Latin America COVID-19 Diagnostics Market Report and Forecast 2024-2032

Latin America COVID-19 Diagnostics Market Outlook

The Latin America COVID-19 diagnostics market size reached an approximate value of USD 1.87 billion in 2021. The market is being aided by the growing cases of COVID-19 infections countries such as Brazil, and growing safety precautions.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Increasing Demand for  PCR-based Diagnosis to Augment the COVID-19 Diagnostics Industry Growth in Latin America

Based on test type, the PCR test segment accounts for a significant share in the industry. Currently, the PCR technique is thought to be the most effective for detecting COVID-19, resulting in a massive rise in the use of PCR research kits. Laboratories, hospitals, medical centres and clinics, and research institutes favour the PCR approach for identification over others because of its advantages. PCR is perhaps the most important molecular technique ever devised. Since it eliminated the need for post-reaction manipulation, real-time quantitative PCR (qPCR) revolutionised the clinical implementation of PCR. While qPCR has been around for over two decades, it has only been used in clinical environments, where other approaches are not feasible, such as tracking therapy in diseases like chronic-phase chronic myeloid leukaemia, or for a few main blood-borne viruses.

Many organisations have begun designing PCR-based diagnostic testing for efficient diagnosis as the number of COVID-19 cases grows exponentially across the world. More than 100 PCR-based diagnostic tests were licenced or are in the development process for clinical use as of May 2020. This high number suggests this technology's market superiority, thus, resulting in a strong sales share for this segment over the projected era.

Brazil to Provide Enhanced Growth Opportunities to the Latin America COVID-19 Diagnostics Industry

Brazil is likely to emerge as a viable growth ground for the COVID-19 diagnostics industry on a regional level due to the highest number of tests done in the world. Brazil has been drastically hit by the pandemic with around a quarter million deaths in the past year. With the second wave incoming, Brazil is witnessing a sudden surge, which is expected to be far worse than the first wave, thus, increasing the demand for COVID-19 testing kits. Even though the number of cases is on a constant decline in rest of the world, the Brazilian market will continue to grow.

In rest of Latin America, the demand seems to be growing with time due to lack of resources and the presence of large number of low-income families. Countries like Argentina, Chile, and Peru are expected to observe a high rate of growth in the forecast period.

COVID-19 Diagnostics: Market Segmentation

COVID-19 research and diagnostic entails processing samples to determine if SARS-CoV-2 is present or has been present in the past. The virus or the antibodies formed in response to infection are detected by the two main branches. Molecular tests for viral presence based on the molecular components are used to detect specific patients as well as to help public health officials track down and control outbreaks. Antibody examinations (serology immunoassays) are used to determine if a person has ever had the disease. Since antibodies may not mature until weeks after diagnosis, they are less effective for diagnosing current infections. It is used to figure out how common an illness is, which helps in estimating the infection fatality risk.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

By test type, the market is classified into:

• PCR Test     
• Antigen Test
• Antibody Test
• Others

The market is divided based on product into:

• RT-PCR Assay Kits
• Immunoassay Test Strips
• Others

The market is segmented based on sample type into:

• Nasopharyngeal Swab
• Oropharyngeal (OP) Swab
• Nasal Swab
• Blood Test
• Others

On the basis of business model, the market can be categorised into:

• Point-of-Care (PoC) Testing
• Non-Point-of-Care (PoC) Testing

Based on end use the market is classified into:

• Hospitals
• Diagnostic Centres and Clinics   
• Laboratories   
• Others   

The regional markets for the product include Brazil, Mexico, Argentina, and Colombia, among other countries.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Growing Number of COVID-19 Cases and Rise in Travel to Bolster the Growth of the Latin America COVID-19 Diagnostics Industry

Since the advent of COVID-19, Latin America has suffered the most due to lack of healthcare facilities and weak government laws, which led to a staggering increase in the number of cases in the first few months. Due to the high number of cases, the government had to perform the tests at a fast pace but due to lack of healthcare facilities, the countries such as Brazil had to import a large number of COVID-19 testing kits from other countries like the United States and China. To ensure that the number of deaths are controlled along with the spread, rapid testing became the go to testing method. This led to a rise in demand for COVID-19 testing kits in the region. Apart from the population of Latin America, people who travel to the continent need to get tested too, which is expected to support the growth of the market positively. The market is expected to grow for a while as there is no knowing when the pandemic will end, and as things are going the number of cases is exponentially increasing in Latin America.

Key Industry Players in the Latin America COVID-19 Diagnostics Market

The report gives a detailed analysis of the following key players in the Latin America COVID-19 diagnostics market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• F. Hoffmann -La Roche Ltd
• Mobius Life Science
• Co-Diagnostics, Inc 
• Bioinnovo
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report