$3550
$2840
The Latin America chemiluminescence immunoassay market size is projected to reach US$ 955.12 million by 2031 from US$ 497.67 million in 2023. The market is expected to register a CAGR of 8.6% during 2023–2031. Technological advancements are expected to bring in new trends in the coming years.
Latin America Chemiluminescence Immunoassay Market Analysis
The factors supporting the growth of the market include rising incidence of infectious diseases and growing use of point-of-care diagnostics. Additionally, governments and health organizations are investing generously to improve healthcare services and laboratory facilities, thereby boosting the demand for chemiluminescence immunoassay. Moreover, increasing focus on research and development and increased funding are expected to create ample opportunities for market growth.
Latin America Chemiluminescence Immunoassay Market Overview
The Latin America chemiluminescence immunoassay market is driven by the rising incidence of infectious diseases and the growing use of point-of-care diagnostics.
The accurate diagnosis of HIV infection requires tests that are performed in a specific sequence or algorithm. CLIA, immunofluorescent assays, and line immunoassays are available for selective HIV antibody detection. Commercial assays based on P24 antigen detection are also available for HIV diagnosis. The US Food and Drug Administration (FDA) has licensed Gen-Probe’s APTIMA HIV-1 qualitative RNA assay to diagnose acute HIV-1 infection using plasma samples. The VITROS HIV Combo is a fourth-generation assay that detects HIV-1 and HIV-2 antibodies as well as the p24 antigen in time less than third-generation assays. The HIV Ag/Ab combo assay is a chemiluminescent microparticle immunoassay (CMIA) used for the simultaneous qualitative detection of the HIV p24 antigen as well as anti-HIV type 1 (HIV-1 group M and group O) and anti-HIV type 2 (HIV-2) antibodies from human serum and plasma (treated with EDTA and heparin) samples. Further, the ARCHITECT HIV Ag/Ab Combo Reagent Kit (2P36) is available for all ARCHITECT i Systems in the market. This combo uses anti-HIV-1 p24 antibodies as reagents to detect the corresponding antigen, thereby enabling the improved and early detection of HIV infection. It can also diagnose HIV-1/HIV-2 conditions in pregnant women and children up to 2 years of age. Therefore, the increasing prevalence of infectious diseases has propelled the demand for effective diagnostics, which, in turn, drives the growth of Latin America chemiluminescence immunoassay market.
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Latin America Chemiluminescence Immunoassay Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Latin America Chemiluminescence Immunoassay Market: Strategic Insights
Mrinal
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Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Latin America Chemiluminescence Immunoassay Market Drivers and Opportunities
Rising Incidence of Infectious Diseases
The surging incidences of infectious diseases trigger the demand for accurate and timely diagnosis to establish the base for effective disease prevention, treatment, and management. Diagnosis and monitoring of multiple infections and diseases, including HIV, hepatitis C, tuberculosis, sexually transmitted infections (STIs), human papillomavirus, and infectious disease outbreaks, can be performed by using molecular diagnostics techniques, laboratory-based assays, and point-of-care tests. According to the Ballard Brief report published in 2023, Brazil has the fifth highest rate of infectious diseases, with 31,745.5 cases being reported per 100,000 people (i.e., 1 in every 3 people). Additionally, HIV is one of the major public health concerns across the globe, infecting millions of adults every year. According to The Joint United Nations Programme on HIV/AIDS (UNAIDS), 1.8 million people had HIV in 2023, and 51,000 adults and children are infected annually.
According to WHO, tuberculosis (TB) is the 13th major cause of death worldwide, and it is the second most prominent infectious disease (after COVID-19) that leads to death. It is the most common infectious disease in Latin America. According to Tarding Economics, the reported death rate (per 100,000) due to tuberculosis was 2.3% in 2022. Furthermore, countries with high TB burdens, such as Brazil, Mexico, Peru, and Haiti, accounted for 60% of new TB cases in 2022. Therefore, the increasing prevalence of infectious diseases bolsters the need for chemiluminescence immunoassay (chemiluminescence immunoassay) that features unparalleled sensitivity and specificity, prompting rapid test results and enhancing the efficiency of laboratory workflows.
Increasing focus on Research and Development
Research and development (R&D) is an essential component of pharmaceutical and biopharmaceutical companies. R&D enables market players and other organizations to come up with the latest therapeutics with significant medical and commercial potential. For instance, according to the Pan America Health Organization 2022, six institutions from Brazil, Argentina, Haiti, Perú, and México received research grants for tuberculosis and other infections in sexually transmitted infections, advanced HIV, and Human T cell lymphotropic virus (HTLV-1), which can cause cancer. These grants of around US$ 30,000 are offered as part of the “Operational research to support the elimination of infectious diseases in the Caribbean and Latin America region” initiative of the Pan-American Health Organization (PAHO) and TDR [the Special Programme for Training and Research in Tropical Diseases of UNICEF, the World Bank, the World Health Organization (WHO), and the United Nations Development Program (UNDP)]. Additionally, in 2023, the program led by the York University helps in the development of health care in the Southern regions of the world by providing funds of more than US$ 5.8 million for 16 projects in LMIC many countries, including South Asia, Africa, Southeast Asia, the Caribbean, Latin America, and the Middle East. Thus, surging R&D activities and government funding in Latin America are expected to offer lucrative opportunities in the Latin America chemiluminescence immunoassay market.
Latin America Chemiluminescence Immunoassay Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Latin America chemiluminescence immunoassay market analysis are application and end user.
- Based on application, the Latin America chemiluminescence immunoassay market is segmented into oncology, fertility, endocrinology, cardiology, infectious diseases, diabetes, and others. The oncology segment held the largest market share in 2023, and the fertility segment is expected to register the highest CAGR in the market during 2023–2031.
- By end user, the Latin America chemiluminescence immunoassay market is segmented into hospitals, blood banks, clinical laboratories, pharmaceutical & biotech companies, and others. The hospitals segment dominated the market in 2023, and the clinical laboratories segment is expected to register the highest CAGR during 2023–2031.
Latin America chemiluminescence immunoassay Market Report Scope
Latin America chemiluminescence immunoassay Market Report Coverage and Deliverables
The “Latin America chemiluminescence immunoassay Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Latin America chemiluminescence immunoassay market size and forecast at the country level for all the key market segments covered under the scope
- Latin America chemiluminescence immunoassay market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Latin America chemiluminescence immunoassay market analysis covering key market trends and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Latin America chemiluminescence immunoassay market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The rising incidence of infectious diseases and the growing use of point-of-care diagnostics are the most influential factors responsible for the market growth.
The Latin America chemiluminescence immunoassay market is expected to register a CAGR of 8.6% from 2023 to 2031.
The Latin America chemiluminescence immunoassay market is estimated to reach US$ 995.12 million by 2031.
Sysmex Corp, Shenzhen Mindray Bio-Medical Electronics Co Ltd, Bio-Rad Laboratories Inc, Merck KGaA, Abbott Laboratories, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd, DiaSorin SpA, Siemens Healthineers AG, and Getein Biotech Inc. are among the key market players in the Latin America chemiluminescence immunoassay market.
The List of Companies - Latin America Chemiluminescence Immunoassay Market
- Sysmex Corp
- Shenzhen Mindray Bio-Medical Electronics Co Ltd
- Bio-Rad Laboratories Inc
- Merck KGaA
- Abbott Laboratories
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd
- DiaSorin SpA
- Siemens Healthineers AG
- Getein Biotech Inc..
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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