Kalorama: Led by Brazil, IVD Test Market in Latin America Exceeds 2 Billion

NEW YORK, Feb. 26, 2015 /PRNewswire/ -- The market for IVD tests in Latin America is estimated at 2.4 billion in 2014.   The healthcare market research publisher said that population growth, government insurance, newly insured patients and updated healthcare facilities has driven growth in the region and will continue to propel demand.  The healthcare market research firm based its finding on torresearch into the market and interviews with IVD manufacturers and distributors.  The finding was made in Kalorama Information's report on the in vitro diagnostics market in the region, The Market for In Vitro Diagnostic Tests In Latin America.  The study was conducted over several months and focuses on the market for reagents and instruments in the most important countries of the continent.  Brazil, Chile, Columbia, Peru and Argentina are singled out for a deeper level of analysis.  Uruguay, Venezuela, Ecuador and other nations are also considered. 

The report can be found at: http://www.kaloramainformation.com/Vitro-Diagnostic-Tests-8753354/

"The maturation of IVD markets in developed countries has IVD companies casting their nets in developing countries where rising incomes and standards of living are anticipated to spark a new health consciousness population with growing demands for quality medical care," said Bruce Carlson, Publisher of Kalorama Information.  "Latin America is a key target for IVD manufacturers."

Latin America is expected to give In Vitro Diagnostics companies the potential for additional business opportunities in the near future, at an average annual growth rate twice as high than the worldwide rate, according to the report.  The market is still dominated by traditional diagnostic tests such as immunoassays and clinical chemistry tests.  Blood banking, glucose and infectious disease also contribute to the region's IVD market.

Brazil is the number one IVD market in the Latin America. The report says the Brazilian market for testing is growing at good pace as well as Chile and Colombia.  Although due to their current political and economic situations other nations might be lagging behind for some time. The reports suggests this mix shows that the region as a whole is an attractive market for IVD companies to exploit.  Even though market growth is attractive in Latin America, there are big challenges for the IVD industry to overcome and Kalorama's report provides guidance. 

"One of the challenges is that each country is a world on its own: different regulations on sales, insured populations, reimbursement policies,  and a number of logistic issues." said Carlson. "That's why we attempted to provide as much detail as possible by country in the report so readers can obtain data on their target country."

Since all the countries in Latin America also vary in size, healthcare infrastructure and affordability, the In Vitro Diagnostic companies need to tailor their strategies for approaching each country´s market. Tailored strategies are needed for each different country and will assure success if they are conscientiously planned.

We think that companies going into IVD need to be prepared understand regulations, have dedicated bilingual personnel and optimize post-sales costs through regional training centers.   

"Marketing strategies from mature markets might end up failing in these countries," said Carlson.  "working with distributors that fully understand the region is key, and the distributors that rank in the nations are detailed in the report."

The Market for In Vitro Diagnostic Tests In Latin America provides more conclusions and details on distributors that are relevant and leading sales in each country.  It also provides market share tables for each featured country and for many product categories within countries.  With a special emphasis on Chile, Brazil, Columbia, Peru and Argentina, the report also provides IVD market totals for other significant countries in the region.  The report can be useful for IVD testmakers conducting business planning activities.  The report can be found at: http://www.kaloramainformation.com/Vitro-Diagnostic-Tests-8753354/.

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. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.  

Contact:
Bruce Carlson
(212) 807-2622
[email protected]  
www.KaloramaInformation.com

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SOURCE Kalorama Information