Latin American in-vitro diagnostics (IVD) market estimated to reach USD 5.1 billion by 2024
The Latin American IVD market is projected to reach around USD 5.1 billion by 2024. The market is expected to grow at a significant CAGR till 2024. The key factors responsible for driving the growth of the market include increasing prevalence of target disorders, expanding geriatric population base, favourable government initiatives for early disease diagnosis, increasing adoption point of care devices, introduction of technologically advanced instruments and increasing R&D initiatives for the development of disease-specific kits. For instance, from November 2015 onwards, Anvisa, the regulatory body for medical devices in Brazil, has started allowing the registration for HIV self-testing kits. Among all the segments of the IVD market, the infectious disease segment held the largest share in 2015 over 24% and the molecular diagnostics segment is anticipated to be the fastest growing during the forecast period. Geographically, Brazil was the largest regional market with a revenue generation of over USD 1.2 billion in 2015. Peru is considered to be the fastest growing market of the region. Key IVD players operating in the Latin American market are Roche Diagnostics, Abbott Laboratories, Hologic, Becton Dickinson, Alere, Bio-Rad Laboratories, Qiagen, bioMerieux, BioQuidel and Siemens Healthcare.
(Image Courtesy: Iso-inc)