NEW YORK, Nov. 10, 2016 /PRNewswire/ -- Latin America point of care diagnostics market to reach USD 1.73 billion by 2024, according to a new report by Grand View Research, Inc. Penetration of major key players in Latin American countries coupled with increased initiatives by government and academic institutes towards retaining the spread of chronic diseases is expected to fuel market growth through to 2024.
Moreover, increaseddensity of geriatric population in the countries and immigration of retired people from Northern and Central America to this region looking forward towards assisted living healthcare and home health care is anticipated to propel growth in the coming years.Furthermore, owing to increased geriatric population prevalence of chronic, endemic and infectious diseases is high in LAC which is expected to increase the market potential through to 2024.
Further key findings from the report suggest:
Owing to the higher prevalence of diabetes, glucose testing was estimated to have highest share in revenue in 2015. Substantial increase in adoption of products pertaining to glucose testing and rise in number of major players in addition to local manufacturers in developing countries of Latin Americanare factors attributive to contribute stable contribution to segment revenue generation.
Hb1Ac POC test is the second highest contributor to the market share with respect to revenue. This segment is expected to grow at a CAGR faster than glucose testing owing to itsreliability and rapidly increased patient base for diabetes management.
High prevalence of endemic infectious disease along with positive potential for emergence of new diseases like Ebola make infectious disease testing another segment of prime activity in Latin America point of care market. This segment includes rapid diagnostic tests for a considerable number of infectious diseases like HIV, Influenza/Flu, Clostridium Difficile, HBV, HPV, Pneumonia Or Streptococcus Associated Infections, Respiratory Syncytial Virus (RSV), HCV, MRSA, TB And Drug-Resistant TB, HSV, Ebola, Cryptosporidiosis, E.Histolytica, Syphilis, Legionella/Legionnaires' Disease, Adenovirus Infections, Trichomonas, Rubella
Growing prevalence of a number of infectious diseases in lower economy countries like Haiti, Bolivia, Guatemala, and others in addition to rapid spread of STDs in developing economies of Brazil, Mexico, and Chile is expected to propel the need for POC diagnostics over the forecast period. Further, number of initiatives by government for early screening and diagnosis of the diseases, and support to set up health checkups and camps is anticipated to contribute towards rise in demand.
Clinics are estimated to dominate the Latin America POC diagnostics industry with respect to end user owing to the increased awareness for health care among the population and initiatives by international healthcare organizations and number of governments to control the spread of diseases in this region. Owing to increased availability of products and comparative rise in usage rate for disease monitoring and diagnosis the segment is expected to generate lucrative revenue for the market.
Brazil dominated Latin America POC diagnostics industry in 2015, with an estimated share in revenue of over 35%. Presence of healthcare reforms like Unified Health System (SUS) is expected to fuel the market growth in Brazil. high prevalence of infections and rapid increase in incidences of diabetes, cancer and cardiac disorders in the country is anticipated to rise demand for POC diagnostics.
Chile is estimated to witness potential growth in the coming years owing to emergence of Zika virus in addition to higher prevalence of Chagas disease. Developments carried out in the economy in order to develop the healthcare infrastructure, control and reduce the incidence of target diseases along with preventing emergence of new diseases are expected to boost the demand for POC diagnostics in this country.
Major participants in this industry include Abbott Laboratories, Alere Inc (Abbott), Roche Diagnostics, Bio-rad Laboratories, Danaher Corporation, bioMerieux, Agilent Technologies, Inc., OraSure Technologies Inc, Siemens Healthineers, Abaxis Inc.
Strategies by participants to maintain competitive advantage over others in the industry to enhance the market presence is expected to enhance market growth in this region. Initiatives by government to bring together manufacturers, healthcare service providers and research institutes are anticipated to maintain revenue generation for industry.
For instance, in May 2016, Chembio Diagnostics announced to introduce a POC diagnostic test for Zika virus in Brazil. In addition to this the company is also working in collaboration with Bio-Manguinhos for over 12 years and has developed and commercialized POC tests for HIV, Leishmania, and Syphilis
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