LAMEA IVD Market on target to reach $10,316 Million by 2023
The LAMEA IVD Market accounted for $7,413 million in 2016, and is estimated to reach $10,316 million by 2023, growing at a CAGR of 4.7% from 2017 to 2023.
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Technological advancements in the field of personalized medicine and companion diagnostics drive the LAMEA IVD market. In addition, increase in prevalence of chronic diseases, infectious diseases, and lifestyle-related conditions such as diabetes, hypertension, and others, and rise in geriatric population fuel the growth of the IVD market. Furthermore, growth in investment in healthcare sector by government and private companies is anticipated to boost the market growth. However, unfavorable reimbursement policies and stringent government regulations associated with manufacturing and sale of IVD are expected to hamper the market. Ongoing R&D activities related to IVD are anticipated to present new opportunities for the market. Moreover, the LAMEA region offers lucrative growth opportunities to the IVD market players owing to the increase in awareness of preventive healthcare measures and decentralized universal healthcare access.
Based on product type, the reagents segment held the highest market share in 2016, owing to the recent introduction of new novel reagents in the market that are more effective.
Based on technique, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of chronic and infectious diseases and rise in awareness of personalized medicine among the population.
Based on application, the infectious diseases segment contributed the highest market share in 2016, owing to the increase in prevalence of infectious diseases such as HIV, tuberculosis, and others.
Based on end users, the standalone laboratory segment captured the highest market share in 2016, mainly due to increase in outsourcing of diagnostic test by hospitals.
Latin America accounted for more than one-third share in 2016, and is expected to dominate the market throughout the forecast period and is attributed to increase in incidence of chronic and infectious diseases such as tuberculosis, diabetes, cancer, and others. In addition, lucrative growth opportunities in the economic emerging countries is anticipated to provide new growth opportunities for the key players in the market. However, Africa is estimated to register the highest growth rate during the forecast period, owing to rise in government healthcare expenditure and growth in demand for healthcare devices from large pool of patient population, and improvement in healthcare infrastructure.
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.
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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