Growing number of laboratory equipment innovations, artificial intelligence in processes, ageing population, and number of chronic diseases in Brazil are the major growth drivers in Brazil Diagnostic Labs Market, says a report by Ken Research
1.Brazil diagnostic labs market is facing currency depreciation as a challenge.
Opportunities to look for in Brazil Diagnostic Market
The local currency of Brazil has been depreciating over the years. The exchange rate with respect to USD depreciated from BRL 2.2 in 2013 to BRL 3.6 in the year 2018. Brazil, on the other hand, makes imports of laboratory equipment from countries such as Unites States of America, Germany and many other countries. The depreciation of currency increased the cost of imported laboratory equipment in the country. High costs on imports of laboratory equipment will lead to low profit margins for the company till the time it recovers the costs.
2. Increasing level of insurance penetration- Developments in Brazil Diagnostic Labs Market.
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The increase in penetration level of private insurance is one major trend in the country. Penetration of Private insurance among Brazilians increased significantly from 19.9% in 2006 to 23.2% in the year 2016. This implies, as the number of insured individuals is growing, the use of diagnostic services will increase consequently in the country.
France showed highest percentage of 95% in terms of number of penetrated individuals followed by Canada and USA with 67.0% and 60.0% of the insurance penetration in the year 2018. On the other hand, Brazil accounted for 25.0% of the healthcare penetration which is expected to grow in future.
3. Increasing Number of Mobile Applications for Healthcare – Trends in Diagnostic Industry.
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Digital mobile applications play an important role in monitoring the health of the patient in Brazil. Some of the companies such as Apple and Samsung are investing heavily in the digital healthcare market. Moreover, Venture Capital Funds in the country is also inviting the investors for making investments in the tele healthcare market in Brazil. Boa Consulta is a startup that made it easier for the patients to schedule their appointment with the doctors. The Healthcare app is currently being used by more than 20,000 users. This startup’s services are helpful in finding out the healthcare specialists, checking reviews and booking appointments.
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