Report: Latin American IVD Market Exceeds 2 Billion Dollars
NEW YORK, March 9, 2015 /PRNewswire/ -- Latin America is a key target for IVD manufacturers seeking growth in testing revenues, according to a major IVD market research publisher. Kalorama Information has just completed a study that focuses on the clinical testing markets for Chile, Columbia, Peru, and Argentina and other nations. The market for IVD in Latin America is estimated at $2.4 billion. The finding was made in Kalorama Information's report, The Market For In Vitro Diagnostics in Latin America.
The report can be found on Kalorama Information's website at: http://www.kaloramainformation.com/Vitro-Diagnostic-Tests-8753354/.
"There are dollar sales but not sales growth in developed countries," said Bruce Carlson, Publisher of Kalorama Information. "This means IVD companies are 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."
According to Kalorama's report, the market for IVD in Latin America is estimated at 2.4 billion in 2014 and with 9.3% growth will reach 3.5 billion in 2019. Population growth, government insurance, newly insured patients and updated healthcare facilities will drive growth. The report says Brazil is the largest in vitro diagnostics market within Latin America and is nearly half of the market. The report contains a ranking of countries for IVD opportunity and the performance of companies within each country's IVD market.
"The markets in each country are very different," said Carlson. "The leader in one nation is not necessarily the leader in another."
Most of the market in Latin America is for traditional tests such as clinical chemistry, blood banking and immunoassays. Increasingly, infectious diseases testing, cardiac marker tests and oncology will play a role in the market, according to the report. Kalorama says Chile, Columbia and Peru represent the best growth rates in the market over this period.
Roche is the largest IVD company operating in Latin America, according to the report. The company is dominant in clinical chemistry and several other segments. Siemens's immunoanalyzers and Abbott's microbiology immunoassays make them strong contenders as well. The report says there are several local companies that compete in the market and many multinationals with small market share in various markets.
The report contains detailed market sizing by segment of testing for each significant country market in Latin America. The report also contains detailed market share for companies in the Latin American market by country. The report can be obtained 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.
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Contact:
Bruce Carlson
(212) 807-2622
[email protected]
www.KaloramaInformation.com
SOURCE Kalorama Information
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