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2017

LAMEA IVD Market

LAMEA IVD Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, by Technique, by Application and, by End Users - Opportunity Analysis and Industry Forecast, 2017-2023

LS : Medical Devices & Supplies

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Author's: Abha Thakur | Roshan Deshmukh
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LAMEA IVD Market Overview:

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. In vitro diagnostics (IVD) are the medical diagnostic devices and reagents used to examine the body specimens for detection of diseases, infections, and chronic conditions and identify appropriate treatments.

LAMEA-IVD-Market

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.

LAMEA IVD Market Segmentation

LAMEA IVD Market Segmentation

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.

Top Investment Pocket

LAMEA IVD Market Top Investment Pocket

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.

Middle East IVD Market ($Million), 2017-2023

Middle East IVD Market ($Million), 2017-2023

Increase in Prevalence of Chronic and Infectious Diseases

According to WHO, globally people living with HIV accounted for approximately 36.7 million in 2016, of which the highest number of people living with HIV is reported in Africa with approximately 25.6 million. According to WHO estimates, tuberculosis accounted for 450,000 cases in 2013, in the South African countries. Furthermore, it also stated that out of these 450,000 cases, approximately 270,000 (60%) people have both HIV and TB. The increase in these diseases is expected to increase the demand of the diagnostic devices, which in turn drives the IVD market.

Increase in Technological Advancements

Technology plays a vital role in the advancement of healthcare sector. Earlier, molecular testing was performed only by a skilled professional in laboratories and hospitals, however, the automated technology enables testing not only in hospitals but also at home. For instance, in 2017 BioSURE introduced first self-test HIV kit known as, BioSURE HIV Self-Test in South Africa. This overcomes the challenge of HIV diagnosis in South Africa, as the people did not have access to test facility or did not incline to test themselves. The escalation in rate of the technological advancement and increase in preventive awareness is expected to raise the demand for diagnosis, thereby driving the IVD market.

Increase in Government Expenditures on Healthcare

The need of cost reduction and continuous quality improvement in healthcare sector creates opportunity for investment. Hence, the governments of all the regions have increased their healthcare expenditures for reducing the disease rate in the countries. According to the WHO, the total healthcare expenditure for Nigerian government has increased from 6.48% in 2013 to 8.17% in 2014. The increase in LAMEA economic conditions are expected to increase government funding in healthcare sector, which in turn contributes to the growth of the IVD market.

Major companies operating in the market adopt product launch as their key development strategy. Companies profiled in this market include, 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.

Key Benefits :

  • The study provides in-depth analysis of the LAMEA IVD market along with current trends and future estimations to elucidate the imminent investment pockets.
  • Quantitative analysis of the industry is provided for the period of 20162023 to enable the stakeholders to capitalize on the prevailing market opportunities.
  • Extensive analysis by technology and application helps understand various trends and prevailing opportunities in the market.
  • Comprehensive analysis of all countries is provided, which determines the main opportunities in these geographies.
  • The key market players are profiled and their strategies are analyzed to predict the competitive outlook of the market.

LAMEA IVD Market Report Highlights

Aspects Details
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By Product Type
  • Reagents
  • Instruments
  • Software and Services
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By TECHNIQUE
  • Immunodiagnostics
    • Enzyme-Linked Immunosorbent Assay (ELISA)
    • Chemiluminescence Immunoassays (CLIAS)
    • Fluorescence Immunoassays (FIAS)
    • Colorimetric Immunoassays (CIS)
    • Rapid Tests
    • Enzyme-Linked Immunospot Assays (ELISPOT)
    • Enzyme-linked immunospot (ELISPOT)
    • Radioimmunoassay (RIA)
    • Western Blot
  • Blood Testing
  • Molecular Diagnostics
    • Polymerase Chain Reaction (PCR)
    • Isothermal Nucleic Acid Amplification Technology (INAAT)
    • Hybridization
    • DNA Diagnostics
    • Microarrays
    • Others
  • Tissue Diagnostics
  • Clinical Chemistry
    • Basic Metabolic Panel
    • Liver Panel
    • Lipid Profile
    • Thyroid Function Panel
    • Renal Profile
    • Electrolyte Panel
    • Specialty Chemicals
  • Other IVD Techniques
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By APPLICATION
  • Infectious Diseases
  • Cancer
  • Cardiac Diseases
  • Immune System Disorders
  • Nephrological Diseases
  • Gastrointestinal Diseases
  • Other Indications
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By END USERS
  • STANDALONE LABORATORIES
  • HOSPITALS
  • ACADEMIC AND MEDICAL SCHOOLS
  • POINT OF CARE TESTING
  • OTHERS END-USER
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By Country
  • Latin America
  • Middle East
  • Africa
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Key Market Players

BIO-RAD LABORATORIES, F. HOFFMANN-LA ROCHE AG, JOHNSON & JOHNSON, THERMO FISHER SCIENTIFIC INC, BAYER AG, BIOMERIEUX, SYSMEX CORPORATION, BECTON DICKINSON AND COMPANY, DANAHER CORPORATION, ALERE INC

Analyst Review

In vitro diagnostics (IVD) are diagnostic tests that monitor the concentration of blood, urine, stool, tissues, and body fluids of human body and provide information to assist the diagnosis and treatment of diseases and disorders. These tests are generally performed in standalone laboratory, hospitals, academic and medical schools, point-of-care testing, and others. The standalone laboratories accounted for the highest market share in 2016 and is expected to dominate the market during the forecast period owing to the increase in the outsourcing of tests and availability of high-tech & well-equipped machines for the fast & accurate test results.

Latin America accounted for the highest share owing to improving healthcare infrastructure due to increase in government expenditure in healthcare sector. According to the WHO, the Mexico government healthcare expenditure has increased from 11.36% in 2011 to 11.58% in 2014. Africa accounted for the highest market potential because of rise in prevalence of communicable and non-communicable diseases such as tuberculosis, HIV, cancer, and others. In addition, private companies and government initiatives for the improvement of healthcare sector are expected to gain high growth opportunities in the market.

Major companies involved 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.

Author Name(s) : Abha Thakur | Roshan Deshmukh

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LAMEA IVD Market