With a market size of more than US$2.4bn, Latin America (LATAM) is a key emerging IVD market and a market that The Economist Intelligence Unit expects to expand by more than 8% each year from 2017-2022.
Keeping up with shifting customer demands as a result of rapidly-evolving hospital and laboratory infrastructure in the region is a key challenge for IVD companies.
LATAM’s US$2.4bn IVD market: Growth trends and headwinds
LATAM’s IVD market is expected to expand by almost 8% each year from 2017 to 2022, even as macroeconomic factors continue to be a concern for test demand. The largest IVD markets in LATAM are Brazil, Mexico and Colombia.
LATAM’s centralised diagnostics (CDx) market is shaped as a wave of laboratory consolidation sweeps across many countries
Preference for point-of-care (POC) testing at central laboratories rather than at POC
Developing local facilities and expertise to support POC testing will be key to driving POC growth in LATAM.
More molecular diagnostics (MDx) laboratories are automating their operations to manage more complex tests.
But some specialised MDx laboratories in countries such as Venezuela mainly work with home-brew tests and manual techniques.
Most tissue diagnostics (TDx) laboratories in LATAM have been slow to pick up on automation
But TDx laboratories in Brazil, Chile and Colombia becoming increasingly automated.
China’s IVD market: Insights on market and competitors
EIU Healthcare’s IVD Gateway provides insights and analysis on the local market and your customers and labs across granular market segments that can help you answer key questions to develop and execute a successful growth strategy.
Download EIU Healthcare’s report to find out:
- What are some of the fastest-growing areas in LATAM’s IVD market?
- How is the customer and clinical laboratory landscape changing in LATAM?
- What are the key trends among laboratories in LATAM?