The ‘Latin America COVID-19 Diagnostics Market Size, Share, Growth, Analysis, Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the Latin America COVID-19 diagnostics market, assessing the market on the basis of its segments like test types, products, sample types, business models, end uses, and major countries.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Latin America COVID-19 Diagnostics Market Price, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
• Historical Market Size (2021): USD 1.87 billion
The COVID-19 outbreak triggered significant financial challenges and fatalities on the Latin America continent. Key players in the region performing rapid antigen diagnostic tests on millions of people across countries like Brazil have been driving the market growth. In addition to this, the emerging variants of COVID-19 are further affecting the socio-economic scenario in the region, increasing the demand for diagnostics and testing.
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Gamma and Lambda variants of COVID-19 have had a strong presence in the region which is further fuelling the Latin America COVID-19 diagnostics market. In addition, around 4,000 COVID variants have been identified worldwide which is alarming the region leading to an increase in healthcare expenditure and awareness among the population.
Brazil is likely to offer greater opportunities to the market because of the severe COVID history in the country. The Gamma variant of COVID-19 was first detected in Brazil and started spreading all over the country in 2021. Meanwhile, the fear of the Delta variant of COVID-19 across Brazil, Argentina, and Chile, is further leading to an increase in footfall of the population in healthcare units for quick diagnosis, supporting the demand for the Latin America COVID-19 diagnostics market.
Latin America COVID-19 Diagnostics Industry Definition and Major Segments
COVID-19 diagnostics is defined as the testing or detection of Coronavirus in patients. COVID-19 diagnostics are performed on those who show symptoms of this disease such as fever, cough, fatigue, headache, or loss of smell or taste, among others. The treatment for COVID-19 is typically started when a person tests positive.
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Based on test type, the market can be segmented into:
• PCR Test
• Antigen Test
• Antibody Test
On the basis of product, the market has been classified into:
• RT-PCR Assay Kits
• Immunoassay Test Strips
By sample type, the market has been segmented into:
• Nasopharyngeal Swab
• Oropharyngeal (OP) Swab
• Nasal Swab
• Blood Test
The market can be bifurcated based on business model into:
• Point-of-Care (PoC) Testing
• Non-Point-of-Care (PoC) Testing
The major end uses included in the market are as follows:
• Diagnostic Centres and Clinics
On the basis of country, the market can be categorised into:
Latin America COVID-19 Diagnostics Market Trends
The key trends in the Latin America COVID-19 diagnostics market include the increasing demand for affordable point-of-care (POC) tests which is leading to the emergence of advanced market strategies of IVD companies in the region. Meanwhile, the growing efforts of governments in the region, aimed towards mitigating the risk of damage by COVID-19 and to bolster the pandemic preparedness, are anticipated to be the crucial trends in the market.
Heightened social media advertising aimed towards diffusing awareness about the importance of getting diagnosed and availing the benefits of newly developed diagnostic products are the major trends driving the Latin America COVID-19 diagnostics market.
Although there has been a substantial reach of vaccination regimes in Latin America, there are still cases of COVID-19 reported on a daily basis. Without significant vaccine coverage, risk of COVID-19 flare-ups remain, due to which adequate diagnostics is vital. Rise in the cases of COVID-19 is anticipated to lead to an escalation in the diagnosis infrastructure across the region in the coming years.
Key Market Players
The major players in the Latin America COVID-19 diagnostics market report are:
- F. Hoffmann-La Roche Ltd
- Mobius Life Science
- Co-Diagnostics, Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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