In vitro diagnostic tests are the tests thet are used for the in vitro examination of specimens derived from the human body, to provide information for screening, diagnosis, or treatment monitoring purposes. The rising prevalence of the chronic disease has been the primary driver for the growth of this market.
This rising prevalence has increased the demand for early and effective diagnostic tests. Rising prevalence of chronic illnesses has also increased the use of point-of-care (POC) diagnostics. Moreover, increasing awareness and acceptance of personalized medicine and companion diagnostics have also helped the market to grow.
Key Market Trends
Application in Diabetes is Expected to Cover a Large Share of the Market
Diabetes is a chronic disorder resulting from insulin deficiency and hyperglycemia and has a high risk of development of complications for the eyes, kidneys, peripheral nerves, heart, and blood vessels. Quick diagnosis and early prevention are critical for the control of the disease status.
Traditional biosensors such as glucose meters and glycohemoglobin test kits are widely used in vitro for this purpose because they are the two major indicators directly involved in diabetes diagnosis and long-term management. There has been a huge demand for these tests that make it a model disease to develop new approaches to biosensors.
The number of diabetic patients in Chile is one rise as per reports by the International Diabetes Federation (IDF). Hence this is expected to increase the overall demand for early diagnostics tests like in-vitro diagnostics test, which will help the market to grow in Chile.
Chile is a developing country and has high income as per World Bank. The market is very lucrative, due to the increasing prevalence of diseases and high purchasing power. This has made the market very lucrative, which is the reason most of the pharmaceutical multinationals are present in the country. This has made the in-vitro diagnostics market in Chile very competitive.
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