South and Central America In-Vitro Diagnostics Market is expected to reach US$ 5,820.0 million by 2027

Reagents and Kits Segment has the Largest Share of Product and Services in the South and Central America In-Vitro Diagnostics Market during 2019–2027

According to The Insight Partners market research study on “South and Central America In-Vitro Diagnostics Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product and Services, Technology, Application, and End User,” is expected to reach US$ 5,820.0 million by 2027 from US$ 4,387.7 million in 2019. The market is estimated to grow at a CAGR of 3.6% from 2020 to 2027. The report provides trends prevailing in the South and Central America In-vitro diagnostics market along with the drivers and restraints pertaining to the market growth. The increasing prevalence of chronic and infectious diseases, growing geriatric population and a rising demand for in-vitro diagnostics during covid-19 pandemic. However, the market is expected experiencing slow growth during the forecast period owing to the lack of healthcare infrastructure and reimbursement policies.

In the South and Central American region, countries like Brazil, Chile, and Peru have experienced significant incidences of COVID-19 patients. According to the Pan American Health Organization (PAHO), as of 12 June 2020, Brazil, Peru, and Chile had 5.1%, 2.8%, and 1.8% crude case fatality rates (CFR). Maximum deaths were observed in the age group 60 to 70+ years old. In addition. 60% of these deaths in this age group occurred in men. Therefore, considering the rise in the incidences have demanded IVD test kits and products. The biotechnology industry is growing in the countries that are expected to serve vital growth opportunities for the IVD market in the coming future.

The market for In-vitro diagnostics market is segmented into product and services, technology, application, and end user. Based on product and services, the market is segmented into reagents and kits, instruments, and software and services. In 2019, the instruments and kits segment accounted for the largest market share in the in-vitro diagnostics market. The growth of the instruments and kits segment is expected to grow due to increasing adoption of in-vitro diagnostics across the region. Moreover, increasing prevalence of chronic diseases coupled with growing awareness and availability of the product in considerable margins are projected to drive the growth of the instruments and kits segment during the forecast period.

F. HOFFMANN-LA ROCHE LTD., DANAHER, ABBOTT, SIEMENS AG, SYSMEX CORPORATION, THERMO FISHER SCIENTIFIC, INC., BD, BIOMERIEUX SA, BIO-RAD LABORATORIES, INC., and QIAGEN are among the leading companies in the South and Central America In-vitro diagnostics market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in May 2019, Roche launched a diagnostic tool named as VENTANA ROS1 a in vitro diagnostic ROS1 immunohistochemistry (IHC) assay. The test detects the presence of ROS1 protein in tissue and may be useful in identifying ROS1-positive cancer cases.

The report segments the South and Central America In-Vitro Diagnostics market as follows:

By Product and Services

• Instruments
• Reagents & Kits
• Software & Services

By Technology

• Immunoassay/ Immunochemistry
• Clinical Chemistry
• Molecular Diagnostics
• Microbiology
• Blood Glucose Self-Monitoring
• Coagulation & Hemostasis
• Hematology
• Urinalysis
• Others

By Application

• Infectious Diseases
• Diabetes
• Oncology
• Cardiology
• Autoimmune Diseases
• Nephrology
• Others

By End User

• Hospitals
• Laboratories
• Homecare
• Others

By Country

• South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America