The size of the Preclinical in-vivo imaging market in Latin America has been estimated at USD 34.03 Million in 2022. It is projected to reach USD 45.53 Million by 2027, at a CAGR of 6.00% during the forecast period from 2022 to 2027.
Technological advancements in imaging modalities, rising demand for non-invasive small animal imaging techniques, increased preclinical research funding by private and public organizations, and increasing prevalence of chronic diseases are majorly driving the Latin America preclinical in-vivo imaging market. One of the other primary factors driving the market is the rising prevalence of chronic diseases such as cancer, cardiovascular disease, rheumatoid arthritis, neurological disorders, and other diseases.
Cancer is the second biggest cause of death in Latin America, accounting for 9.6 million deaths in 2018, with cancer accounting for nearly one out of every six deaths in the region. In addition, low and middle-income nations account for over 70% of cancer mortality. According to the World Health Organization, 17.9 million people die from cardiovascular illnesses, with Latin America accounting for 31% of all deaths.
Emerging technologies such as photoacoustic tomography and confocal laser endomicroscopy allow for identifying vital and highly specific biomarker data for cancer, immunology, and neurology strategies. These methods are predicted to improve preclinical and translational research dramatically. Therefore, technological breakthroughs in imaging, which are projected to drive the industry, are essential.
However, the market is projected to be hampered by preclinical imaging modalities' high installation and operational costs. Adoption rates in academic institutions are lower due to the product's high price. Furthermore, the market is hampered by the rigorous restrictions placed on animal testing due to rules enacted by organizations that safeguard animal rights. Furthermore, standalone systems' technological and operational constraints pose a significant hurdle for participants in the Latin American preclinical imaging market.
This research report on the Latin America preclinical in-vivo imaging market has been segmented and sub-segmented into the following categories:
Regionally, the rising adoption of multi-modality imaging systems in preclinical research studies and the growing number of CROs in emerging markets like Brazil attract companies to invest in the Latin American region. In addition, the preclinical imaging market in Latin America is expanding as a result of a variety of factors, including technological breakthroughs in the field of molecular imaging and increased market demand for non-invasive small animal imaging techniques, and an increase in the number of public-private initiatives and funding to support preclinical research.
Brazil, followed by Mexico, is predicted to dominate the Latin American market during the forecast period.
KEY MARKET PLAYERS:
Companies playing a notable role in the Latin American Preclinical in-vivo imaging market profiled in this report are Aspect Imaging, Biospace Lab S.A., Bruker Corporation, LI-COR Biosciences, Mediso Ltd., MILabs B.V., MR Solutions Ltd, PerkinElmer, Inc., TriFoil Imaging, and FUJIFILM VisualSonics, Inc.
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