The size of the Latin America Protein Chip Market was worth USD 0.24 billion in 2022 and is estimated to be growing at a CAGR of 18.1%, to reach USD 0.54 billion by 2027.
In the field of biomedical and biotechnology, protein chip is getting adopted at a rapid rate owing to factors such as the increase in the percentage of geriatric people in Latin America, the prevalence of target diseases, rapid research and development in protein arrays, the study of protein interactions and the growing demand for early detection of cancer. In addition, the evolution of various innovative applications has applications in the medical industry, protein chips such as DNA microarrays, protein-small molecule interactions, and demand for personalized drugs has increased.
During the health crisis caused by the novel COVID-19 pandemic in 2020-2022, the demand for protein chips had increased due to their ability to detect toxic biological agents and rapid diagnosis of various diseases. The discovery of markers and drugs is commonly used in proteomics. In addition, the market is heavily influenced by factors such as the increased use in cancer diagnosis and treatment and rapid technological advancements such as sequence engineering, genome study, and others.
Key market players are overcoming ethical, technological, standardization, and regulatory hurdles to ensure that protein chips become the norm for years to come. In addition, protein chips have improved the scalability and performance of their products and solutions over traditional proteomics techniques such as 2D gel electrophoresis or chromatography, which are time-consuming, labor-intensive, and not suitable for the analysis of low abundant proteins. All these factors are gaining recognition in Latin American countries, thus contributing to the overall market growth.
On the other hand, a regulatory framework and lack of funds may slow down the Latin American protein chip market.
This research report on the Latin American protein chip market has been segmented and sub-segmented into the following categories.
Geographically, Brazil is estimated to register the highest CAGR in revenue over the forecast period, attributed to increased demand for microarray testing coupled with a sizeable geriatric population in the region. Strict regulations on the safety of drug development processes and the effectiveness of quality control and quality assurance guidelines governing the pharmaceutical and related industries in several developed economies are also driving the regional market. As a result, this region has remained at the forefront in terms of growth opportunities and developments in the field of protein chips over the years.
Mexico is estimated to represent a significant share of the revenue in the years to come, attributed to the presence of several pharmaceutical and bio-science companies, skilled labor, and many prominent players in the field of protein chips. In addition, the rapid development of protein chips and the cost-effectiveness of the assays are anticipated to drive market growth.
The regional markets in other regions such as Argentina, Ecuador, Puerto Rico, and Columbia will project benefit from the increase in funding from the government, increase public and private agencies, discoveries in new biotechnology techniques like the growing demand for next-generation sequencing, and focus on the pharmaceutical industry to develop effective treatments for a large number of chronic diseases. The potential of protein functional analysis will trigger innovations and attract investments in the market.
KEY MARKET PLAYERS:
Companies playing a leading role in the Latin American protein chip market profiled in this report are SEQUENOM, Inc., Sigma Aldrich Corporation, Affymetrix, Inc., EMD Millipore, Illumina, Inc., Life Technologies Corporation, and Agilent Technologies.
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