Latin America Clinical Laboratory Service Market Size & Outlook
Latin America clinical laboratory service market, 2018-2030 (US$M)
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Latin America clinical laboratory service market highlights
- The Latin America clinical laboratory service market generated a revenue of USD 13,890.9 million in 2023.
- The market is expected to grow at a CAGR of 3.7% from 2024 to 2030.
- In terms of segment, clinical chemistry was the largest revenue generating test type in 2023.
- Medical Microbiology & Cytology is the most lucrative test type segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 13,890.9 million |
| Market revenue in 2030 | USD 17,861.6 million |
| Growth rate | 3.7% (CAGR from 2023 to 2030) |
| Largest segment | Clinical chemistry |
| Fastest growing segment | Medical Microbiology & Cytology |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Other Esoteric Tests |
| Key market players worldwide | Labcorp Holdings Inc, Qiagen NV, Eurofins Scientific SE, Quest Diagnostics Inc, OPKO Health Inc, Siemens Healthineers AG ADR, NeoGenomics Inc, Fresenius Medical Care AG, Sonic Healthcare Ltd, Charles River Laboratories International Inc, SYNLAB Group, Mayo Clinic |
Other key industry trends
- In terms of revenue, Latin America region accounted for 6.0% of the global clinical laboratory service market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 75,231.5 million by 2030.
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Clinical Laboratory Service Market Scope
Clinical Laboratory Service Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America clinical laboratory service market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to clinical laboratory service market will help companies and investors design strategic landscapes.
Clinical chemistry was the largest segment with a revenue share of 61.06% in 2023. Horizon Databook has segmented the Latin America clinical laboratory service market based on human & tumor genetics, clinical chemistry, medical microbiology & cytology, other esoteric tests covering the revenue growth of each sub-segment from 2018 to 2030.
The emergence of many diagnostics as well as pharmaceutical manufacturers in countries, such as Brazil and Argentina, with their increased government priority toward building stable healthcare facilities, is anticipated to further drive the market in this region.
Latin America market is expected to grow at significant rate owing to government initiatives in the case of regulations and reimbursement of the lab tests and trials. Recently, Argentina proposed a reform for its healthcare system stating that the controlling power of the private payers should be with the government. This might lead to affordable pricing of the tests for common population.
The region was highly impacted by COVID-19 pandemic, thus clinical laboratory services were expected to witness increased demand. Furthermore, various organizations had invested in the region to meet the rising demand for SARS-CoV-2 testing. For instance, in April 2020, Pan American Health Organization appealed for a donation of USD 95 million for supporting testing and treatment related to COVID-19.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America clinical laboratory service market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America clinical laboratory service market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America clinical laboratory service market size, by country, 2018-2030 (US$M)
Latin America Clinical Laboratory Service Market Outlook Share, 2023 & 2030 (US$M)
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