LAMEA IVD Market Value to Expected Hit $10,316 Million by 2023

New Report "LAMEA IVD Market by Product Type, Techniques, Application, and End Users: Opportunity Analysis and Industry Forecast, 2017-2023," published by Allied Market Research. The LAMEA IVD market was valued at $7,413 million in 2016, and is projected to reach at $10,316 million by 2023, growing at a CAGR of 4.7% from 2017 to 2023. The immunodiagnostics segment accounted for more than two-ninths share of the total market in 2016.

In Vitro Diagnosis (IVD) is a medical device and reagent used to examine body samples such as blood, tissues and fluids to detect diseases, disorders and infections. Increased outbreaks of chronic diseases, constant technology development to improve IVD efficacy, and increased government spending in LAMEA lead to market growth. However, government regulations related to IVD safety and efficacy and adverse reimbursement policies are expected to be rigorous to curb market growth during the forecast period. Continued research and development related to IVD and increased disposable income from consumers increase the IVD market's growth potential.

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Depending on the product type, the Reagent sector has maintained its number one market share in 2016 with the recent launch of new novel reagents on the market.

Immune Diagnostics contributed to the largest market share in 2016 due to the increasing popularity of chronic and epidemic epidemics based on this technology and increased awareness of personalized medicine in the population.

Depending on the application, the epidemic area occupied the highest market share in 2016 due to the spread of infectious diseases such as HIV and tuberculosis.

Based on end users, the standalone labs sector ranked first in market share in 2016 due to increased hospital diagnostic test outsourcing.

Latin America accounted for more than a third of the market in 2016, expected to dominate the market throughout the forecast period, and increased the incidence of chronic and infectious diseases such as tuberculosis, diabetes, and cancer. In addition, profitable growth opportunities in emerging markets are expected to provide new growth opportunities for key players in the market. However, Africa is estimated to register at its highest growth rate during the forecast period and is expected to increase in the future.

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Key Findings of the LAMEA IVD Market:

• The reagents segment dominated the market in 2016, and is projected to grow at the 3.7% CAGR.
• The immunodiagnostics segment accounted for the highest share (one-eighth) in 2016.
• The infectious diseases segment was the major shareholder in the LAMEA IVD based application market in 2016.
• The standalone laboratory segment accounted for the highest share (two-ninths) in 2016.
• Latin America was the major shareholder of Asia Pacific IVD market in 2016.
• Africa is expected to grow at the highest CAGR in the LAMEA IVD market.

Segment Review

Based on product type, the market is categorized into reagents, instruments, and software & services. The reagent segment accounted for the highest market share in 2016, and the software and services is expected to grow at the highest growth rate during the forecast period. The growth of the reagent market is attributed to the wide availability of effective and cost-efficient reagents. On the basis of technique, the immunodiagnostics segment captured the highest market share in 2016, owing to the increase in demand of personalized medicines. On the basis of application, infectious diseases segment captured the highest market share in 2016, due to rise in prevalence of infectious diseases and increase in preventive healthcare awareness among the population. Based on end users, the standalone laboratory segment captured the highest market share in 2016, primarily due increase in outsourcing of the lab test.

Country Wise Review

Country wise, it is analyzed across Latin America, Middle East, and Africa. Latin America accounted for the highest share of the market in 2016. Africa is anticipated to witness the highest growth rate during the forecast period. In addition, this region is expected to emerge as the area with maximum growth potential due to the focus of key players in the emerging economies.

The major players profiled in the LAMEA IVD market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson among others.

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