The South and Central America hematology analyzers and reagents market is expected to reach US$ 853.32 million by 2027 from US$ 503.12 million in 2019. The market is estimated to grow at a CAGR of 6.9% from 2020 to 2027.
The growth of this market can be attributed to key driving factors, such as rising prevalence of chronic diseases across South and Central America and increasing development in the medical devices industry. However, the market growth is likely to be hindered owing to the exorbitant cost of hematology analyzers and reagents.
Increasing preference for hematology testing during transplantation, growing research activities on hematology analyzers and reagents, and rising demand for blood and blood components provide a spur to the hematology analyzers and reagents market growth. Blood analysis is used in treating various chronic diseases, such as diabetes, as there is a constant need to monitor the blood glucose levels. It is done with the help of hematology analyzers and reagents. For instance, as per the International Diabetes Federation (IDF), in Brazil, about 11.4% of the adult population has diabetes. It further stated that by 2045, the number is expected to rise to 49 million cases of diabetes in the South and Central America. Argentina has a vast potential for the blood collection devices sector; it remains an important market for US exports to Latin America. The country has the advantage of combining the growing private and public research and development activities, highly trained human resources in biosciences, and well-developed medical device industries. The competitive advantage puts Argentina in a privileged position to exploit existing global opportunities. Rising prevalence of chronic diseases is augmenting the growth of the hematology analyzers and reagents market.
South and Central America is facing significantly challenging situations due to the COVID-19 pandemic. Governments in the region have announced massive relief packages in order to fight against COVID-19 pandemic. In Brazil, the number of beds and mechanical ventilation support during the pandemic have been insufficient, which has been of concern as COVID-19 is a disease with a potentially fatal evolution. Therefore, the need for intensive support and invasive ventilation increases the requirements for hospital beds, in both public and private hospitals. Similar situation was observed in Argentina, Peru, Chile, and other South and Central American countries that eventually increased the need for development of appropriate instruments for blood collection and testing, thereby creating a positive growth scenario in the region.
Based on product and service, the South and Central America hematology analyzers and reagents market is segmented into hematology products and services, hemostasis products and services, and immunohematology products and services. The hematology products and services segment is further divided into instruments, reagents and consumables, and services. The hemostasis products and services segment is further divided into instruments, reagents and consumables, and services. The immunohematology products and services segment is further divided into instruments, reagents and consumables, and services. The hematology products and services segment held the largest market share in 2019, and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the South and Central America hematology analyzers and reagents market is divided into anemia, blood cancer, hemorrhagic conditions, infection related conditions, immune system related conditions, and others. The anemia segment held a larger market share in 2019, whereas the blood cancer segment is anticipated to register a higher CAGR in the market during 2020–2027.
Based on end user, the South and Central America hematology analyzers and reagents market is segmented into hospital laboratories, commercial service providers, government reference laboratories, and research and academic institutes. In 2019, the hospital laboratories segment held the largest share of the market, and the same segment is anticipated to register the highest CAGR in the market from 2020 to 2027.
Primary and secondary sources referred to while preparing the report on the South and Central America hematology analyzers and reagents market include International Diabetes Federation and National Administration of Drugs, Foods, and Medical Devices (ANMAT), Argentina.