Latin America’s IVD Sector Exceeds USD 2 Billion, Brazil leads

The Latin American in vitro diagnostics (IVD) sector was estimated at USD 2.4 billion in 2014. Population growth, government insurance, newly insured patients, and updated healthcare facilities have driven growth in the region and will continue to propel demand, according to Kalorama Information (New York, NY, USA).

Kalorama based its finding on market research and interviews with IVD manufacturers and distributors. The analysis, published in Kalorama’s report “The Market for In Vitro Diagnostic Tests In Latin America," focuses on reagents and instruments in the main countries. Brazil, Chile, Columbia, Peru and Argentina are singled out for a deeper level of analysis. Uruguay, Venezuela, Ecuador, and other nations are also considered.

“The maturation of IVD markets in developed countries has IVD companies casting their nets in developing countries where rising incomes and standards of living are anticipated to spark a new health consciousness population with growing demands for quality medical care,” said Bruce Carlson, Kalorama Information publisher, “Latin America is a key target for IVD manufacturers,” expected to give additional opportunities in the near future, at an average annual growth twice the worldwide rate.

Brazil has the number one IVD market in the Latin America. The sector is growing at good pace in Brazil, Chile, and Colombia. Due to their current political and economic situations other nations might lag behind for some time. Kalorama’s report suggests this region’s IVD market is attractive but has large challenges to overcome, about which the report provides guidance.

“One of the challenges is that each country is a world on its own: different regulations on sales, insured populations, reimbursement policies, and a number of logistic issues.” said Mr. Carlson, “That’s why we attempted to provide as much detail as possible by country.” Tailored strategies are needed for each of the countries, which vary in size, healthcare infrastructure, and affordability. Companies preparing to enter this market need to understand regulations, have dedicated bilingual personnel, and optimize post-sales costs through regional training centers.

“Marketing strategies from mature markets might end up failing in these countries,” said Mr. Carlson, “working with distributors that fully understand the region is key.” The report provides information on distributors that lead sales in each country, as well as market share tables for each featured country and for many product categories.

Related Links:
Kalorama Information
Market for In Vitro Diagnostic Tests In Latin America, report