Population growth, government insurance, newly insured patients, advancing technology, an aging population, and updated healthcare facilities will drive IVD growth in Latin America.
ARLINGTON, Va., March 8, 2023 /PRNewswire-PRWeb/ -- There are exciting opportunities in Latin America for in vitro diagnostic (IVD) manufacturers exploring expansion and sales growth, particularly in nations such as Brazil and Mexico, but also in more than a dozen other nations throughout the region. Between 2022-2027, the multi-billion dollar IVD market in Latin America is forecast to have a compound annual growth rate (CAGR) of 2.4% and thus provide IVD companies with the potential for new and notable regional business opportunities, according to leading medical market research firm Kalorama Information in the report The Market for In Vitro Diagnostic (IVD) Tests in Latin America (Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela and Other Nations).
Brazil and Mexico represent the two largest countries in terms of population, accounting for more than half of Latin America's total population--exceeding 340 million in a region with 646 million people. For this reason, these two countries have been the focus for many IVD suppliers in recent years. However, as economic conditions strengthen in other countries and demand increases for quality health services, there are additional opportunities in countries such as Chile, Colombia and especially Peru.
GROWTH FACTORS
Population growth, government insurance, newly insured patients, advancing technology and updated healthcare facilities will drive IVD growth in Latin America. An aging population that will significantly outpace total population growth will also be a factor.
"The region's aging population will place additional pressure on health systems to deliver care to a population that will likely need more involved treatment as they grow older," says Bruce Carlson, publisher for Kalorama Information.
In vitro diagnostic manufacturers investing in the region must be aware that Latin American countries differ in their use of the IVD testing market. Some countries are demonstrating higher growth than others due to economic factors.
Brazil is the number one IVD market in the Latin America with sales of more than $1 billion in 2022. Mexico is second in the area for IVD sales approaching $800 million. The Brazilian market is growing at steady pace with some ups and downs, as well as Chile, Colombia and Peru. The current political and economic climate is hindering growth in Argentina and Venezuela. However, the market region as a whole is an attractive market for IVD companies to develop.
REGIONAL CHALLENGES
Even though market growth is steady in Latin America, there are big challenges for the IVD industry to overcome. One of the challenges is that each country is a world on its own: different regulations on sales, many different reimbursement policies, diverse geography, various market access strategies and a number of logistic issues amongst others.
Since all the countries in Latin America also vary in size, healthcare infrastructure and affordability, the IVD companies need to tailor strategies for approaching each country´s market. Tailored strategies are needed for each different country and will assure success if they are conscientiously planned.
To learn about these recommended strategies and other insights purchase The Market for In Vitro Diagnostic (IVD) Tests in Latin America (Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela and Other Nations).
PURCHASE THE REPORT
"The Market for In Vitro Diagnostic (IVD) Tests in Latin America" focuses on the market for reagents and instruments in the most important countries of the region. Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela are singled out for a deeper level of analysis; the countries of Bolivia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Nicaragua, Panama, Paraguay, and Uruguay were also considered to provide a complete overview of the region.
For more information or to purchase the market research report. "The Market for In Vitro Diagnostic (IVD) Tests in Latin America," visit: https://kaloramainformation.com/product/in-vitro-diagnostics-ivd-in-latin-america/.
ABOUT KALORAMA INFORMATION
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, medical devices, and pharmaceuticals. Science and Medicine Group supports companies seeking to commercialize the rapidly changing marketplace at the intersection of science, medicine, and technology. Comprised of industry-leading brands, Science and Medicine Group serves analytical instrument, life science, imaging, and clinical diagnostic companies by helping them create strategies and products to win markets and provide platforms to digitally engage their markets through a variety of innovative solutions. Kalorama Information produces 30 reports a year. The firm offers a Knowledge Center, which provides access to all published reports.
Media Contact
DANIEL GRANDERSON, Kalorama Information, (703) 783-1721, [email protected]
SOURCE Kalorama Information
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