ROCKVILLE, Md., June 27, 2017 /PRNewswire/ -- Brazil's in vitro diagnostic market is one of the largest, according to Kalorama Information. The healthcare market researcher said Brazil is the sixth most populated country in the world with 205.8 million people residing in the country in 2016, and has a market over $900 million. Brazil's healthcare system relies on both public and private spending, and private health spending is higher in the private sector at 53% compared to 47% for the public sector. This has made it a stable market opportunity for the industry. Kalorama reported on the market in its report, Brazil IVD Market Analysis.
The Brazilian business environment for medical devices and equipment is favorable and expected to show promise for participants looking to expand to the Brazilian IVD market. There is a growing demand for new technologies in the laboratory sector and increasing investment in medical R&D is fueling additional growth for the IVD market and for laboratory equipment. Specific to diagnostics, Brazilian health professionals and patients are demanding innovative products, targeting infectious disease and cancer disciplines. Brazil is the largest country in Latin America in terms of population, accounting for 33% of the region's total. The distribution of the population is expected to shift toward the 65 and over population to account for 21% of the total Brazilian population by 2050, up from 7% in 2010. The shift in the aging population is expected to increase disease incidence overall as the aging population is more vulnerable to disease and illness.
According to the report, a couple of key Brazil IVD market trends stand out:
- Consolidation in the Brazilian Laboratory Service Industry Is Stabilizing There are now four national, or regionally-dominate, laboratory service providers operating in Brazil. Intense consolidating reduced the number of large-volume labs from around 15 in the early 2000s. Consolidation is now stabilizing and current providers are highly competitive.
- Demand for High-Sensitivity Testing and High-Volume Testing Equipment Is Increasing There is a growing demand for advanced testing technologies, higher sensitivity and equipment that can meet the demand for faster results. The stabilizing economic condition in Brazil and increasing middle class have supported this trend.
- Test Turnaround Times Are a Priority among Patients The growing private health system and increasing middle class expects faster results. The middle class is responsible for the growing private health insurance industry, which accounts for about 53 percent of total health spending in the country.
Kalorama Information's full study on the Brazilian IVD market contains segmentation market analysis for various sectors of the Brazilian IVD market, including point-of-care, immunoassays and clinical chemistry. The report identifies IVD market share leaders in the country. Brazil IVD Market Analysis can be found at: https://www.kaloramainformation.com/Brazil-IVD-10934090/.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
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SOURCE Kalorama Information