Latin America PoC Diagnostic Market Size, Share, Growth Analysis, By Product(Hospitals Bedside, Physician Office Lab, Urgent Care and Retail Clinics, Home and Self testing), By Region - Industry Forecast 2024-2031

Latin America PoC Diagnostic Market Drivers

Increasing Need to Administer Chronic Diseases will Drive Market Growth

• Around the world, a significant rise in the prevalence of chronic diseases like diabetes, cardiovascular problems, and infectious diseases has been observed. One of the primary drivers of the anticipated rise in demand for point-of-care diagnostics is the high prevalence rate of such conditions. Due to the need for accurate and speedy treatment decisions, point-of-care testing has become essential for patient-centered healthcare. Patients now have easy access to these diagnostics thanks to the transition from centralized point-of-care testing to decentralized testing for chronic, infectious, and chronic conditions.

Latin America PoC Diagnostic Market Restraints

Slow Rate of Medical Approvals might Hinder Market Growth

• The lack of global accuracy of rapid point-of-care diagnostic tests has been limited by the high cost of virus clearing technologies, resulting in fewer FDA approvals for rapid tests and consequently limiting market expansion. In the field of point-of-care testing, there are a lot of pre-analytical errors. As a result, such circumstances may limit the introduction of new products, which would impede market expansion. For example, Siemens Healthcare issued a Class 2 Device Recall in August 2020 for its BGEM Test Card in-vitro diagnostic device, which was used to quantitatively test non anticoagulated arterial, venous, or capillary whole blood either in the laboratory or at the point of care.This was because the glucose results on card lot 01-20095-10 were not consistent. A delay in diagnosing hyperglycemia or an unnecessary treatment for hypoglycemia could result from this.