Market Size of Chile In Vitro Diagnostics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.20 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Chile In-vitro Diagnostic Market Analysis
Chile's in vitro diagnostics market is expected to register a CAGR of 6.2% over the forecast period (2022-2027).
The emergence of COVID-19 has led to the health crisis that the world has witnessed and had an unprecedented impact on various industries and specifically the healthcare and biotechnology industries, including the in-vitro diagnostic market. The strict lockdowns and government regulations resulted in the restriction on the movement of people that intended to slow down the spread of COVID-19 but also resulted in a disturbed supply chain, which impacted the supply of these devices to hospitals. The COVID-19 outbreak affected Chile's in-vitro diagnostic market's growth adversely in its preliminary phase; however, this market is expected to gain traction due to the significant urge by rapid demand for newly launched emergency use authorized in-vitro tests used for COVID-19 detection. However, this adverse impact is being compensated by the rapid demand for newly launched emergency use authorized in vitro diagnostic tests used for COVID-19 detection. Moreover, the rising vaccination rate is expected to surge the demand for other in vitro diagnostic tests as well.
The factors which are significantly driving the market are the increasing prevalence of chronic disease and the increasing use of point-of-care (POC) diagnostics. The increasing incidence of chronic diseases like cancer is driving the Chile in-vitro diagnostic market. For instance, International Agency for Research on Cancer 2021, reported that 51.6 thousand cancer cases in Chile in the year 2020, and this number is expected to increase by 85.2 thousand in the region by 2040. Thus, increasing cases of cancer are expected to drive the demand for associated in-vitro diagnostic devices, thereby contributing to the growth of the market. For another instance, in 2022 an article titled, "Diagnosis of HIV infection using mass community rapid testing in Santiago, Chile" reported that Chile has had the highest increase in new HIV infections in Latin America in the last ten years. The HIV infection prevalence rate in the region reported was 1.03% which was twice the estimate of official sources. For another instance, in 2021 Joint United Nations Programme on HIV/AIDS (UNAIDS) and the Chilean Ministry of Health estimated that 74,000 (64,000-85,000) people are living with HIV in Chile with a 0.5% (0.5-0.6) HIV prevalence among people aged 16 - 49 years. Therefore, the high prevalence of HIV cases in the region is driving the in-vitro diagnostic tests with adequate sensitivity and specificity, thereby driving the market.
The increasing use of point-of-care diagnostics is driving the market. The largest benefit of point of care testing is that it can be done rapidly and be performed by clinical personnel. Rapid test results can provide a physician and other clinical personnel with results that can quickly help determine a course of action or treatment for a patient. Some of the most widely used point of care (POC) devices, such as blood glucose measurements and pregnancy tests, indicate in-home testing by the patients. For instance, International Diabetes Federation (IDF) 2021 reported that 1.7 million people living with diabetes in the Chile region which was 41.2 % higher than in the past decade. Thus, increasing cases of diabetes are increasing the demand if in-vitro diagnostics, thereby driving the market.
Therefore, due to the above-mentioned reasons, the market is expected to show significant growth over the forecast period. However, stringent regulations may slow down the growth of the market.
Chile In-vitro Diagnostic Industry Segmentation
As per the scope of this report, in vitro diagnostics involves medical devices and consumables that are utilized to perform in vitro tests on various biological samples. The Chile in-vitro diagnostic market is segmented by Test Type (Clinical Chemistry, Molecular Diagnostics, Immuno Diagnostics, Hematology, and Other Test Types) Product (Instrument, Reagent, Other Products), Usability (Disposable IVD Devices, Reusable IVD Devices), Application (Infectious Disease, Diabetes, Cancer/Oncology, Cardiology, Autoimmune Disease, and Other Applications), and End User (Diagnostic Laboratories, Hospitals and Clinics, and Other End-Users). The report offers the value (in USD million) for the above segments.
By Test Type | |
Clinical Chemistry | |
Molecular Diagnostics | |
Immuno Diagnostics | |
Hematology | |
Other Test Types |
By Product | |
Instrument | |
Reagent | |
Other Products |
By Usability | |
Disposable IVD Devices | |
Reusable IVD Devices |
By Application | |
Infectious Disease | |
Diabetes | |
Cancer/Oncology | |
Cardiology | |
Autoimmune Disease | |
Other Applications |
By End Users | |
Diagnostic Laboratories | |
Hospitals and Clinics | |
Other End Users |
Chile In Vitro Diagnostics Market Size Summary
The in vitro diagnostics market in Chile is poised for significant growth, driven by the increasing prevalence of chronic diseases and the rising adoption of point-of-care diagnostics. The market experienced initial setbacks due to the COVID-19 pandemic, which disrupted supply chains and impacted the availability of diagnostic devices. However, the rapid demand for emergency use authorized tests for COVID-19 detection has helped the market regain momentum. The growing incidence of chronic conditions such as cancer and diabetes is further propelling the demand for in vitro diagnostic devices. The high prevalence of HIV in the region also contributes to the market's expansion, as there is a need for tests with adequate sensitivity and specificity. Point-of-care diagnostics, which offer rapid results and can be performed by clinical personnel, are becoming increasingly popular, enhancing the market's growth prospects.
The Chilean in vitro diagnostics market is characterized by a consolidated landscape, with a few key players dominating both regional and global markets. Companies such as Abbott Laboratories, Becton, Dickinson and Company, and F. Hoffmann-La Roche AG are prominent in this space. The market's growth is supported by advancements in digital diagnostics and the expansion of healthcare access beyond urban centers. Despite the promising growth trajectory, the market faces challenges from stringent regulations that could potentially hinder its expansion. Nonetheless, the demand for early diagnostic tests, particularly in diabetes management, is expected to sustain the market's growth over the forecast period.
Chile In Vitro Diagnostics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Prevalence of Chronic Diseases
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1.2.2 Increasing Use of Point-of-care (POC) Diagnostics
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1.3 Market Restraints
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1.3.1 Stringent Regulations
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Test Type
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2.1.1 Clinical Chemistry
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2.1.2 Molecular Diagnostics
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2.1.3 Immuno Diagnostics
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2.1.4 Hematology
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2.1.5 Other Test Types
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2.2 By Product
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2.2.1 Instrument
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2.2.2 Reagent
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2.2.3 Other Products
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2.3 By Usability
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2.3.1 Disposable IVD Devices
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2.3.2 Reusable IVD Devices
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2.4 By Application
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2.4.1 Infectious Disease
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2.4.2 Diabetes
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2.4.3 Cancer/Oncology
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2.4.4 Cardiology
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2.4.5 Autoimmune Disease
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2.4.6 Other Applications
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2.5 By End Users
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2.5.1 Diagnostic Laboratories
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2.5.2 Hospitals and Clinics
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2.5.3 Other End Users
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Chile In Vitro Diagnostics Market Size FAQs
What is the current Chile In Vitro Diagnostics Market size?
The Chile In Vitro Diagnostics Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)
Who are the key players in Chile In Vitro Diagnostics Market?
Thermo Fischer Scientific Inc., QIAGEN N.V., Abbott Laboratories, Siemens Healthcare GmbH and F. Hoffmann-La Roche AG are the major companies operating in the Chile In Vitro Diagnostics Market.