The size of the Latin America Next Generation Sequencing Market is anticipated to grow at a CAGR of 19.06% from 2022 to 2027 and value USD 0.7 Billion by 2027.
Next-generation sequencing (NGS) is the term used to refer to several different modern sequencing techniques, often known as high-throughput sequencing. These techniques allow sequencing of DNA and RNA much faster and cheaper than commonly used Sanger sequencing, revolutionizing genomics and molecular biology research.
In healthcare markets, Latin America is a priority. This region has experienced its highest economic growth in the last four decades. Economics took nearly a quarter of the region's total population to middle-class status, with about 70% residing in Brazil, Mexico, and Argentina. Economic development has transformed into investment in the healthcare systems of this region, which in terms of expenditure on high-end biotechnology resources for clinical research and diagnostics, has increased emphasis. Genomics studies Latin America's product cycle with next-generation sequencing technology is in its exponential stage, and market growth is higher than global investment in science and technology relative to S&T spending as a relative percentage of GDP.
Factors such as Y-O-Y growth in personalized medicine, development of pre-sequencing and NGS bioinformatics solutions, cloud computing enhanced NGS application, population growth, and increased incidences of contagious diseases are majorly promoting the growth rate of the Latin American NGS market growth. However, projected declines in genome sequencing prices due to the development by key players of quick, high-capacity whole genome sequencers are expected to impact market penetration levels over the next few years positively.
One of the challenges facing Latin America's next-generation sequencing market is the processing and managing data generated by sequencing and its analysis, high quality of government grants and funding, and reduced capital expenditure from academic institutions.
This research report on the Latin American NGS Market has been segmented and sub-segmented into the following categories:
Regionally, the Latin American NGS market is anticipated to account for a substantial share in the global next-generation sequencing market during the forecast period. Due to the rise in investments in diagnostic research and development in Latin America, there is ample scope for the market to grow during the forecast period. In addition, the countries are focused on providing personalized treatment and therapies to the people with the use of technologies like NGS, data analytics. Moreover, the presence of advancing emerging countries such as Brazil and Mexico are expanding the market growth. In addition, economic development has resulted in increased investment in the healthcare systems of these countries, which has resulted in a greater focus on high-end biotechnology instrument spending for diagnostics and clinical research.
The Brazilian NGS market is anticipated to showcase a prominent share in the Next-generation sequencing market. Increasing preference for personalized medicine and the emergence of cloud computing as a potential data management service is projected to fuel the market growth. On the other hand, increasing incidence of cancer and declining costs of genome sequencing are further expected to upsurge the market growth.
Similarly, the Mexican NGS market is most likely to showcase a promising CAGR during the forecast period due to domestic companies' presence, increasing healthcare expenditure, a growing number of sequencing procedures, and the launch of easy-to-use consumables.
KEY MARKET PLAYERS:
Companies such as Illumina Incorporated, Thermo Fischer Scientific, Life Sciences (Roche), Pacific Biosciences, Life Technologies Corp. (Thermo Fischer Scientific), Macrogen Inc, Partek Inc., Genomatix Software GmbH, Perkin Elmer Inc., GATC Biotech Ag, Agilent Technologies Inc., Biomatters Ltd., CLC Bio (Qiagen), BGI (Beijing Genomics Institute), Oxford Nanopore Technologies Ltd., DNASTAR Inc., Knome Inc., and Qiagen N.V. are a few of the promising companies operating in the Latin American NGS market.
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