Latin America Theranostics Market

Latin America Theranostics Market Size (2024 to 2029)

The theranostics market size in Latin America is expected to be valued at USD 30.77 million in 2024 and USD 57.07 million by 2029, growing at a CAGR of 13.15% from 2024 to 2029.

Quick and accurate diagnostics, followed by correlation with physical symptoms, gave rise to the development of better and more innovative treatment modalities. This sector also includes pharmaceuticals and healthcare collectively. The combination of effective drugs and advanced diagnostic tests is known as “theranostics.”

MARKET DRIVERS

Y-o-Y growth in the patient population suffering from chronic diseases in Latin America is propelling the theranostics market growth in Latin America.

The increasing emergence of chronic and life-threatening diseases and the demand for advanced detection of these diseases, coupled with better treatment options, are fueling the demand for theranostics in Latin America. According to the WHO (World Health Organization), in 2017, around 18 million people died from cardiovascular disease across the world. According to the WHO (World Health Organization), in 2019, cancer was the second leading cause of death worldwide, and an estimated 9.7 million people died. Annually, about 1 in 6 deaths are due to cancer across the world.  The prevalence of type 1 diabetes in Latin America varies between 0.5 and 8.5 cases per 100,000 children aged 15 and under, and the prevalence rate of type 2 diabetes varies between 1.5% and 10%, with higher prevalence rates in urban areas. These incidences of diabetes in Latin America are expected to increase by 38% over the next decade, compared to an estimated increase of 15% in the total population.

The advancements in the adoption of nanoparticles in biological imaging and therapy are further fueling the theranostics market growth in Latin America. In addition, lowering expenses and approval for medical trials are other key factors in the growth of the Latin America theranostics market. There are continuous research activities in these fields, which greatly contribute to the growth of the regional market. There are multiple collaborations and partnerships of leading manufacturers from the U.S and Europe to develop unique diagnostic tests. The government is actively taking part in this sector. Most local Latin American countries spend 60% on public and compulsory insurance schemes, and the remaining 410% goes to personal payment schemes. According to reports, between 2011 and 2018, the growth rate of health expenditure per capita was 3.8% per year in Latin America, higher than the 3.1% observed for gross domestic product. This number dictates the growing need for expanding theranostics market in the near future.

MARKET RESTRAINTS

However, key factors such as strict government regulations and lack of reimbursement policies are factors hampering the growth of the Latin America theranostics market.

This research report on the Latin America theranostics market has been segmented and sub-segmented into the following categories

Latin America Theranostics Market By Disease Type

• Neurological Disorders
• Cardiovascular Diseases
• Immunological Disorders
• Oncology
• Others

Latin America Theranostics Market By Technology

• Polymerase Chain Reaction (PCR)
• Immunohistochemistry
• In Situ Hybridization
• Sequencing
• Others

Latin America Theranostics Market By End-User

• Hospitals
• Diagnostics Laboratories
• Others

Latin America Theranostics Market By Country

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the Latin American health system has progressed rapidly in recent years.

Many regional countries are giving more importance to the health of the population. Government initiatives such as the Plan Nacer in Argentina, the unified tax-funded health system in Brazil, and rising constitutional rights in Colombia, these countries are making successful attempts to help the theranostics market expand with time.

Brazil dominated the theranostics market in Latin America in 2023.

Recently, Brazil spent 46.6% of its funds for healthcare as a percentage of total government spending rose, and in Argentina, the expenses were recorded around 23%. Brazil is one of the major markets in this region with more than $ 2 billion expected in investments, followed by Mexico, Chile, Colombia, which are also expected to gain healthy growth rate in the projected period.

The Mexican market is anticipated to grow at a high CAGR in Latin America during the forecast period.

owing to the increasing incidences of chronic diseases such as cancer and diabetes. According to the National Cancer Institutes, 55,350 new cancer cases were diagnosed in Mexico in 2018. In addition, the developing healthcare infrastructure and increasing R&D activities are driving the market in the region.

Argentina is predicted to play a notable role in the Latin American theranostics market.

Argentina theranostics market is aiming for sale revenues from collaboration between pharmaceutical and diagnostic companies to expand the Latin America theranostics market. This strategic move is looked upon favorably by many international companies.

KEY PLAYERS IN THE LATIN AMERICAN THERANOSTICS MARKET

Abbott Laboratories, AmeriPath, Dickinson and Company, BIOTEC Laboratories, Dade Behring, Dianon Systems, Dynacare Laboratories, Enterix, Focus Diagnostics, Pfizer and Beckman Coulter are a few of the notable players in the Latin American theranostics market.