According to a new report published by Allied Market Research, titled, LAMEA IVD Market by Product Type, Techniques, Application, and End Users: Opportunity Analysis and Industry Forecast, 2017-2023, the LAMEA IVD market was valued at $7,413 million in 2016, and is projected to reach at $10,316 million by 2023, growing at a CAGR of 4.7% from 2017 to 2023.

Portland, OR -- (SBWire) -- 09/25/2017 --In vitro diagnostics (IVD) are medical devices and reagents used for examination of the body samples such as blood, tissue, and body fluids to detect diseases, disorders, and infections and identify suitable medical treatment. Rise in incidences of chronic and infectious diseases, constant technological developments to improve efficacy of IVD and increase in government healthcare expenditure in LAMEA region drive the market growth. However, stringent government regulations related to the safety and efficacy of the IVD and unfavorable reimbursement policies are expected to restrain the market growth during the forecast period. Ongoing R&D associated with the IVD and increased disposable income of consumers provides huge growth potential for IVD market.

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Based on product type, the reagents segment held the highest market share in 2016, owing to the recent introduction of new novel reagents in the market that are more effective.

Based on technique, the immunodiagnostics segment contributed the highest market share in 2016, owing to the increase in prevalence of chronic and infectious diseases and rise in awareness of personalized medicine among the population.

Based on application, the infectious diseases segment contributed the highest market share in 2016, owing to the increase in prevalence of infectious diseases such as HIV, tuberculosis, and others.

Based on end users, the standalone laboratory segment captured the highest market share in 2016, mainly due to increase in outsourcing of diagnostic test by hospitals.

Latin America accounted for more than one-third share in 2016, and is expected to dominate the market throughout the forecast period and is attributed to increase in incidence of chronic and infectious diseases such as tuberculosis, diabetes, cancer, and others. In addition, lucrative growth opportunities in the economic emerging countries is anticipated to provide new growth opportunities for the key players in the market. However, Africa is estimated to register the highest growth rate during the forecast period, owing to rise in government healthcare expenditure and growth in demand for healthcare devices from large pool of patient population, and improvement in healthcare infrastructure.

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