Market Size of Argentina In Vitro Diagnostics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.40 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Argentina In Vitro Diagnostics Market Analysis
Argentina in vitro diagnostics market is expected to register a CAGR of nearly 5.4%, during the forecast period (2022 - 2027).
The COVID-19 pandemic had a positive impact on the market. The COVID-19 pandemic opened the door for a rise in demand for point-of-care and in vitro diagnostic kits and equipment for the quick identification of the SARS-CoV-2 virus. In the nation, a number of businesses have introduced their COVID-19 diagnostic kits. For instance, two diagnostic tests for the SARS-CoV-2 virus were introduced by CTK Biotech in March 2020 in worldwide markets, including Argentina. Thus, the market is expected to grow in the future. However, the pandemic had a slight adverse effect on Argentina in vitro diagnostics market. Due to the restrictions put in place to check the spread of the SARS-CoV-2 virus in different parts of the country, the footfall in hospitals and other diagnostics centers, along with research centers, decreased, which impacted new diagnostics and other related procedures for medical conditions other than COVID-19 in Argentina. However, the pandemic also had an impact on market growth.
This rising prevalence has increased the demand for early and effective diagnostic tests. The use of point-of-care (POC) diagnostics has also increased over the past few decades. Moreover, increasing awareness and acceptance of personalized medicine and companion diagnostics have helped the market growth. According to a research study titled "Epidemiological study of prevalent pathogens in the Northwest region of Argentina (NWA)" that was published in October 2020, shigellosis is one of the main causes of children's morbidity and mortality in Argentina. Around 1,200,000 cases of acute diarrhea are reported in public hospitals each year, and the Northwest region of Argentina accounts for about 30% of all cases of diarrhea in the nation. The Health Authorities of Argentina revealed in June 2020 that the country has experienced the highest number of dengue cases in recent years, with more than 70,000 overall cases and 41,754 confirmed cases as of that date. The most recent instance of an infectious sickness is COVID-19, which is brought on by the SARS-CoV-2 virus. This disease also helped the market under study develop because of the nation's strong demand for in vitro diagnostics and point-of-care equipment. For instance, according to the World Health Organization Action in Countries report from May 2020 on Argentina, that nation quickly established a network of 338 public and private laboratories that were conducting PCR tests for COVID-19 across the nation by June 4, 2020, reaching a testing rate of 4000 per 1,000,000 people. Hence from the aforementioned factors, the market is estimated to witness healthy growth over the forecasted period.
However, reimbursement policies and stringent regulatory guidelines are some of the restraining factors in the market studied.
Argentina In Vitro Diagnostics Industry Segmentation
As per the scope of the report, in vitro diagnostics involve medical devices and consumables that are utilized to perform in vitro tests on various biological samples. They are used for the diagnosis of various medical conditions, such as diabetes and cancer. Argentina In Vitro Diagnostics Market is segmented by Test Type (Clinical Chemistry, Molecular Diagnostics, Immuno Diagnostics, Hematology, and Other Types), Product (Instrument, Reagent, and Other Products), Usability (Disposable IVD Devices and Reusable IVD Devices), Application (Infectious Disease, Diabetes, Cancer/Oncology, Cardiology, Autoimmune Disease, Nephrology, and Other Applications), and End User (Diagnostic Laboratories, Hospitals and Clinics, and Other End Users). The report offers the value (in USD million) for all 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 | |
Nephrology | |
Other Applications |
By End Users | |
Diagnostic Laboratories | |
Hospitals and Clinics | |
Other End Users |
Argentina In Vitro Diagnostics Market Size Summary
The Argentina in vitro diagnostics market is poised for significant growth, driven by the increasing demand for early and effective diagnostic tests. The COVID-19 pandemic played a pivotal role in this expansion, as it heightened the need for point-of-care and in vitro diagnostic kits for rapid virus identification. This surge in demand led to the introduction of various diagnostic tests by companies like CTK Biotech, which launched tests for the SARS-CoV-2 virus in Argentina. Despite the pandemic's initial adverse effects, such as reduced hospital footfall impacting non-COVID-19 diagnostics, the overall market trajectory remains positive. The rising prevalence of infectious diseases, such as shigellosis and dengue, along with the growing acceptance of personalized medicine, further fuels market growth. The establishment of a robust network of laboratories for PCR testing during the pandemic exemplifies the country's commitment to enhancing its diagnostic capabilities.
The market landscape is moderately competitive, with major players like BioMérieux, Danaher Corporation, Roche Diagnostics, Becton, Dickinson and Company, and Bio-Rad Laboratories Inc. leading the charge. These companies are focusing on technological advancements to meet customer demands for automated systems that offer fast and accurate results. The increasing prevalence of cancer in Argentina, coupled with research studies, is expected to drive market expansion. However, challenges such as reimbursement policies and stringent regulatory guidelines pose potential restraints. The post-pandemic period is anticipated to see a resurgence in screening processes, which is likely to contribute to market growth. Notable developments, such as Siemens Healthineers AG's rapid antigen test launch and the approval of the Schep SARS-CoV-2 RT-PCR Duo kit, underscore the dynamic nature of the market.
Argentina 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 High Prevalence of Chronic Diseases
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1.2.2 Increasing Use of Point-of-care (POC) Diagnostics
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1.2.3 Advanced Technologies
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1.2.4 Increasing Awareness and Acceptance of Personalized Medicine and Companion Diagnostics
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1.3 Market Restraints
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1.3.1 Stringent Regulations
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1.3.2 Cumbersome Reimbursement Procedures
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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 (Market Size by Value - USD million)
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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 Nephrology
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2.4.7 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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Argentina In Vitro Diagnostics Market Size FAQs
What is the current Argentina In Vitro Diagnostics Market size?
The Argentina In Vitro Diagnostics Market is projected to register a CAGR of 5.40% during the forecast period (2024-2029)
Who are the key players in Argentina In Vitro Diagnostics Market?
Danaher Corporation, Roche Diagnostics, Becton, Dickinson and Company, Bio-Rad Laboratories Inc. and BioMérieux are the major companies operating in the Argentina In Vitro Diagnostics Market.