The Latin American Liquid Biopsy Market size is predicted to grow at a CAGR of 27.6% during the forecast period. The market size is projected to value USD 648.30 million by 2027 from USD 191.66 million in 2022.
The growth of the Latin American Liquid Biopsy Market is majorly driven by the increasing number of infectious diseases and increased focus on developing new technologies in the healthcare domain. Growing prominence for developing novel diagnostics tools for various cancer cases is also ascribed to bolster the market's demand. Growing investments in healthcare to develop accurate techniques by private and public organizations propel the market's growth rate. Additionally, the increasing prevalence of companion diagnostics and the rising demand to develop innovative technologies in favor of the end-users are anticipated to fuel the market's demand. Favorable reimbursement policies and increasing awareness over precision medicine utilization are further flourishing the growth rate of the liquid biopsy market in Latin America.
Secondarily, the rising prevalence of cancer, preference for invasive procedures, and funding in research and development for advancement in the liquid biopsy are anticipated to increase market demand. These are some of the factors driving the growth of this market in Brazil. Furthermore, liquid biopsy can detect cancer early, which helps the doctors provide proper treatment procedures, which is lucratively prompting market growth in Mexico.
Stringent government policies and transportation restrictions due to lockdown are causing downturn growth of the liquid biopsy market. COVID-19 outbreak is emphasizing the companies to develop new techniques. Novel Coronavirus can leave long-term effects on trade practices even after the Liquid Biopsy market lockdown period.
However, factors like the dearth of skilled persons and lack of proper knowledge in rural areas hinder the market's growth rate. In addition, the high cost of installing and maintaining the devices in the clinical laboratories is slowly impeding the demand of the liquid biopsy market. Growing complications in the real-time monitoring procedures are slowly hampering the demand of the market in Latin America. Besides, people in rural areas are less aware of the treatment procedures available, which is gradually limiting the market's growth rate.
This research report on the Latin American Liquid Biopsy Market has been segmented and sub-segmented market into the following categories:
By Cancer Type:
By Diagnostic Approach:
Geographically, the Brazilian market is the largest contributor to the Latin American liquid biopsy market. In Brazil, factors like the rising prevalence of different types of cancer and quick diagnostic technology requirements enable market growth. The growing geriatric population has elevated the demand for the liquid biopsy market. Strong Government support, increased mortality rate due to cancer, and improving healthcare infrastructure drive the market's growth in this part of the world. For a country like Brazil, with a large and aging population, new technologies take time. Therefore, spreading awareness in a rural area is needed to grow the market.
In Mexico, growth in patients who have cancer is fueling the market demand. Cancer is the second leading cause of death. In addition, higher alcohol consumption leads to develop lung, colorectal, breast, and prostate cancer. These factors are accelerating the growth of the liquid biopsy market in this region.
KEY MARKET PLAYERS:
A few prominent companies operating in the Latin America Liquid Biopsy Market are Janssen Diagnostics, Qiagen, Rarecells SAS, Silicon Biosystems, SRI International, Myriad Genetics, Natera, Personal Genome Diagnostics, Sysmex Inostics, Trovagene, Exosome Diagnostics, Exosome Sciences, and HansaBiomed OU.
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