Latin America Point-Of-Care Diagnostics Market is predicted to reach $3.59 billion by 2021 | Market Data Forecast

Latin America point-of-care Diagnostics Market was worth $2.26 billion in 2016 and estimated to reach $3.59 billion by the end of 2021 with a CAGR of 9.68%. Point-of-care diagnostics allow a speedy, convenient, and cost-efficient way to diagnose diseases at healthcare centers and hospitals. Point-of-care diagnostics is a term collectively used for diagnostic procedures and tests performed on-site. As compared to conventional in-laboratory tests, point-of-care diagnostics have the advantage of speed and convenience without compromising on consistency. The speed factor, especially, is the greatest attribute of point-of-care diagnostics, because faster diagnosis facilitates faster patient management. Point-of-care diagnostics help cut down on the need for sophisticated diagnostic systems for regular tests like blood tests and urine tests.

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Clinics and other healthcare establishments, in order to provide effective and fast diagnostic results, are opting for point-of-care test, which are consequently influencing industrial growth. Moreover, rising levels of patient awareness are expected to play a key role behind growth on account of the fact that patients, particularly the ones suffering from long-term diseases such as diabetes, are actively participating in the shift relating to the implementation of point-of-care diagnostic practices. Additionally, healthcare practitioners have been observed to be increasingly more open and willing to adopt the use of point-of-care diagnostic consumables and medical devices thereby resulting in rapid demand and growth of this market. However, there are some certain market restraints that players need to overcome. Reluctance from the industry towards changing the existing norms, frequent product recalls, stringent regulatory framework and unfavorable reimbursement scenario are some of the challenges faced by the point-of-care diagnostics market.

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The Latin America point-of-care diagnostics market is segmented based on products, end-users and mode of delivery. Products have been segmented into Infectious Diseases, Cardiac Markers, Oncology Markers, OTC Diagnostic Tests, drugs of abuse, Blood Gas Testing, Fertility Testing, Urinalysis, Coagulation, Hematology, Glucose Monitoring, Ambulatory Chemistry, Decentralized Clinical Chemistry and others. By End-Users, the market has been further segmented as clinics, hospitals, home healthcare, ambulatory care settings, laboratories and others. Finally on the basis of delivery, the market has been segmented further into OTC and prescription modes of delivery.

On the basis of geography, the Latin America market is analyzed under various regions namely Argentina, Brazil, and Mexico. Emerging markets such as Brazil offer high growth potential for companies involved in the development and distribution of point-of-care diagnostic devices. Increasing initiatives by market players, growing patient population base, and rise in the number of partnerships and joint ventures among point-of-care providers are the key factors driving the growth of point-of-care diagnostics market in emerging countries.

Some of the major players in this market are Abbott Laboratories, Inc., Danaher Corporation, Roche Diagnostics Limited, BioMerieux, Siemens Healthcare, Beckman Coulter, Inc., Becton, Dickinson and Company, Johnson & Johnson , Alere Inc., and PTS Diagnostics.

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