Latin America Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Product (Glucose Testing, Hb1Ac Testing, Fertility, Cardiac Markers, Hematology) By End-use, By Country, And Segment Forecasts, 2023 - 2030

Report Overview

The Latin America point of care diagnostics market size was valued at USD 3.3 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. Hospitals assisted living homecare facilities and other healthcare facilities are noted to have increased adoption rates of point of care (PoC) diagnostics in Latin America to provide rapid and effective diagnostic results consequently resulting in industrial growth. Key players have entered Latin America to explore the potential opportunities for market enhancement with the introduction of new products along with the existing range. The introduction of cost-effective technology pertaining to efficient and accurate screening, diagnosis, and monitoring of diseases coupled with government initiatives to control the spread of diseases and provide improved healthcare facilities is expected to be an important driver over the forecast period.

In addition, an increase in the geriatric population base that is more prone to infections and other diseases is expected to boost the demand for home care and assisted living healthcare monitoring and diagnostic devices. Also, the adoption of a sedentary lifestyle by the young and middle-aged population is estimated to contribute towards the prevalence of diabetes, cardiac, drug abuse, and STDs in developing countries in addition to the presence of chronic and endemic diseases like Chagas in less developed regions is expected to grow market potential.

Latin American nations are experiencing an increase in chronic infectious diseases brought on by bacterial & viral pathogens as a result of a number of factors, including climatic changes, increased human migration & mobility, increased human population growth & density in rural & urban areas, and inadequate public health resources.

Bacterial pathogens including Salmonella typhi, Salmonella enteritidis, Salmonella typhimurium, Brucella abortus, and Klebsiella pneumonia, as well as viral pathogens like human papillomavirus (HPV), Epstein-Barr virus (EBV), human immunodeficiency virus (HIV), Zika, and Chikungunya, are the pathogenic agents responsible for new and re-emerging diseases in Latin America. According to the Joint United Nations Programme on HIV/AIDS (UNAIDS), as of 2021, approximately 2.2 million people were living with HIV in the Latin America region. This is mostly attributable to the region's demographic and epidemiological transition, changes in dietary and lifestyle habits, and an increase in risk factors.

The coronavirus outbreak (COVID-19) caused the market for PoC diagnostics to rapidly expand in the region. In order to assist the Brazilian government in containing the illness's spread throughout the nation, Vale SA, a multinational company from Brazil, bought 5 million COVID-19 quick test kits in March 2020. In addition, batches of quick tests to diagnose COVID-19 were produced by Hi Technologies, a Brazilian health tech business that specializes in lab exam equipment.

Rising concern pertaining to the increased prevalence of infectious diseases in Latin America, various healthcare organizations and governments have introduced screening programs and plan to control and eradicate these diseases. Gradually growing economies, increased spending power among the population, high prevalence of disease, and increased medical awareness are expected to drive the Latin America point of care diagnostics market through the forecast period.

Product Insights

The infectious diseases testing kits segment accounted for the largest revenue share in 2022. Latin America has a high prevalence of infectious diseases, such as HIV/AIDS, malaria, dengue fever, and Zika virus. For instance, in 2022, over 1,700 people died in Brazil due to influenza in January and February in contrast with only 12 deaths in the same months’ previous year. These diseases can be difficult to diagnose and treat, and point-of-care testing can help to improve the speed and accuracy of diagnosis. There is a growing demand for rapid testing in the region, as these tests can provide results in a matter of minutes. POC diagnostic tests for screening and monitoring various infectious diseases prevalent in Latin America are projected to be of high potential for market growth. The temperate climatic condition of the region is prone to outbreaks of community and other infectious diseases providing opportunities for enhancement for the segment. In addition to these, the increased prevalence of communicable diseases and STDs in the region coupled with awareness programs and initiatives to control the spread of these diseases is expected to increase the market potential of the segment.

The cancer marker testing segment is estimated to be the fastest-growing segment over the forecast period due to the increasing prevalence of cancer in the region owing to a number of factors, including aging populations, changing lifestyles, and environmental factors. According to the World Health Organization (WHO), the cancer prevalence in Latin America and the Caribbean is projected to increase by 67% by 2040, to 2.4 million new cases per year. There is also improved access to healthcare in Latin America, which is making cancer marker testing more affordable and accessible to people. This is also driving demand for these tests.

