South & Central America Diagnostic Labs Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – By Lab Type (Single/Independent Laboratories, Hospital-Based Labs, Physician Office Labs, And Others), Testing Services [Physiological Function Testing (ECG, Echo, X-ray, Endoscopy, CT, MRI, and Others), COVID-19 Testing, General and Clinical Testing, Esoteric Testing, Specialized Testing, Non-invasive Prenatal Testing, and Others], and Revenue Source (Healthcare Plan Operators and Insurers, Out-of-Pocket, and Public System)
The South & Central America diagnostic labs market is expected to grow from US$ 21.32 billion in 2022 to US$ 36.46 billion by 2028. It is estimated to grow at a CAGR of 9.4% from 2022 to 2028.
The increase in chronic diseases also fuels the need for healthcare systems. Clinical diagnostics have thus proven beneficial in the states with prevalent chronic diseases and are valuable in disease prevention, detection, and treatment. Clinical diagnostics help identify early warning signs and individual risk factors and create new opportunities for prevention and early intervention. Therefore, the rising incidence of chronic diseases is expected to propel the overall market further.
The rising number of COVID-19 infections has led to increased funding and tests, which has boosted the overall market growth. Many tests were carried out in the region to identify the infected person and stop the spread of SARS-CoV-2. Various testing laboratories entered the market and significantly contributed to further growth. Thus, the increasing number of tests due to the constant increase in patient numbers and government funding is expected to surge the demand for various disease testing and exponentially propel the overall diagnostic labs market during the forecast period.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South & Central America diagnostic labs market growth at a notable CAGR during the forecast period.
South & Central America Diagnostic Labs Market Revenue and Forecast to 2028 (US$ Billion)
South & Central America Diagnostic Labs Market Segmentation
The South & Central America diagnostic labs market is segmented on the basis of lab type, testing services, revenue source, and country. Based on lab type, the market is segmented into single/independent laboratories, hospital-based labs, physician office labs, and others. Based on testing services, the market is divided into physiological function testing, covid-19 testing, general and clinical testing, esoteric testing, specialized testing, non-invasive prenatal testing, and others. By physiological testing services, the market is segmented into ECG, Echo, X-ray, endoscopy, CT, MRI, and others. Based on revenue source, the market is divided into healthcare plan operators and insurers, out-of-pocket, and public systems. Based on country, the regional market is segmented into Brazil, Argentina, and the Rest of SCAM.
South & Central America Diagnostic Labs Market —Companies Mentioned
Quest Diagnostics Incorporated; Eurofins Scientific; Laboratory Corporation of America Holdings; Exact Sciences Laboratories LLC; SYNLAB International GmbH; Dasa Labs; Bio Reference; Sonic Healthcare Limited; and Healius Limited are a few major companies operating in the South & Central America diagnostic labs market.
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