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South America Point of Care Diagnostics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product, Prescription Mode, and End User

South America Point of Care Diagnostics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product, Prescription Mode, and End User

  • July 2021
  • 174 pages
  • ID: 6134435
  • Format: PDF
  • The Insight Partners

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The SAM point of care diagnostics market is expected to grow from US$ 1,406.72 million in 2021 to US$ 2,973.02 million by 2028; it is estimated to grow at a CAGR of 11.3% from 2021 to 2028.

The increasing number of CLIA-waived POC tests is expected to fuel the market growth.POC testing can be performed outside of a laboratory and is also known as remote testing and rapid diagnostics.

POC testing can be carried out in a variety of locations by responders, nurses, and other healthcare providers at pharmacies, clinics, ambulances, accident scenes, care facilities, and homes.The adoption rate of point of care has increased dramatically to 12–15% annually.

CLIA-waived tests are typically simple and have a low risk for an incorrect result.Many tests have received CLIA waivers that enable the use of POC.

These CLIA-waived tests are typically simple and have a low risk of an incorrect result. Many companies are launching new CLIA-certified devices. For instance, Abbott Point of Care, a distributor of Piccolo Xpress, has 26 certified CLIA-waived tests. The increasing number of CLIA-waived tests across the SAM region is driving the SAM point of care diagnostics market.

In case of COVID-19, SAM is highly affected specially Brazil.SAM have been witnessing a growing number of COVID-19 cases since its outbreak.

For instance, according to Worldometer, the number of cases has reached around 28.8 million with 0.7 million deaths reported in South America as of June 2021. The cases are increasing in Brazil, Argentina, Colombia. The COVID-19 is expected to result in the region’s worst recession, causing a 9.1% contraction in regional GDP in 2020. This is expected to increase the number of poor up by 45 million and the extremely poor number by 28 million. The increasing incidence supports the growth of the market. The pharmaceutical & biotechnology invested in R&D for the new molecule entity. The pandemic as no impact on R&D process, due to pandemic R&D activity increase to find better medicines to cure the life-threatening disease. In addition, surge in demand for modernized diagnostic solutions for diagnosis of COVID-19 is also anticipated to have positive impact on the growth of SAM point of care diagnostics market by 2028.

Based on end user, the home care segment is expected to be fastest growing during forecast period for SAM region.The homecare segment is also expected to contribute a good market share in the diabetes delivery devices.

The diabetes care devices allows diabetes patients to monitor and manage their diabetes at their home.The homecare market is majorly driven by the diabetes patients suffering from the type 1 diabetes.

The prevalence of the type 1 diabetes patients are likely enforcing the growth in the demand for the diabetes care devices. Therefore, owing to the above-mentioned factors the market for the point of care devices are likely to propel the growth of the SAM market during the forecast period.

The overall SAM point of care diagnostics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the SAM point of care diagnostics market.

The process also serves the purpose of obtaining overview and forecast for the SAM point of care diagnostics market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the SAM point of care diagnostics market. Abbott; BD; bioMerieux SA; BIO-RAD LABORATORIES INC.; Danaher; F. HOFFMANN-LA ROCHE LTD.; Johnson and Johnson Services, Inc.; Nova Biomedical; Polymer Technology Systems, Inc. (PTS); and Siemens AG are among a few players operating in the SAM point of care diagnostics market.

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