End-use Insights

The clinics segment dominated the Latin America point of care diagnostics market with a revenue share of 38.2% in 2022 owing to the increased adoption of PoC tests in the clinical diagnosis of infection and monitoring disease progression based on symptoms or other parameters. The home healthcare segment is projected to witness the fastest CAGR of 8.0% over the forecast period in the industry pertaining to the comfort level it provides to the patients and the cost-effective products available. Products in the segment are expected to provide medical staff and clinicians make decisions instantly and address healthcare problems.

Healthcare emphasis is witnessing a shift towards early detection and control of diseases owing to which home care-based POC diagnostic products demand is anticipated to enhance leading to lucrative revenue generation over the forecast period.

Country Insights

Brazil dominated the Latin America point of care diagnostics market and accounted for the largest revenue share of 40.8% in 2022 and is expected to witness the fastest CAGR of 7.9% over the forecast period owing to the increased spending power of the developing economy coupled with government initiatives to control and prevent the incidences levels of chronic and endemic diseases. Moreover, initiatives and awareness programs by healthcare organizations like WHO and PAHO pertaining to early disease diagnosis contribute to the largest share in market revenue of the region.

Mexico is expected to grow at a significant CAGR of 7.8% over the forecast period due to a large population base. This large population provides a large potential market for PoC diagnostics. Healthcare expenditure in Mexico is growing, which is providing more opportunities for the PoC diagnostics market. The Mexican government is supporting the development and use of PoC diagnostics. This is being done through funding, regulation, and public awareness campaigns. There is an increasing awareness of chronic disease, such as diabetes, hypertension, and cancer, in Mexico. This awareness is driving demand for PoC diagnostics, as people are looking for ways to manage these diseases early.

Key Companies & Market Share Insights

Most of the companies have their presence in major economies like Brazil, Mexico, and Chile whereas their sales and supply of products are offered through distributors and subsidiaries operating in countries across Latin America. Also, products are offered through other medical equipment distributors in various countries providing substantial competition with respect to market presence and distribution network.

Key players are adopting strategies such as mergers and acquisitions to enhance their presence in the market. For instance, in August 2022, Bio-Rad Laboratories signed an agreement to acquire Curiosity Diagnostics which was developing PCR|ONE to quickly detect a broad range of pathogens. In April 2021, Siemens Healthineers AG completed the acquisition of Varian Medical Systems, Inc. to help speed up Varian's objective to lessen uncertainty for cancer patients and raise the percentage of cancer survivors through early and accurate detection, more effective diagnosis, and enhanced treatment quality.

Competitive players are involved in the development and commercialization of more efficient POC diagnostic testing devices for end use majorly targeting clinics, hospitals, assisted living, and home healthcare use, which is expected to raise the demand for POC devices and thus drive market growth.

For instance, in September 2019, Alere Inc., a company that specializes in professional diagnostics and rapid PoC testing, launched its ID NOW PoC molecular platform in Brazil with tests for rapidly detecting respiratory diseases, such as bronchiolitis, influenza, and pharyngotonsillitis. Some of key players in the Latin America point of care diagnostics market include:

• Alere Inc. (Abbott)

• Abbott Laboratories

• Siemens Healthineers

• Bio-Rad Laboratories

• Danaher Corporation

• bioMérieux

• OraSure Technologies Inc

• Roche Diagnostics

• Agilent Technologies, Inc.

• Abaxis Inc.

Latin America Point Of Care Diagnostics Market Report Scope

Latin America Point of Care Diagnostics Market Report Segmentation

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Latin America point of care diagnosticsmarket based on product, end-use, and country:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Glucose Testing

  • Hb1Ac Testing

  • Coagulation

  • Fertility/Pregnancy

  • Infectious Diseases

  • Cardiac Markers

  • Thyroid Stimulating Hormone

  • Hematology

  • Primary Care Systems

  • Decentralized Clinical Chemistry

  • Feces

  • Lipid Testing

  • Cancer Marker

  • Blood Gas/Electrolytes

  • Ambulatory Chemistry

  • Drug Abuse Testing

  • Autoimmune Disease

  • Urinalysis/Nephrology

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Clinics

  • Hospitals

  • Home

  • Assisted Living Healthcare Facilities

  • Laboratory

• Country Outlook (Revenue, USD Million, 2018 - 2030)

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of LA