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Latin America Biomarkers Market Research Report – Segmented By Product, Type, Disease Indications & Country (Mexico, Brazil, Argentina, Chile and Rest of Latin America) – Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 168
Pages: 142
Formats: report pdf report excel report power bi report ppt

Latin America Biomarkers Market Size (2023 to 2028)

The size of the biomarkers market in the Latin American region is expected to reach USD 5.53 billion by 2028 from USD 2.70 billion in 2023, growing at a CAGR of 15.40% during the forecast period.

The increase in the number of cancer cases is one of the primary factors driving the growth of the Latin American biomarkers market. Because the number of cases increases, there is a greater demand for highly effective chemotherapeutic medicines, which drives the market. By 2030, estimations anticipate a 72 percent increase in cancer incidence in men and a 62 percent increase in cancer incidence in women in Latin America. In Latin America, a sedentary lifestyle, smoking, and the intake of unhealthy foods are the leading causes of cancer. 

Prostate cancer is the most common malignancy, with a three-year increase from 477,000 to 540,402 cases between 2014 and 2016. Prostate cancer is the leading cause of death in the region. Breast cancer follows the former kind; it is responsible for the second-highest number of cancer-related deaths, and its prevalence rate has risen at a similar rate. Other cancers have gained ground in recent years, although not dramatically. Neurological illnesses are becoming more curable thanks to recent advances in biomarkers, such as biomarker signatures.

Non-invasive testing, speedier medication development, and early diagnosis have all emerged as a result.  In addition, novel biomarkers are being discovered as a result of research and development. Tetranectin, for example, is a promising biomarker for heart failure diagnosis, according to the Nature Journal in 2020. sTNFR2 was also discovered as a novel biomarker for the diagnosis of acute adult T-cell leukemia/lymphoma in 2022. Due to such discoveries and technological advancements, the market is expected to increase significantly over the forecast period.

Validating biomarkers takes a long time due to inconsistencies in their efficacy in sickness diagnosis. As a result, the validation procedure is more time-consuming and costly. However, with a few exceptions, the method and timeline for generating and verifying biomarkers are similar because different biomarkers have similar development and validation process phases. One difference is that prognostic biomarkers and surrogate endpoints require more clinical validation and usefulness than predictive and safety biomarkers. Surrogate endpoints are the most expensive to develop and validate, especially in clinical studies, due to the significant clinical validation required.

This research report on the Latin American Biomarkers Market has been segmented and sub-segmented into the following categories:

By Product: 

  • Consumables
  • Software
  • Services

By Type: 

  • Safety Biomarkers
  • Efficacy Biomarkers
  • Validation Biomarkers

By Application: 

  • Diagnostics Developments
  • Drug Discovery & Developments
  • Personalized Medicine
  • Disease Risk Assessment

By Disease Indications: 

  • Cancer
  • Cardiovascular
  • Neurological
  • Immunological Disorders

By Country:

  • Mexico
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America

Latin America is anticipated to record a moderate share in the Latin American biomarkers market during the forecast period. The market growth is attributed to the rising disease burdens, growing consumer awareness, proactive government efforts, and technological advancements in the healthcare sector. Breast cancer is the most frequent malignancy in Latin American women and the primary cause of cancer death. Countries like Mexico, Brazil, and Argentina have the world's highest death rates, underlining the region's health inequities. Women with breast cancer have had better results and longer survival times due to earlier diagnosis and advancements in therapy. As a result, it will contribute to the growth of the Latin American cancer biomarker market over the forecast period. Biomarker testing's rapid expansion is predicted to improve healthcare services in the region and increase the economy. Because of advancements in medical healthcare facilities that support cancer diagnosis, the Latin American area is growing reasonably in the biomarker market. Low-middle-income nations have raised awareness and expanded health coverage because of government backing and WHO involvement over the last two decades. Latin American governments are consistently investing roughly 6.2 percent of their GDP in healthcare.

Brazil recorded the largest share of the Latin American biomarkers market in 2022, and it is anticipated to witness a predominant share during the forecast period. The market growth is fueled by the availability of advanced healthcare infrastructure, increasing healthcare spending, and supportive government policies. Further, the adoption of advanced technology and the introduction of novel biomarkers through extensive research and development activities contribute to the country's significant share.

On the other hand, Mexico is most likely to account for a significant share over the forecast period in the Latin American market due to the increasing prevalence of cancer, raising awareness about cancer prevalence, and growing demand for biomarkers in the country. In addition, improvements in healthcare infrastructure, Increased cooperation between universities and biomarker solution providers, and key market players are expected to boost the biomarkers market growth.

KEY MARKET PLAYERS:

A few of the dominating companies operating in the Latin American Biomarkers Market profiled in this report are Bio-Rad Laboratories (U.S.), Qiagen N.V. (Netherlands), Enzo Biochem (U.S.), PerkinElmer, Inc. (U.S.), Merck & Co, Inc. (U.S.), EKF Diagnostics Holdings plc. (U.S.), Meso Scale Diagnostics, LLC (U.S.), Singulex, Inc. (U.S.), BioSims Technologies (France), Cisbio Bioassays (France), and Signosis, Inc. (U.S.).

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