Market Trends of Chile In Vitro Diagnostics Industry
Application in Diabetes is Expected to Hold Significant Market Share Over the Forecast Period.
Diabetes is a chronic disorder resulting from insulin deficiency and hyperglycemia and has a high risk of development of complications for the eyes, kidneys, peripheral nerves, heart, and blood vessels. Quick diagnosis and early prevention are critical for the control of the disease status. Traditional biosensors such as glucose meters and glycohemoglobin test kits are widely used in vitro for this purpose because they are the two major indicators directly involved in diabetes diagnosis and long-term management. There has been a huge demand for these tests that make it a model disease to develop new approaches to biosensors.
The high incidence of diabetes is expected to drive the market in the region. According to International Diabetes Federation (IDF), 2021 data reported that 10.8% of Chile's population is prevalent in diabetes. The same source also quoted that 1,747.1 per 1000s adults aged between (20 -79) years are living with diabetes. Hence this is expected to increase the overall demand for early diagnostics tests like in-vitro diagnostics tests which will help the market to grow in Chile.
Thus, due to the above-mentioned reasons, the diabetes segment is expected to hold a significant market share over the forecast period.
