As per our report, the size of the Latin American Companion Diagnostics Market was worth USD 0.33 billion in 2022 and estimated to be growing at a CAGR of 22.83%, to reach USD 0.93 billion by 2027.
Increasing clinical trials to improve cancer patient diagnosis & treatment in Latin America is a significant factor propelling the market's demand. In addition, the increased adoption of innovative medical procedures, the rising disposable incomes of consumers, and the increasing healthcare infrastructure will fuel the Latin America companion diagnostics market.
Companion diagnostics are in-vitro diagnostics that deliver information about the therapeutic reactions of patients for a specific treatment. Companion diagnostics is a comparatively new branch of diagnostics that is predicted to grow rapidly in the near future. The various advantages it offers have increased its market demand. Companion diagnostics are widely used in lung cancer, breast cancer, etc., to detect cancer mutation. According to WHO, approximately 15 % of cancers were diagnosed in 2012 in low & middle-income countries and 9.6 million deaths in 2018 globally. In 2018, the US Food & Drug Administration published the guidelines for Developing & labeling In Vitro Companion Diagnostic devices for a specific group or classes of oncology therapeutic products.
Increasing demand for personalized medicines, rising occurrence of cancer, and reducing costs of drug development are the key factors fuelling the market's growth for companion diagnostics. Factors such as the growing emphasis on targeted therapies and the attention of pharmaceutical companies on the in-house development of companion diagnostics are also enhancing the market's growth. However, the increasing period of the approval process and the extended development time of companion diagnostics may obstruct the market's growth.
This research report on the Latin American Companion Diagnostics Market has been segmented and sub-segmented into the following categories:
Regionally, the Mexican companion diagnostics market is predicted to dominate the Latin American market and is estimated to continue its dominance during the forecast period.
The Brazilian companion diagnostics market can adopt a new precise medicine & companion diagnostic market than other Latin American countries. Government collaborates with private organizations, research institutes & hospitals for companion diagnostics. Brazil increases its companion diagnostic market by entering into the medical field. Brazil is one of the fastest-growing countries in Latin America due to the potential benefits of companion diagnostic & medicine. Growing molecular pathology & diagnostic technology can boost market growth.
The companion diagnostics market is estimated to exhibit healthy CAGR during the forecast period. Increasing government initiatives for developing a companion diagnostic market are dominating the growth of the Argentina companion diagnostics market. Key market players are focusing on collaboration & strategic acquisition to raise their market value.
The rising number of chronic diseases in the country is fuelling the demand for companion diagnostic tests. Expected need for in vitro diagnostic test adding fuel into Chile companion diagnostic market.
KEY MARKET PLAYERS:
Some of the prominent companies operating in the Latin American companion diagnostics market profiled in this report are Abbott Molecular Inc., Roche Molecular Systems Inc., Leica Biosystems Nussloch GmbH, bioMérieux Inc., Dako Inc., Qiagen Ltd., ARUP Laboratories, Myriad Genetics Inc., Biogenex Laboratories Inc., Ventana Medical Systems Inc., and Thermo Fisher Scientific Inc.