In Vitro Diagnostics - Guatemala | Statista Market Forecast

The In Vitro Diagnostics market market in Guatemala is predicted to achieve a revenue of US$79.38m by the year 2024.
It is projected to experience a steady annual growth rate (CAGR 2024-2029) of 3.83%, leading to a market volume of US$95.78m by 2029.
When compared globally, the United States is expected to generate the highest revenue, reaching US$30.10bn in 2024.
Guatemala's In Vitro Diagnostics market is experiencing a growing demand for rapid diagnostic tests for infectious diseases.

Definition:
The market In Vitro Diagnostics (IVD) consists of medical instruments and accessories used to perform tests with the help of biological samples. In Vitro Diagnostics provide valuable information used for detection, prognosis, prevention, and therapeutic monitoring of diseases.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Roche Diagnostics, Abbott Laboratories, Danaher, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Molecular diagnosis
Immunoassays
Clinical chemistry
Microbiology
Hematology

Services (i.e., treatment expenses)
Imaging diagnostics

The In Vitro Diagnostics market in Guatemala is experiencing significant growth and development, driven by several key factors. Customer preferences in the In Vitro Diagnostics market in Guatemala are shifting towards more advanced and accurate diagnostic tests. Customers are increasingly demanding tests that can provide quick and accurate results, allowing for early detection and treatment of diseases. This preference is driven by the growing awareness of the importance of early diagnosis in improving patient outcomes and reducing healthcare costs. Additionally, customers are also seeking tests that are non-invasive and less painful, further driving the demand for advanced diagnostic technologies. One of the key trends in the In Vitro Diagnostics market in Guatemala is the increasing adoption of point-of-care testing. Point-of-care testing refers to diagnostic tests that can be performed at or near the patient's location, providing immediate results. This trend is driven by the need for rapid diagnosis and treatment decisions, particularly in remote areas where access to healthcare facilities may be limited. Point-of-care testing also offers the advantage of reducing the time and cost associated with sending samples to centralized laboratories for analysis. Another trend in the In Vitro Diagnostics market in Guatemala is the growing demand for molecular diagnostics. Molecular diagnostics involve the analysis of genetic material to detect and monitor diseases. This technology offers higher sensitivity and specificity compared to traditional diagnostic methods, allowing for more accurate diagnosis and personalized treatment plans. The increasing availability of molecular diagnostic tests and the declining costs associated with these tests are driving their adoption in Guatemala. Local special circumstances in Guatemala, such as a growing population and increasing healthcare expenditure, are contributing to the development of the In Vitro Diagnostics market. The country's population is expanding, leading to a higher demand for healthcare services, including diagnostic tests. Additionally, the government of Guatemala has been increasing its healthcare expenditure in recent years, which is expected to further drive the demand for In Vitro Diagnostics. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, are also contributing to the development of the In Vitro Diagnostics market in Guatemala. As the economy grows and incomes rise, individuals are more likely to seek healthcare services, including diagnostic tests. Furthermore, the government's efforts to improve healthcare infrastructure and expand access to healthcare services are creating a favorable environment for the growth of the In Vitro Diagnostics market. In conclusion, the In Vitro Diagnostics market in Guatemala is experiencing significant growth and development, driven by customer preferences for advanced and accurate diagnostic tests, the increasing adoption of point-of-care testing, and the growing demand for molecular diagnostics. Local special circumstances, such as a growing population and increasing healthcare expenditure, along with underlying macroeconomic factors, such as economic growth and rising disposable incomes, are further contributing to the development of the market.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.