The size of the Genomics Market in Latin America is estimated to be USD 1.79 billion in 2022 and be growing at a CAGR of 9.1%, to reach USD 2.77 billion by 2027.
Genomics is a scientific field that studies the genetic material of an organism that consists of the evolution, mapping, structure, function, and editing of genomes. Genomics involves genome sequencing and analysis through bioinformatics and DNA sequencing to collect and examine the function and structure of complete genomes. It also contains lessons of intragenomic phenomena, such as the result of one gene on another (epistase), a gene that affects more than one trait (pleiotropy), and further interactions amongst loci and alleles within the genome.
Greater use of genomics in the R&D of new medicines and greater competition in the global pharmaceutical industry are significant factors propelling the market's demand.
Higher demand for genetically modified animals and plants in developed and developing countries accelerates the market's growth rate. In addition, continuous reduction in the prices of genetic procedures and the increased demand for nucleic acid sequencing are factors driving growth in the Latin American genomics market. Also, the growing preference for modified medicine and the popularization of alliances between research institutes and companies to boost up the demand of the market.
However, the reluctance to adopt new technologies and the lack of qualified laboratory personnel slightly slows down the growth of the Latin American market. In addition, increased competition between players is also hampering market demand. Nevertheless, the high price of genomic sequencing instruments/systems is likely to slow Latin American market growth during the forecast period.
This research report on the Latin America genomics market has been segmented & sub-segmented into the following categories:
By End User:
The Latin American genomics market is anticipated to account for a promising share in the genomics market during the forecast period. The market growth is attributing to the increasing prevalence of cardiovascular disease and genetic disorders. In addition, supportive government policies towards the development of healthcare infrastructure and growing capital inflows in the developing countries in the region are expected to expand the market growth. The major countries in the region are Brazil and Mexico, rapidly contributing to the Latin American regional market growth.
The Brazilian genomics market dominated the Latin American market in 2020 and is likely to dominate the Latin American market throughout the forecast period owing to the growing demand for genetically modified animals and plants, advancing healthcare infrastructure, and increasing investment by the pharmaceutical and biopharmaceutical companies in research activities. Also, increasing research and development activities on Genomics and increasing possibilities for research and innovations are expected to propel the market.
On the other hand, the Mexican genomics market is projected to witness a considerable share in the genomics market in the coming future. The availability of advancing infrastructure and funding initiatives is expected to increase genomics products' usage, which is expected to augment the market growth.
KEY MARKET PLAYERS:
A few noteworthy companies operating in the Latin American genomics market covered in this report are Affymetrix, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories Inc., GE Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, and Cepheid.
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