The high throughput screening market size in Latin America is anticipated to grow at 8.12% CAGR from 2022 to 2027. It is estimated that the Latin American market was valued at USD 2.10 billion in 2022 and to reach USD 3.10 billion by 2027.
The major factors propelling the growth of the Latin America high throughput screening market are advancements in technologies leading to the emergence of innovative technologies and platforms like analytical tools that deal with massive amounts of data. In addition, increasing demand and a growing number of applications of high throughput screening devices in the pharmacy industry, collaborations of research and academic institutions with pharmaceutical industries for developing innovative ways for drug delivery, rise in outsourced drug discovery services, availability of government funding, increase in demand for high throughput screening devices in stem cell research for the assessment of excretion, metabolism, distribution, and absorption characteristics and investigation of functional activity.
The evolution of preclinical drug development and discovery systems, through the adoption of human stem cell-based high throughput screenings and assays, further provides growth scope for the market.
The increasing economies of Latin American countries, a rise in the number of patients, and the elderly population are the factors that are likely to create more opportunities and contribute to the development and growth of the High throughput screening market in Latin America during the estimated forecast period.
Regulatory bodies, maintenance costs, and limited investments in research due to the lack of advanced technologies are major restraints to the high Latin America throughput screening market.
This research report has been segmented and sub-segmented into the following categories:
By End User:
Regionally, Latin America will witness lucrative growth in the coming years. It can be attributed to the growing R&D spending, the rising trend of outsourcing drug discovery services, growing public-private partnerships, and increasing government funding.
Brazil is leading the Latin American market with the largest share due to the increasing number of patients, and rising geriatric population, which creates more chances and presents the development and growth of Latin America's market during the assessment period.
Mexico is predicted to showcase a healthy CAGR during the forecast period and the growth of the Mexican market is majorly driven by the technological advancements, funds, and investments towards the research and development activities and broad utilization of high throughput screening technology for pharmaceutical and biotechnology companies in the drug discovery process is projected to accelerate the market growth throughout the esteemed period.
KEY MARKET PLAYERS:
Companies playing a leading role in the Latin America high throughput screening market are Agilent Technologies Inc., Danaher Corporation, Thermo Fisher Scientific Inc., PerkinElmer Inc., Tecan Group Ltd., Millipore, Bio-Rad Laboratories, Hamilton Company, Axxam S.p.A., and Aurora Biomed.
The Latin American high throughput screening market was valued at USD 2.1 billion in 2022.
Thermo Fisher Scientific, Agilent Technologies, Bio-Rad Laboratories, Tecan Group, and PerkinElmer are some of the major companies in the Latin American high throughput screening market.
The growing demand for more efficient and cost-effective drug discovery and development processes. Other drivers include advancements in high throughput screening technologies, rising R&D investment by pharmaceutical and biotech companies, and increasing focus on personalized medicine are propelling the Latin American HTS market.
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