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Brazilian IVD Market Fueled by Growing Demand


 

Brazil's in vitro diagnostic (IVD) market is one of the largest, driven by increasing interest in molecular testing technologies, prenatal screening, and point-of-care (POC) glucose testing. Brazil, which has a growing middle class, stabilizing economy, increasing urban population, and a supportive government, is witnessing a major shift toward the private health industry, which supports the growth of IVD technologies that are expensive or not typically covered at the public level. These are the latest findings of Kalorama Information, (New York, NY, USA), an independent medical market research firm.

 

Brazil is the world’s sixth most populated country with 205.8 million people residing in the country in 2016 and has a market worth over USD 900 million. Brazil is also the largest country in Latin America in terms of population, accounting for a share of 33% of the region's total population. Brazil’s population distribution is expected to shift toward the 65 years and above age group, which will account for 21% of its total population by 2050, up from 7% in 2010. This shift in the country’s aging population is expected to lead to an increase in the incidence of diseases, as an aging population is more vulnerable to illness.

 

The business environment for medical devices and equipment is favorable in Brazil and holds promise for players who are interested in expanding into the country’s IVD market. Brazilian health professionals as well as patients are demanding innovative diagnostic products, targeting infectious diseases and cancer, aided by the country’s stabilizing economic condition and growing middle class population. Brazil's healthcare system relies on both public and private spending, with private health spending being higher at 53% in the private sector as against 47% for the public sector. The middle class, which is responsible for the country’s growing private health insurance industry, expects faster results, with test turnaround times being a priority among the patients.

 

As a result, there is increasing demand for advanced testing technologies, higher sensitivity and equipment that can meet the requirement for faster results. The demand for new technologies in the laboratory sector, particularly for high-sensitivity testing and high-volume testing equipment, is growing in Brazil. Additionally, increasing investments in medical R&D is further fueling the growth of the market for IVD and laboratory equipment.

 

The trend of consolidation in the Brazilian laboratory service industry is also stabilizing and the current providers are highly competitive. Currently, four national, or regionally dominating, laboratory service providers are operating in the country, as against around 15 large-volume labs in the early 2000s when consolidation in the industry was intense.

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