Latin America Point of Care Diagnostics Market

Latin America Point of Care Diagnostics Market Outlook 2031:

The Latin America point of care diagnostics market size was valued at USD 2.98 Billion in 2022 and is projected to reach USD 6.84 Billion by 2031, expanding at a CAGR of 9.68% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing demand for POC diagnostics in the region to provide instant and effective diagnostic outcome.

Point-of-care (PoC) testing refers to the kind of testing where examination is done close to or near the patients to enhance their convenience and easy access to medical facilities. The region has witnessed a significant rise in the number of infectious diseases cases such as severe acute respiratory syndrome, chikungunya, Middle East respiratory syndrome, Ebola, swine flu, avian flu, Zika virus, and the COVID-19 virus over the recent years. As a result, the demand for PoC diagnostics is increasing significantly over the years in Latin America.

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Rising demand for PoC diagnostics market in the region is impacted by the recent outbreak of COVID-19 pandemic. In March, 2020, a Brazil-based multinational corporation, Vale S.A., purchased five million new coronavirus rapid test kits for the people to control the spread of the virus in the country.

Another Brazil-based health-tech startup, Hi Technologies, has manufactured rapid tests to diagnose COVID-19 virus. On the advice of World Health Organization (WHO), the adoption of point of care diagnostic kits in Latin America has been boosted up with an aim to control the current pandemic situation.

Latin America Point of Care Diagnostics Market Trends, Drivers, Restraints, and Opportunities

• Introducing cost-effective technology related to efficient and accurate examining, diagnosis, and monitoring of diseases is projected to boost the market in the coming years.
• Growing government initiatives to reduce the spread of diseases and provide advanced healthcare facilities is expected to drive the market growth during the forecast period.
• Rising geriatric population globally that leads to rising number of infections and other diseases is anticipated to push the demand for home care and assisted living healthcare diagnostic devices. This is a key driver of the market.
• Sedentary lifestyle by the youth and mid-aged group as well as increasing cases of chronic illness among these group of people worldwide are estimated to fuel the market expansion.
• Increasing cases of chronic and endemic diseases such as Chagas in under developed regions is projected to grow the market in the coming years.
• Lack of skilled frontline health worker and non-reimbursement policies of infectious diseases diagnostic and treatment in some major countries in Latin America are the main challenging factors hampering the market.
• Expensive diagnosis instruments and high maintenance cost involved in diagnostics are expected to hinder the market growth.

Scope of the Latin America Point of Care Diagnostics Market Report

The report on the Latin America point of care diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Latin America Point of Care Diagnostics Market Segment Insights

Glucose testing segment is expected to hold a key market share

Based on products, the Latin America point of care diagnostic market is segregated as glucose testing, coagulation, hb1ac testing, fertility, cardiac markers, infectious diseases, hematology, and primary acre system. The glucose testing segment is expected to hold a key share of the market in the coming years due to the increasing cases of diabetes in developing economies.

Moreover, rapid implementation of advanced technology in glucose monitoring devices with biosensors are anticipated to increase their usage by clinics, hospitals, and home care, which is further projected to fuel the segment growth.

On the other hand, the infectious diseases segment is anticipated to register a substantial market share during the forecast period attributing to high demand for POC diagnostic tests for monitoring and examining various infectious diseases prevalent in the region.

The weather condition of the region is also suitable for the outbreak of community infectious diseases, which has caused a major healthcare problem in the region. Factors such as increased cases of sexually transmitted diseases (STDs) and communicable diseases in the region along with various awareness programs to control the spread of these diseases are expected to propel the segment growth.

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Clinics segment is projected to expand substantially in the market

On the basis of end-users, the market is divided into clinics, hospitals, and home. The clinics segment is projected to expand substantially in the market owing to rise in adopting of POC tests in the clinical diagnosis of infection and examine disease progression based on symptoms or other parameters.

The home segment, however, is expected to grow at a considerable rate in the market during the forecast period as it is cost-effective and easy products available in the market. This home setting for diagnosis and treatment is a key method that can help medical workers to take decision quickly and address the problems more accurately.

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Brazil is anticipated to constitute a major market share

In terms of geography, the Latin America point of care diagnostic market is classified as Brazil, Mexico, Chile, and Rest of Latin America. Brazil is anticipated to constitute a key market share during the forecast period attributing to the increasing disposal income of a large number of the population in the region along with several governments’ regulations and initiatives to control the chronic and endemic diseases.

Moreover, awareness campaign by healthcare organizations such as WHO and Pan American Health Organization (PAHO) encouraging people to conduct early stage of disease diagnosis is expected to help expand the market share in the region.

Meanwhile, the market of Chile is estimated to boost in the coming years due to the emerging cases of Zika virus along with rising cases of Chagas disease. New developments are seen in the country to upgrade the healthcare infrastructure, control, and reduce the cases of diseases along with precautionary measures from some organizations. This is expected to expand the segment growth during the forecast period.

Segments

The Latin America point of care diagnostics market has been segmented on the basis of

Products

• Glucose Testing
• Coagulation
• Hb1Ac Testing
• Fertility
• Cardiac Markers
• Infectious Diseases
• Hematology
• Primary Care System

End-users

• Clinics
• Hospital
• Home

Geography

• Brazil
• Mexico
• Chile
• Rest of Latin America

Key Players

• Alere Inc. (Abbott)
• Abbott Laboratories
• Siemens Healthineers
• Bio-Rad Laboratories
• Danaher Corporation
• bioMerieux
• OraSure Technologies Inc.
• Roche Diagnostics
• Agilent Technologies Inc.
• Abaxis Inc.

Competitive Landscape

Some of the key players competing in the Latin America point of care diagnostic market are Alere Inc. (Abbott); Abbott Laboratories; Siemens Healthineers; Bio-Rad Laboratories; Danaher Corporation; bioMerieux; OraSure Technologies Inc.; Roche Diagnostics; Agilent Technologies Inc.; and Abaxis Inc.

Most of the players have their presence in main economies such as Chile, Brazil, and Mexico where they have strong supply of their products through vendors and subsidiaries working in these countries. In addition to that, products are provided through different medical device vendors in many nations to compete in the market and strengthening the market position.