Latin America Laboratory Developed Tests Market Size & Outlook
Latin America laboratory developed tests market, 2018-2030 (US$M)
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Latin America laboratory developed tests market highlights
- The Latin America laboratory developed tests market generated a revenue of USD 841.0 million in 2023.
- The market is expected to grow at a CAGR of 5.2% from 2024 to 2030.
- In terms of segment, molecular diagnostics was the largest revenue generating technology in 2023.
- Immunoassays is the most lucrative technology 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 841.0 million |
| Market revenue in 2030 | USD 1,202.5 million |
| Growth rate | 5.2% (CAGR from 2023 to 2030) |
| Largest segment | Molecular diagnostics |
| Fastest growing segment | Immunoassays |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Immunoassays, Hematology and Coagulation, Molecular Diagnostics, Microbiology, Clinical Chemistry, Histology/Cytology, Flow Cytometry, Mass Spectroscopy |
| Key market players worldwide | Quest Diagnostics Inc, 23andMe Holding Co Class A, Abbott Laboratories, Guardant Health Inc, NeoGenomics, Siemens Healthineers AG ADR, Qiagen NV, Illumina Inc, Roche Holding AG ADR |
Other key industry trends
- In terms of revenue, Latin America region accounted for 6.8% of the global laboratory developed tests market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Europe is the fastest growing regional market and is projected to reach USD 6,481.1 million by 2030.
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Laboratory Developed Tests Market Scope
Laboratory Developed Tests Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America laboratory developed tests 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 laboratory developed tests market will help companies and investors design strategic landscapes.
Molecular diagnostics was the largest segment with a revenue share of 23.19% in 2023. Horizon Databook has segmented the Latin America laboratory developed tests market based on immunoassays, hematology and coagulation, molecular diagnostics, microbiology, clinical chemistry, histology/cytology, flow cytometry, mass spectroscopy covering the revenue growth of each sub-segment from 2018 to 2030.
Technological advancements are expected to contribute to the market growth. Increasing government expenditure on R&D, presence of skilled healthcare professionals, rising focus of multinational pharmaceutical companies in the clinical diagnostics sector, and increase in patient awareness levels are expected to drive the market over the forecast period.
Rising incidence of chronic diseases associated with growing geriatric population also drives the regional clinical diagnostics market. Furthermore, increasing healthcare spending in developing countries in this region and growing medical tourism can be attributed to the market growth.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America laboratory developed tests market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America laboratory developed tests market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America laboratory developed tests market size, by country, 2018-2030 (US$M)
Latin America Laboratory Developed Tests Market Outlook Share, 2023 & 2030 (US$M)
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