The size of the Genetic testing market in Latin America was worth USD 4.22 billion in 2022 and is forecasted to reach USD 5.95 billion by 2027 growing at a CAGR of 7.12% during the forecast period.
Genetic Testing is an attractive and fast-growing segment in the molecular diagnostics market as it helps in providing superior medical care. Any modifications in chromosomes, genes, or proteins that are associated with the inherited disease conditions can be identified through genetic testing.
The risk of diseases like identifying carriers of disease, diagnosing diseases, or determining the likely course of a disease can be predicted through genetic testing, which is basically an analysis of genes, chromosomes, or proteins. Diseases such as sickle cell anemia, hemophilia, and cystic fibrosis are easily diagnosed with the help of genetic testing, making life easier for patients.
With it, the potential to be able to diagnose and treat diseases and growing awareness among individuals about its benefits has led to the growth of the Latin American genetic testing market. In addition, advancements in the genetic testing space, the aging population and a subsequent rise in the number of chronic diseases, and rising incidences of cancer are the other driving forces for the genetic testing market.
An increase in the incidence of genetic diseases unravels new opportunities for genetic testing and its related applications. The transformation of genetic testing from a service-driven market to a product-driven market is anticipated to provide a push to the diagnostic companies for expanding their operations.
However, few factors hinder the growth of the Latin American genetic testing market, including the high cost associated with genetic testing being one. And also, many individuals are concerned about the authenticity of genetic reports owing to the lack of a credible standard procedure.
This research report on the Latin American Genetic Testing Market has been segmented and sub-segmented into the following categories.
KEY MARKET PLAYERS:
Companies that are playing a leading role in the Latin American Genetic Testing Market profiled in this report are Abbott Laboratories, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems Inc.
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