The Latin America Molecular Diagnostics Market size is estimated to be growing at a CAGR of 14.6% during the forecast period.
Major advancements in DNA and RNA sequencing and other fields have dramatically increased the molecular diagnostics market in Latin America. As a result, molecular diagnostics has made several advances in the diagnosis of diseases in recent years. Furthermore, the increased investment in R&D and the focus of companies on advancing technology will accelerate the growth rate of the molecular diagnostics industry in the years to come.
The increasing burden of chronic and infectious diseases is the key driver for the growth of the molecular diagnostics market in Latin America during the forecast period. Older people are more susceptible to infections and chronic illnesses due to anatomical and functional changes that lead to deterioration of the immune system. According to the United Nations, in Latin America, the population aged 60 and over was 79 million in 2018 and is expected to reach 210.2 million by 2055. In addition, the American Academy of Family Physicians (AAFP) says that a third of all deaths among the elderly population (over 65 years of age) are the result of infectious diseases. These factors will increase the demand for the early diagnosis of diseases, which will increase the growth of molecular diagnostic activity.
In addition, the growing demand for personalized drugs will be another impact factor in the growth of the industry. The advent of technology in disease diagnostics and the focus of industry players on developing new molecular diagnostic technologies to deliver faster results with high precision and specificity is expected to support the market's growth.
The increasing adoption of blood tests to detect RNA or DNA mutations in blood cancers and other diseases will promote segmental growth. In addition, the increasing prevalence of hematologic malignancies of the lymph nodes, bone marrow, and blood in the region will increase the demand for blood tests, which is expected to drive the Latin American molecular diagnostics market growth.
The increasing cost of disease diagnostics and the lack of a uniform regulatory framework could hamper the growth of the molecular diagnostics market in Latin America during the forecast period.
Impact of COVID-19 on the Latin American molecular diagnostics market:
With the emergence of the covid 19 pandemics around the world, the significant need for rapid and reliable diagnosis for virus detection has been a top priority, followed by the evolution from PCR to real-time PCR (RT- PCR) revolutionized DNA detection and RNA because of its advantages such as low reagent consumption, real-time method monitoring, workflow automation, and superior precision and reproducibility. Therefore, during the forecast period, the Latin American molecular diagnostics market is expected to showcase a promising growth rate.
This research report on the Latin American molecular diagnostics market has been segmented and sub-segmented into the following categories.
By-Products and Service:
Geographically, Molecular diagnostics in Latin America is likely to register a healthy CAGR during the forecast period. Factors such as national clinical labs' presence and easy availability of advanced technological instruments are expected to drive market growth. In addition, initiatives of various governments to provide favorable reimbursement policies for diagnostic devices are expected to boost the market's growth rate.
In Latin America, the Brazilian molecular diagnostics market is expected to grow at the highest CAGR during the forecast period. The growing demand for rapid and replicable diagnoses of infectious diseases for superior control of death and illness will positively contact the molecular diagnostics market. The country has an emerging and potential point-of-service molecular industry. However, since most reagents, kits, and diagnostic kits are imported from other countries, their costs increase, and they are only accessible to a limited number of users. To stimulate the development of the regional diagnostic sector, the Ministry of Health, funding agencies, and the Brazilian Development Bank (BNDES) are working together to develop regulations, thus stimulating the general molecular diagnostics sector's rapid development point of service in Brazil.
The Mexican molecular diagnostics market is predicted to be another lucrative regional market in the Latin American region during the forecast period. The rise in the demand for personalized medicine and growing blood screening for finding the differences in RNA or DNA in blood cancers pushes the market growth in Mexico. Mexico accounted for over 15% of revenue in 2019 and is expected to experience similar growth in 2027. Implementing various molecular diagnostic tests to detect genetic alterations in many cancers will drive industry size over the next few years. In addition, the introduction of cost-effective automated systems with amplification methods to successfully capitalize on market opportunities will positively impact the growth of the molecular diagnostics business in Mexico.
Factors such as government efforts to increase awareness of early disease detection and regular medical examinations; continuously increasing health expenditure; the growing number of hospitals and diagnostic laboratories in Argentina and Colombia; and strengthening the research base for diagnostic procedures in all regions are driving the growth of molecular diagnostics market in these regions.
KEY MARKET PLAYERS:
Notable companies dominating the Latin American molecular diagnostics market profiled in this report are Abbott, Agilent, Analytik Jena, Becton, Dickinson & Company, Bio-Rad Laboratories, Biocartis, Danaher, BioFire Diagnostics, BioMerieux, and Genomic Health.
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