Latin America Clinical Laboratory Services Market To Reach $17.59 Billion By 2030

Latin America Clinical Laboratory Services Market Growth & Trends

The Latin America clinical laboratory services market size is expected to reach USD 17.59 billion by 2030, expanding at a CAGR of 3.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increase in disease prevalence and high demand for early disease diagnosis are expected to boost the market in the coming years. These factors have prompted market players to introduce innovative services to address the growing demand.

The introduction of accurate and technologically advanced products, such as biochips, microarrays, and companion diagnostics has increased the demand for early disease detection. This is mainly due to a rising healthcare expenditure owing to an increasing prevalence of chronic diseases. For instance, biochips are used for preparing thousands of DNA, RNA, or protein samples, which can be processed at the same time on a single chip. Products such as companion diagnostics also reduce the overall healthcare cost by helping physicians identify the most suitable treatment option based on the genetic makeup of a patient.

The entry of novel technologies such as automated instruments, high throughput analyzers, and multiplex diagnostic cassettes has improved the diagnostic capacity of laboratories such as Diagnósticos da América SA (DASA) to over 10 million tests a day. Moreover, in July 2022, Beckman Coulter, Inc. announced medical advancements in laboratory solutions at the 2022 AACC Clinical Lab Expo, which helps in enhancing productivity, streamlining workflows, and bringing automation to labs of all sizes.

There has been an increase in the number of hospitals providing laboratory services and facilities providing standalone services. Key players are actively involved in strategic alliances and mergers & acquisitions to enhance their market presence, leading to strong competitive rivalry. The market is price-sensitive, and therefore, players can be increasingly competitive when it comes to manufacturing cost-effective & efficient products. However, owing to the COVID-19 pandemic, the need to manage COVID-19 has increased regulatory approvals of tests, which is expected to create lucrative opportunities..

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Latin America Clinical Laboratory Servies Market Report Highlights

• In 2022, the clinical chemistry segment dominated the Latin America clinical laboratory services market owing to increasing demand for early cancer screening due to the rising of cancer

• The hospital-based laboratories segment held the largest share in 2022 as these laboratories cater to a large patient pool for different types of testing services

• The bioanalytical and lab chemistry services segment is the highest revenue-generating segment in 2022 attributed to increasing number of investigational drugs undergoing clinical trials

• The Latin America clinical laboratory services market has seen unprecedented growth due to the introduction of innovative services to address the growing demands

• Brazil dominated the Latin America clinical laboratory services market in 2022 attributed to relatively advanced healthcare infrastructure, a high prevalence of infectious & chronic diseases, and an increase in laboratory automation rate

• Mexico is expected to witness the fastest growth during the forecast period. The high number of tests being conducted in the country is expected to create opportunities for market growth

Latin America Clinical Laboratory Services Market Segmentation

Grand View Research has segmented the Latin America clinical laboratory services market based on test type, service provider, application, and country:

Latin America Clinical Laboratory Services Test Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Human & Tumor Genetics

• Clinical Chemistry

• Medical Microbiology & Cytology

• Other Esoteric Tests

Latin America Clinical Laboratory Services Provider Outlook (Revenue, USD Billion, 2018 - 2030)

• Hospital-Based Laboratories

• Stand-Alone Laboratories

• Clinic-Based Laboratories

Latin America Clinical Laboratory Services Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Bioanalytical & Lab Chemistry Services

• Toxicology Testing Services

• Cell & Gene Therapy Related Services

• Preclinical & Clinical Trial Related Services

• Drug Discovery & Development Related Services

• Other Clinical Laboratory Services

Latin America Clinical Laboratory Services Country Outlook (Revenue, USD Billion, 2018 - 2030)

• Brazil

• Mexico

• Argentina

• Colombia

• Peru

• Chile

• Uruguay

• Dominican Republic

• Costa Rica

• Panama

List of Key Players of Latin America Clinical Laboratory Services Market

• Abbott

• OPKO Health, Inc.

• Fresenius Medical Care AG & Co. KGaA

• QIAGEN

• Quest Diagnostics Incorporated

• Siemens Healthcare GmbH

• Charles River Laboratories

• Laboratory Corporation of America Holdings (LabCorp)

• DaVita Inc.

• Myriad Genetics, Inc.

• Genomic Health (Exact Sciences Corporation)

• DASA

• Sysmex Corporation