The digital pathology market size in Latin America is predicted to be worth USD 88.7 million by 2027 from USD 54.8 million in 2022, growing at a CAGR of 10.09% from 2022 to 2027.
Pathology plays a significant role in the medical field. The digital pathology market in Latin America is primarily driven by the rising prevalence of chronic diseases and the widespread usage of digital pathology. In addition, the increased demand for rapid diagnostic tools for treating patients with chronic diseases and the growing number of approvals for digital pathology to improve laboratory efficiency and convenience of consultation all contribute to the market’s growth.
In addition, the growing importance of employing digital pathology to improve lab efficiency is a crucial factor in market growth. On the other hand, the market growth pace is being accelerated by rising cancer incidence and increased healthcare investment. Therefore, digital pathology in the development of pharmaceuticals and companion diagnostics is boosting the Latin American digital pathology market growth rate.
Furthermore, the increase in digital slides via web services during the COVID 19 pandemic is only increasing the market growth rate. The market’s demand is likely to be bolstered by increased support from IT companies in creating innovative techniques. Before gaining profit and providing superior treatment services, prominent industry participants are using digital pathology techniques. This is also contributing to the market’s rapid expansion throughout Latin America.
However, the shortage of skilled technicians in laboratories that can handle problems in real-time is hindering the market growth. In addition, the smaller hospitals, clinics, and academic institutions cannot effort them since these systems have high installation and maintenance costs, slowing the market’s expansion in Latin America.
This research report on the Latin America digital pathology market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, the Latin American digital pathology market is forecasted to have promising growth during the forecast period and the second-fastest-growing region in the global market. The Latin American market is majorly driven by the growing adoption of teleconsultation and rising drug discovery and companion diagnostics applications. As a result, the manufacturers are focusing on the development of new and quick diagnostic procedures. Leica Biosystems has an open system across the workflow and an optimized product portfolio and provides reproducibility and flexibility.
The Brazilian digital pathology market is forecasted to lead the Latin American market throughout the forecast period. The Brazilian government has come forward with creative initiatives such as launching new products and the approvals required for diagnosing the disease. The pharmaceutical companies and the key players focus mainly on drug discovery and introducing new pathology instruments into the market. Escalation of teleconsultation is the largest segment and provides a quick diagnosis in the region.
The Mexican digital pathology market is another lucrative regional market in Latin America and is predicted to hike at a significant CAGR during the forecast period. The growing number of hospitals with well-developed infrastructure and an increase in the number of patients impelled the digital pathology market growth. In addition, pathology devices with advancements in technology foster the market demand.
KEY MARKET PLAYERS:
Some of the noteworthy companies operating in the Latin America Digital Pathology Market profiled in this report are Perkin Elmer, Inc., Definiens AG, Sectra AB, Koninklijke Philips N.V, GE Healthcare, Inspirata Co., Ventana Medical Systems, Inc., Leica Biosystems, 3D-Histech Ltd, Hamamatsu Photonics K.K., Digipath Co., ZEISS, Olympus Corporation, Yokogawa Electronics Corporation, and Quorum Technologies Inc.
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