The size of the Cancer Biomarkers Market in Latin America was worth USD 1.29 billion in 2022 and is estimated to be growing at a CAGR of 11.52% to reach USD 2.23 billion by 2027.
The growing prevalence of cancer across Latin America drives the cancer biomarkers market growth in Latin America. Factors such as lifestyle changes, changes in hormonal balance, and genetic issues are majorly resulting in the incidence of cancer among people. As per the data published by the Pan American Health Organization (PAHO), cancer is the second leading cause of death in Latin America. PAHO also says an estimated 1.2 million new cancer cases and 600,000 cancer deaths are being triggered by Latin America every year. Most women who are aged above 45 years are suffering from breast cancer in the Latin American region.
The growing R&D efforts by the key market participants to develop advanced and effective cancer biomarkers propel regional market growth. Cancer biomarkers are biological molecules found in blood, tissues, and other body fluids such as DNA, RNA, protein, etc. Biomarkers play a significant role in cancer research and help identify new biomarkers for advanced diagnostics and drug development. It also helps in preclinical research and verifying biomarkers in various types of cancers and their stages. The growing adoption of technological advancements and increasing investments from the Latin American governments for cancer biomarkers research favors the market growth in Latin America.
The growing adoption of personalized medicine for various types of cancer is another notable factor accelerating the growth rate of the Latin American cancer biomarker market. Cancer biomarkers help in the development of a precision drug for the patients. Precision medicine is manufactured mainly to target specific molecular abnormalities and diagnose patients who may respond to specific drugs. Compared to standard medicine, personalized medicine works better because it works on the affected part of the patient body and quickly cures the disease.
On the other hand, high costs associated with cancer biomarkers, poor awareness about cancer biomarkers testing, lack of skilled professionals, and lack of proper infrastructure facilities hamper the growth of the Latin American market.
This research report on the Latin American cancer biomarkers market is segmented and sub-segmented into the following categories:
Geographically, the Latin American region accounted for a moderate share of the worldwide market in 2022 and is expected to grow at a steady CAGR during the forecast period owing to the growing number of advancements in the treatment of cancer and increasing healthcare expenditure in Latin America primarily.
The Brazilian cancer biomarkers market is predicted to grow at the highest CAGR during the forecast period. Factors such as technological advancements for new novel discoveries and the development of new therapeutics boost the market growth in Brazil. The growth of the Brazilian market is further driven by the increasing number of research centers in the region. Several tools are also used in cancer research, which help in knowing the stages of cancer among the patients to provide proper treatment. In addition, the country's increasing number of lung cancer cases also helps develop market growth. Nearly 30,000 new cases of lung cancer have been reported in Brazil. Due to the increasing high-risk rate and mortality rate, most cancer patients or people with cancer symptoms undergo biomarker tests, which help understand the patient's unique lung cancer data and help provide personalized treatment.
Mexico is predicted to grow at a healthy CAGR during the forecast period owing to increasing cases of various types of cancers in the country. For example, malignant pleural mesothelioma is a type of cancer that develops in the thin layer of tissue in the body. It is one of the deadly forms of cancer which increases the mortality rate among the cancer population. As mesothelioma diagnosis is challenging, a researcher in this country focuses on the biomarker that may help detect chronic cancer. The Mexican cancer biomarkers market is expected to hold a notable share of the Latin America region during the forecast period owing to the growing number of cancer cases and the increasing concentration of international market participants and the increasing number of collaborations and acquisitions.
KEY MARKET PLAYERS:
Companies such as Abbott Laboratories, Agendia Bv, Biocurex Inc, Biomerieux S.A., Biomoda Inc, Astellas Pharma Us Inc, Correlogic Systems Inc, Beckman Coulter Inc, Becton, Dickinson And Company, Clarient Inc, Diadexus Inc, Ambrilia Biopharma, Affymetrix Inc and Aureon Laboratories Inc. are playing a dominant role in the LATAM Cancer Biomarkers Market.
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