The bioinformatics market size in Latin America was worth USD 1.31 billion in 2022 and is estimated to grow at a CAGR of 16.2% to reach USD 2.78 billion by 2027.
Latin America is deemed to have significant growth opportunities in the coming years. Factors such as increasing funds, growing demand for protein and nucleic acid sequencing, and growing R&D activities in genomics and proteomics research are some factors driving the regional market growth. In addition, the growth of the Latin American bioinformatics market is driven by the rising need for integrated bioinformatics systems in proteomics and genomics, the growing requirement for sequencing protein and nucleic acids, the increasing help of this field in producing new medicines and clinical diagnostics, increasing initiatives from the government and increasing number of partnerships between research organizations and companies among others.
In addition, the growing investments in the R&D of life sciences and biotechnologies and industry participants in the Latin American region are expected to boost the market’s growth rate. Furthermore, the rising adoption and usage of precision medicine are anticipated to contribute to the growth rate of the bioinformatics market in Latin America.
A few factors which limit this market are a lack of user-friendly tools, high costs, lack of skilled workers, and lack of interoperability among various data formats.
This research report on the Latin America Bioinformatics Market has been segmented & sub-segmented into the following categories:
By-Products and Services:
Regionally, the Latin American bioinformatics market is still in the nascent stages. However, factors such as increased funding, growing demand for protein and nucleic acid sequencing, and increasing research in genomics and proteomics research drive the growth of this market in the region.
The Brazilian bioinformatics market accounts for the largest share of the Latin American market, with 40% of the share by a growing number of training and development programs, which tends to increase bioinformatics tools by industrial and academic life sciences research. The share is also attributed to the high concentration of bioinformatics research institutes, augmenting indigenous and global bioinformatics players' concentration.
The Mexican bioinformatics market is projected to witness steady growth to produce profitable outcomes. This country is predicted to have 20% of the share as increasing help in manufacturing new medicines and clinical diagnostics and growing initiatives from the government and other research organizations.
Countries such as Chile and Peru are estimated to witness a healthy CAGR during the forecast period. The increase in these two countries is due to the nations' initiatives relevant to researchers' skills and development. Also, continuous collaborations to advance the acquisition of bioinformatics in life sciences research.
KEY MARKET PLAYERS:
Companies playing a significant role in the Latin American Bioinformatics Market profiled in this report are Agilent Technologies, Affymetrix Inc., Applied Biological Materials (ABM), 3rd Millenium Inc., Illumina Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Biomax Informatics Ag, DNAnexus, Inc., and Waters Corporation.
The Latin American bioinformatics market size was valued at USD 1.31 billion in 2022.
Factors include increasing demand for personalized medicine, advancements in genomics and proteomics, and government initiatives promoting research and development in the field are primarily driving the bioinformatics market in Latin America.
Illumina, Thermo Fisher Scientific, and Qiagen are some of the noteworthy companies in the Latin America Bioinformatics market.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: email@example.com