The size of the Latin American DNA sequencing market is forecasted to be growing at a healthy CAGR during the forecast period.
The growth of the DNA sequencing market in Latin America is primarily attributed to technological advancements in sequencing procedures, an increase in genome mapping programs, and increased drug discovery platforms that require NGS technology. Additionally, the growth of personalized medicine research, increasing government initiatives for large-scale genome sequencing projects, and the emergence of cloud computing as a potential data management service further support the market growth.
The increase in the prevalence of cancer in recent years is the main driver of the development of this market. Additionally, technological advancements and increasing applications of DNA sequencing for animal and plant reproduction are helping this market grow even further.
The possibilities for research and development in DNA sequencing are immense, and significant growth has also been observed in genome mapping programs. These factors create opportunities for the progress of the market.
DNA sequencing technology has certain restraining factors when it comes to diagnostic testing. This greatly hinders the growth of the market. In addition, the shortage of skilled professionals in developing economies further hinders the growth process during the forecast period.
Impact of COVID-19 on the Latin American DNA sequencing market:
Throughout the COVID-19 pandemic, uncertainty in testing and false-positive results have led to the ingenuity and raised questions about the global health system, including in Latin America. At those times, next-generation sequencing proved to be a blessing in disguise and helped healthcare systems effectively diagnose disease. In addition, according to the United States Food and Drug Administration (FDA), information about the sequence of the viral genome can help researchers identify how the virus mutates, which will be crucial for ongoing efforts to continue to learn and combat the virus.
In addition, RNA sequencing in positive samples has been used to develop epidemiological models of the spread of SARS-CoV-2 in various regions, including Latin America.
Due to the benefits offered by this technology and the rapid increase in cases of COVID-19, the demand for DNA SEQUENCING test kits and instruments is increasing exponentially in Latin America, supporting the growth of the NGS market in the region.
This research report on the Latin American DNA sequencing market has been segmented and sub-segmented into the following categories.
By Product & Services:
Geographically, the Mexican DNA sequencing market is predicted to play a leading role in the Latin American market during the forecast period. Mexico is an upper-middle-income country in Latin America. Influenced by medical and technological advances, the country is going through an epidemiological transition. As a result, the market here is driven by the growing adoption of personalized medicine and the improved applications of DNA sequencing. In fact, Mexico was one of the first countries to adopt genomics research in the Americas. This can be attributed to next-generation DNA sequencing, as diagnostic capabilities have greatly helped solve lingering issues such as complex data analysis. In addition, several of the major market players are focused on developing new technologies and R&D activities in Mexico, which is expected to drive the growth of its DNA sequencing market.
The Brazilian DNA sequencing market is next to Mexico in accounting most substantial share in the Latin American market. Brazil's economic development has resulted in increased investment in the country's health system. This has led to increased spending on high-tech biotechnology instruments for clinical research and diagnostics and the analysis of associated data. The increase in R&D activities for genome sequencing should positively influence the growth of the studied market. The companies are also striving to increase their presence in the country, which is expected to increase the market's growth further. The above-mentioned factors are expected to drive the growth of the Brazilian DNA sequencing market in the coming years.
The Colombian DNA sequencing market is expected to register healthy CAGR during the forecast period. In Colombia, DNA sequencing is used to detect, diagnose and control viral diseases in plants to generate plants resistant to viral infections. This factor is to fuel the demand of the market.
The Chilean DNA sequencing market is predicted to grow at a substantial CAGR from 2021 to 2026. Detection of porcine viral species using their RNA and DNA genomes simultaneously can be useful for detecting emerging diseases in the world. This will lead to a healthy growth rate for years to come.
KEY MARKET PLAYERS:
A few of the leading companies in the Latin American DNA sequencing market profiled in this report are Agilent Technologies, Inc., Abbott Laboratories, Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd, Illumina, Inc., LI-COR Biosciences, Inc., Pacific Biosciences of California, Inc., SIEMENS AG, PerkinElmer Inc., and Thermo Fisher Scientific, Inc.