Latin America Clinical Laboratory Tests Market Size & Outlook
Latin America clinical laboratory tests market, 2018-2030 (US$M)
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Latin America clinical laboratory tests market highlights
- The Latin America clinical laboratory tests market generated a revenue of USD 7,381.5 million in 2023.
- The market is expected to grow at a CAGR of 10.9% from 2024 to 2030.
- In terms of segment, hba1c tests was the largest revenue generating type in 2023.
- HGB/HCT tests is the most lucrative type segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 7,381.5 million |
| Market revenue in 2030 | USD 15,208.9 million |
| Growth rate | 10.9% (CAGR from 2023 to 2030) |
| Largest segment | Hba1c tests |
| Fastest growing segment | HGB/HCT tests |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Complete blood count, HGB/HCT tests, Basic metabolic panel, BUN creatinine tests, Electrolytes testing, HbA1c tests, Comprehensive metabolic panel tests, Liver panel tests, Renal panel tests, Lipid panel tests |
| Key market players worldwide | Quest Diagnostics Inc, Abbott Laboratories, Labcorp Holdings Inc, ARUP Laboratories, OPKO Health Inc, Clinical Reference Laboratory, Sonic Healthcare Ltd, Cinven, Unilabs |
Other key industry trends
- In terms of revenue, Latin America region accounted for 6.4% of the global clinical laboratory tests 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 49,664.3 million by 2030.
Hba1c tests was the largest segment with a revenue share of 12.1% in 2023. Horizon Databook has segmented the Latin America clinical laboratory tests market based on complete blood count, hgb/hct tests, basic metabolic panel, bun creatinine tests, electrolytes testing, hba1c tests, comprehensive metabolic panel tests, liver panel tests, renal panel tests, lipid panel tests covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America is expected to grow at a lucrative rate in the laboratory clinical laboratory tests market owing to government initiatives regarding regulations and reimbursement of lab tests & trials. Major countries in the region such as Argentina, Mexico, and Brazil have proposed a reform to their healthcare system to improve the healthcare services in their country.
This might lead to affordable pricing of tests, which is expected to drive market growth in the region. Moreover, the rising incidence of chronic diseases and growing geriatric population are driving the clinical laboratory tests market in Latin America. Furthermore, increasing healthcare spending in developing countries and growing medical tourism are responsible for market growth.
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Clinical Laboratory Tests Market Scope
Clinical Laboratory Tests Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America clinical laboratory tests market size, by country, 2018-2030 (US$M)
Latin America Clinical Laboratory Tests Market Outlook Share, 2023 & 2030 (US$M)
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