-based, Standalone, and Clinic-based) and Applications (Drug Discovery, Drug Development, Bioanalytical & Lab Chemistry, Toxicology, Cell & Gene Therapy, Preclinical & Clinical Trial, and Others)
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Geographical Scope
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Brazil, Mexico, Colombia, Peru, and Rest of Latin America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Fresenius Medical Care AG & Co. KGaA, Qiagen, DaVita Inc., Charles River Laboratories, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, OPKO Health Inc. and DASA.
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Latin America Clinical Laboratory Services Market Segment Insights
Clinical Chemistry segment is projected to represent a considerable market share
On the basis of test types, the Latin America clinical laboratory services market is bifurcated into human & tumor genetics, clinical chemistry, medical microbiology & cytology and other esoteric tests. The clinical chemistry segment is projected to represent a considerable market share during the forecast period. The presence of a large number of body fluid-based screening solutions is projected to spur the segment growth.
They consist of urinalysis, sweat chloride, semen analysis, fetal fibronectin (fFN), synovial fluid analysis, and amniotic fluid analysis. For example, Alere’s Oral Fluid Testing Services is used to test substances of abuse.
Additionally, clinical chemistry services offer extensive range of specialties such as liver function and renal function tests coupled with resolution of various physiological substances including cardiac markers, minerals, hormones, proteins, hemoglobin, vitamins, and electrolytes.
Recent advancements in the fluid-based cancer tests include liquid-based Pap test for cancer screening. Companies such as BD Biosciences are providing a path for liquid-based pap tests, thereby driving the segment growth.
Clinical-based segment is anticipated to constitute a large market share
Based on services types, the market is segmented into hospital-based, standalone, and clinic-based. The clinical-based segment is anticipated to constitute a large market share during the forecast period owing to rising consolidation of clinical-based laboratories with physicians’ offices and other professional units. Moreover, the availability of specialized and easy accessibility of the clinical-based units are pushing to the segment growth.
On the other hand, the hospital-based segment is projected to exhibit a healthy CAGR during the forecast period since these laboratories are able to provide accurate data on diagnostics and treatment procedures, which help the physicians in effective decision making.
Bioanalytical & lab chemistry segment to account for a significant market share
On the basis of applications, the Latin America clinical laboratory services market is divided into drug discovery, drug development, bioanalytical & lab chemistry, toxicology, cell & gene therapy, preclinical & clinical trial, and others. The bioanalytical & lab chemistry segment is estimated to account for a significant market share owing to the rapidly growing adoption of point-of-care diagnostic tests that help the patients to get their routine checkups done at a reasonable cost.
Additionally, growing prevalence of cardiovascular diseases and cholesterol & lipid profile testing is mandatory in order to avoid complications in future.
Meanwhile, the toxicology segment is expected to expand at a high CAGR during the forecast period. The presence of a global network of AAALAC-accredited preclinical facilities, which are designed to conduct in-vivo and in-vitro safety programs to characterize the potential human drug toxicity. Additionally, growing awareness regarding environmental pollution is compelling the companies to focus on introduction of sensitive and reliable solutions.
For instance, Alere is offering state-of-the-art technology, skilled laboratory personnel, and automated computer systems. It provides reliable and accurate toxicology analysis of millions of specimens.
Mexico is projected to constitute a considerable market share
In terms of geography, the market is categorized as Brazil, Mexico, Colombia, Peru, and Rest of Latin America. Mexico is projected to constitute a considerable market share in the coming years owing to increasing number of accredited clinical laboratories. The country, as per a data, expanded its clinical laboratory facilities from 18 in 2009 to 81 in 2015.
Several governments in this region are encouraging healthcare initiatives by providing favorable regulations for lab tests and trials by local and multinational firms. According the World Bank, Argentina has introduced a healthcare reform, which allows the private players are needed to be working with the government. This is expected to push the market expansion in the region through providing affordable test and services for the general people.
Segments
The Latin America clinical laboratory services market has been segmented on the basis of
Test Types
- Human & Tumor Genetics
- Clinical Chemistry
- Medical Microbiology & Cytology
- Other Esoteric Tests
Service Providers
- Hospital-based
- Standalone
- Clinic-based
Applications
- Drug Discovery
- Drug Development
- Bioanalytical & Lab Chemistry
- Toxicology
- Cell & Gene Therapy
- Preclinical & Clinical Trial
Geography
- Brazil
- Mexico
- Colombia
- Peru
- Rest of Latin America
Key Players
- Fresenius Medical Care AG & Co. KGaA
- Qiagen
- DaVita Inc.
- Charles River Laboratories
- Laboratory Corporation of America Holdings (LabCorp)
- Quest Diagnostics
- OPKO Health Inc.
- DASA
Competitive Landscape
Some of the key players competing in the Latin America clinical laboratory services market are Fresenius Medical Care AG & Co. KGaA, Qiagen, DaVita Inc., Charles River Laboratories, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, OPKO Health Inc. and DASA. Many of these players are controlling a significant market share owing to their geographic presence, company size, segment coverage, and undertaken marketing strategies.
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