South and Central America In-Vitro Diagnostics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product and Services; Technology; Application; End User

The in-vitro diagnostics market in South and Central America is expected to grow from US$ 4,387.7 million in 2019 to US$ 5,820.0 million by 2027; it is estimated to grow at a CAGR of 3.6% from 2020 to 2027. Automation deals with the utilization of various intelligent systems with an aim to perform any operation with minimal human intervention. The application of automation in clinical laboratories enables analysts to perform several tests in minimum turnaround time and efforts. Moreover, the automation can serve maximum accuracy in results as well as reduction in variations. Additionally, installation of intelligent software & hardware in clinical analyzers has dramatically improved the overall operating capacity, quality of data processing, and process control in clinical automation. Extensively increasing patient pool is generating massive demand for clinical automation as it offers superior benefits. For instance, in May 2019, Beckman Coulter, one of the major market players announced introduction of its new DxA 5000 total laboratory automation solution. The newly launched system is capable of managing high volume samples with significant reduction in procedural time. Furthermore, growing emphasis of healthcare institutes on cost and time optimization is fueling the adoption of automation in clinical laboratories. Additionally, increasing focus on error reduction, efficient sample collection, and patient safety would eventually boost the acceptance of laboratory automation during the forecast period.

The South and Central America in-vitro diagnostics market is segmented on the basis of product and services, technology, application, and end user. Based on product and services, the market is segmented into reagents and kits, instruments, and software and services. In 2019, the instruments and kits segment accounted for the largest market share. The market for the instruments and kits segment is expected to grow during the forecast period owing to the increasing adoption of in-vitro diagnostics across the region. Moreover, factors such as the increasing prevalence of chronic diseases coupled with growing awareness and availability of the product in considerable margins are projected to drive the market growth for the instruments and kits segment during the forecast period.

In South and Central America, countries such as Brazil, Chile, and Peru have reported the significant incidence of COVID-19 patients. According to the Pan American Health Organization (PAHO), as of June 12, 2020, Brazil, Peru, and Chile had 5.1%, 2.8%, and 1.8% crude case fatality rates (CFR), respectively. Maximum deaths were recorded in the age group of 60–70 years and above. In addition. 60% of these deaths occurred in this age group was of men. Therefore, the rise in the incidence demands IVD test kits and products. The biotechnology industry is growing in the countries, which is to offer lucrative opportunities for the South and Central America in-vitro diagnostics market in the coming years.

The overall South and Central America in-vitro diagnostics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the South and Central America in-vitro diagnostics market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South and Central America in-vitro diagnostics market. F. HOFFMANN-LA ROCHE LTD.; DANAHER; ABBOTT; SIEMENS AG; SYSMEX CORPORATION; THERMO FISHER SCIENTIFIC, INC.; BD; BIOMERIEUX SA; BIO-RAD LABORATORIES, INC.; and QIAGEN are among the players operating in the market.

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