The Flow Cytometry market in Latin America was estimated at USD 478.59 Million in 2022. It is projected to reach USD 817.41 Million by 2027, at a CAGR of 11.3% during the forecast period.
Flow cytometry is a laser technology that analyzes the cell or particles. It is widely used to analyze the expression of cellular and intracellular molecules. Flow cytometry offers several advantages over the traditional analytical method, as they are easy to use, less expensive, and has various clinical applications. It is used to classify and count cells. Besides, it detects biomarkers and modified proteins. Flow cytometry is used in biomedical research and clinical diagnosis, including cancer diagnosis, chromosome analysis, protein expression, etc. According to data published by the WHO, in 2019, cancer incidence (cases per year) was almost 924,524 patients. Besides, the risk of contracting cancer before age 70 was 19% in Latin America. Further, experts suggest that due to the increasing prevalence of infectious diseases, the majority mentioned above rate is expected to increase over the next decade. All the facts mentioned above are expected to drive the demand for rapid diagnostic tools, which in turn are expected to provide lucrative growth for this industry in the near future.
Factors responsible for developing the market are the increasing use of flow cytometry in diagnostics, the rising use of flow cytometry in health testing, and the introduction of new technologies.
Besides, the rising prevalence of cancer and HIV / AIDS cases is driving the market growth. The growing population base of target diseases, high unmet need, and demand for fast and accurate diagnostic tools are the primary drivers of the Latin American flow cytometry market during the forecast period. The growing demand for quicker and more precise leukemia forecasting tools, coupled with an ever-increasing prevalence rate, is expected to provide this market with a lucrative growth platform in the near future.
Further, research related to drug development, stem cell therapy, and in vitro toxicity testing is expected to drive the market growth during the forecast period. The instrument market recorded a sizable revenue share of over 47.2% in 2019. The introduction of new technologies such as multi-color flow cytometer and simultaneous multi-parameter detection functions are among the factors contributing to a high increase in the market. Besides, elevating R&D activities and elevating the application of flow cytometry applications in drug discovery and improvement, genomic and molecular analysis are estimated to drive the segment growth during the forecast period.
Less knowledge over applications due to lack of training programs and high cost for installation is impeding the growth rate of the market.
This research report on the Latin America Flow Cytometry Market has been segmented and sub-segmented into the following categories:
Regionally, The Flow Cytometry market in the Latin America region is projected to grow at a high CAGR, which is significant due to the ever-increasing rise of HIV and cancer cases. The increasing use of flow cytometry in drug discovery is an opportunity for the market to grow.
The flow cytometry industry in Latin America belongs to 14 countries with enormous development opportunities ahead; for example, Uruguay, Argentina, Ecuador, Colombia, Cuba, Panama, Guatemala, Chile, Peru, Venezuela, Brazil, Dominican Republic, Costa Rica, Mexico. Brazil held the largest market share. It occupied more than 41.7% in 2019 due to increased health spending in the region. The increasing infiltration of molecular diagnostics and financial advancements, and improved patient alert levels further motivate this provincial enterprise's progress.
Companies playing a notable role in the Latin America Flow Cytometry Market profiled in this report are Becton, Dickinson and Company, Beckman Coulter, Inc., Thermo Fisher Scientific, Inc., Merck KGaA, Sysmex Partec GmbH, Luminex Corporation, Miltenyi Biotec GmbH, Bio-Rad Laboratories, Inc., Sony Biotechnology, Life Technologies Corporation Inc., EMD Millipore Corporation, Miltenyi Biotec, Thermo Fischer Scientific, Agilent Technologies, Inc. and Affymetix Inc.
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