Argentina In Vitro Diagnostics Market Size

Argentina In Vitro Diagnostics Market Analysis

Argentina in vitro diagnostics market is expected to register a CAGR of nearly 5.4%, during the forecast period (2022 - 2027).

The COVID-19 pandemic had a positive impact on the market. The COVID-19 pandemic opened the door for a rise in demand for point-of-care and in vitro diagnostic kits and equipment for the quick identification of the SARS-CoV-2 virus. In the nation, a number of businesses have introduced their COVID-19 diagnostic kits. For instance, two diagnostic tests for the SARS-CoV-2 virus were introduced by CTK Biotech in March 2020 in worldwide markets, including Argentina. Thus, the market is expected to grow in the future. However, the pandemic had a slight adverse effect on Argentina in vitro diagnostics market. Due to the restrictions put in place to check the spread of the SARS-CoV-2 virus in different parts of the country, the footfall in hospitals and other diagnostics centers, along with research centers, decreased, which impacted new diagnostics and other related procedures for medical conditions other than COVID-19 in Argentina. However, the pandemic also had an impact on market growth.

This rising prevalence has increased the demand for early and effective diagnostic tests. The use of point-of-care (POC) diagnostics has also increased over the past few decades. Moreover, increasing awareness and acceptance of personalized medicine and companion diagnostics have helped the market growth. According to a research study titled "Epidemiological study of prevalent pathogens in the Northwest region of Argentina (NWA)" that was published in October 2020, shigellosis is one of the main causes of children's morbidity and mortality in Argentina. Around 1,200,000 cases of acute diarrhea are reported in public hospitals each year, and the Northwest region of Argentina accounts for about 30% of all cases of diarrhea in the nation. The Health Authorities of Argentina revealed in June 2020 that the country has experienced the highest number of dengue cases in recent years, with more than 70,000 overall cases and 41,754 confirmed cases as of that date. The most recent instance of an infectious sickness is COVID-19, which is brought on by the SARS-CoV-2 virus. This disease also helped the market under study develop because of the nation's strong demand for in vitro diagnostics and point-of-care equipment. For instance, according to the World Health Organization Action in Countries report from May 2020 on Argentina, that nation quickly established a network of 338 public and private laboratories that were conducting PCR tests for COVID-19 across the nation by June 4, 2020, reaching a testing rate of 4000 per 1,000,000 people. Hence from the aforementioned factors, the market is estimated to witness healthy growth over the forecasted period.

However, reimbursement policies and stringent regulatory guidelines are some of the restraining factors in the market studied.