Latin America (LATAM) is a key target for IVD manufacturers exploring expansion opportunities.   This report, The Market for In Vitro Diagnostic Tests in Latin America (Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela and other nations), focuses on the market for reagents and instruments in the most important countries of the continent. Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela are singled out for a deeper level of analysis. The countries of Bolivia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Nicaragua, Panama, Paraguay, and Uruguay were also considered to provide a complete overview of the region.

Combined, these countries represent a population of 636 million—a large potential IVD market audience.  Brazil and Mexico represent the two largest countries in terms of population, accounting for more than half of LATAM total population.  For this reason, these two countries have been the focus for many IVD suppliers in recent years.  However, as economic conditions strengthen in other countries and demand increases for quality health services, there are additional opportunities in countries such as Chile, Colombia and Peru.

The estimated GDP for the countries studied in this research is an average of 1.4% annual decline for the year 2019 but consists of a significant declining GDP for Venezuela. Excluding Venezuela, the region records 1.2%. GDP growth.  The per capita GDP is reported at $15,985 on average for the region.