The Brazil diagnostic labs market is projected to reach US$ 24,334.07 million by 2028 from US$ 13,367.60 million in 2022; it is expected to grow at a CAGR of 10.5% from 2022 to 2028.

Rising prevalence of ageing-related diseases and chronic diseases drives the overall market growth. Use of Artificial Intelligence (AI) and analytics in diagnostic equipment act as a future trend in the market.

According to World Population Ageing 2019, Brazil had 19.526 million people aged above 65 years in 2019, and the number is expected to reach 52.026 million by 2050. Older people are highly prone to chronic diseases. Therefore, increase in geriatric population raises the prevalence rate of liver cancer and other diseases in the country. Additionally, leukemia is the most common cancer in children and has the incidence rates in developed countries. As per the GLOBOCAN 2020, Brazil recorded 11,396 leukemia cases in males and females of all ages in 2020. Therefore, the demand for acute myeloid leukemia treatment is rising in the country. Thus, owing to the increasing prevalence of aging-related diseases and chronic diseases, healthcare innovation is essential to improve health services. For example, innovation in diagnostics with the support of information and communication technology (ICT) is used in several settings that assist individuals in diagnosing, treating, and managing chronic diseases efficiently. Also, ICT interventions in diagnostics provide solutions to some challenges associated with aging and chronic diseases. Thus, the aforementioned factors drive the growth of the diagnostic labs market in Brazil.

Artificial intelligence (AI) helps improve numerous aspects of the healthcare industry, and diagnostic imaging technique is one of the fields that would benefit greatly. Therefore, diagnostic imaging equipment manufacturers are incorporating AI in their products. For example, in September 2018, Nvidia announced the launch of Nvidia Clara platform, a combination of software and hardware working together in diagnostic equipment. Such ground-breaking technology can address the challenges of medical instruments and process enormous amounts of data generated every second that doctors and scientists can easily interpret. Additionally, in August 2018, Google's DeepMind announced the launch of an AI system that can quickly detect over 50 eye disorders using routine medical scans. DeepMind's AI assistant for diagnostic imaging can automatically tackle eye-related issues by identifying disease symptoms within seconds and prioritizing patients who seek urgent care.

AI supportive diagnostic equipment plays a vital role in diagnosing and classifying cancers. AI plays a pivotal role in the automated recognition of features from sample medical images beyond the human's role while performing diagnostic imaging tasks. For example, automated AI applications enhanced clinicians' qualitative potentials, including numerous tumor lesions at a time, prediction of the resultant tumor by referring to the various databases within a short period, translation of phenotypic variations to genotypic, and persistent monitoring of patients. Further, AI generalizes disease imaging techniques with minimal errors resulting in an earlier and significant diagnosis of diseases. Thus, the aforementioned factors will drive the future growth of the diagnostic labs market in Brazil.

Market Opportunities for Brazil Diagnostic Labs Market

The players in the diagnostic labs market are involved in collaborations, acquisitions, joint ventures, and partnerships. Furthermore, the investment levels in the market are rapidly growing. Various companies and investment firms are investing heavily in mergers, acquisitions, and collaborations. Collaboration agreements between research institutions and companies, licensing agreements and partnerships among companies, and augmented R&D investments in diagnostic labs are observed in the Brazil diagnostic labs market.

For instance:

- In September 2021, Sweetch, a digital therapeutics innovator, announced partnership with Grupo Fleury, one of Brazil's leading healthcare providers. As a part of substantial multi-year contract, Fleury will implement "Sa?de iD telemedicine" services to improve healthcare outcomes for patients suffering from chronic conditions.

- In April 2021, City of Hope, a world-renowned independent research and treatment center for cancer and diabetes, announced the expansion of its leading-edge cancer expertise to South America through an education agreement with Hospital Israelita Albert Einstein, a top cancer center in Latin America. The three-year agreement calls for City of Hope to share its specialized cancer expertise with Hospital Israelita Albert Einstein's oncology residents and clinical staff. Both institutes will explore potential innovative collaborations in precision oncology and research.

- In August 2021, eMed, a telehealth company, announced collaboration with Quest Diagnostics, a world's leading provider of diagnostic information services, for bringing clinician-guided rapid antigen testing for COVID-19 employers to decrease the risk of COVID-19 exposure at workplaces. Through the collaboration, two companies will leverage the BinaxNOW COVID-19 Ag Card Home Test, a self-administered, nasal swab antigen test offering results in 15 minutes.

- In August 2020, Dasa, the largest integrated healthcare network in Brazil, announced partnership expansion with SOPHiA GENETICS SA. The partnership will offer the first decentralized Homologous Recombination Deficiency (HRD) analytics solution in Latin America. DASA implemented SOPHiA DDMTM Radiomics and Trial Match solutions in 2020 to create the first multimodal approach in the region.

- In December 2020, HalioDx SAS, the immuno-oncology diagnostic company, announced the signing of distribution agreement with Diagnosticos da America (DASA) for the commercialization of new product named "Immunoscore". Immunoscore is a unique diagnostic assay for predicting the risk of recurrence and the response to chemotherapy regimen of patients suffering from early-stage colon cancer.

Such rising number of strategic partnerships and collaborations is expected to offer lucrative opportunities for the diagnostic labs market in Brazil during the forecast period.

World Population Ageing, GLOBOCAN, World Cancer Research Fund International, and US Food and Drug Administration (FDA) are a few primary and secondary sources referred to while preparing the report on the Brazil diagnostic labs market.