LATAM IVD market: fastest-growing emerging market region from 2021-2026

Article tags In-vitro diagnosticsAmericasIVD Gateway

The Latin America (LATAM) in-vitro diagnostics (IVD) market is growing at an annual average of 7.8% from 2021 to 2026. It is the fastest-growing emerging market region.

Covid-19 has driven strong growth in the IVD sector. The LATAM IVD market has surpassed its pre-pandemic size. This growth is largely due to the sales of SARS-CoV-2 tests in the rapid scale up covid-19 testing. When controlling for covid-19 testing, we also find that the LATAM IVD market has recovered to pre-pandemic levels.

Key forecasts for 2021-2026

• Point-of-care (POC) diagnostics is expected to contract as the region cuts back on covid-19 testing.
• Centralised diagnostics is expected to grow at an annual average of 4.9% between 2021 to 2026. Rising incidence of chronic and infectious diseases in LATAM is expected to bring immunoassays that target these areas are in focus for investment in the post-pandemic era.
• Molecular diagnostics (MDx) is expected to contract as the region cuts back on covid-19 testing. However, the established importance of MDx and PCR tests in managing the Covid-19 pandemic is also expected to drive category adoption in the long term.
• Tissue diagnostics (TDx) is expected to grow in the forecast period, with advanced staining (IHC and ISH) as growth engines for this segment.

Next-generation sequencing (NGS) is the fastest-growing market segment in the forecast period.

Growing Your IVD Business in LATAM

With the Covid-19 pandemic transforming the region’s market dynamics, companies will need to rethink their strategy to continue to grow.

Through EIU Healthcare’s team of consultants and IVD Gateway – our proprietary data solution, we support your strategic and tactical business planning and provide answers on the what, where and how to gain market share.

Thu, 02nd Feb 2023 Article tags In-vitro diagnosticsAmericasIVD Gateway