The size of the Latin American protein assays market was valued at USD 0.21 Billion in 2022. It is further estimated to grow at a CAGR of 11.43% and worth USD 0.36 million by 2027.
The Latin American protein assays market is expected to be driven by the factors such as the rising government funding and efforts, increasing the incidence rate of chronic diseases, rapid technological improvements in protein assay methodologies, increasing expenditure on pharmaceutical and biological research and development.
Protein analysis and proteomics advances are likely to boost the demand for new technologies and sophisticated analytical techniques to characterize therapeutic proteins, propelling the Latin American protein assays market to significant growth during the forecast period. The Latin American protein assays market is also growing due to considerable public and private investments in proteomics research and rising spending on pharmaceutical and biotechnology research and development for the diagnosis of diseases like cancer and HIV. Early diagnosis is made more accessible by cost-effective, repeatable, and simple prognostic and diagnostic testing. In addition, assays used in disease diagnosis, medicine discovery, and development encourage biotechnology and biopharmaceutical companies to invest in research and development, moving the protein testing market ahead.
The protein assay market in the Latin American region is further predicted to grow due to favorable socio-economic and demographic factors such as urbanization, population expansion, disposable incomes, and an improvement in the standard of living. In addition, the protein assay market is predicted to reach new heights due to increased investments in commercial and government-funded research and development projects in the region and rising spending on pharmaceutical and biotechnological sector expansion.
Anticonvulsant adverse pharmaceutical reactions, a stringent regulatory environment, and unapproved bipolar treatments might impede the market's expansion during the forecast period. In addition, challenges associated with developing protein assays for various illness types could hinder the overall growth of the protein assays market in the Latin American region.
This research report on the Latin America protein assays market has been segmented and sub-segmented into the following categories.
By End User:
The Latin American protein assays market is projected to account for a considerable share of the global protein assays market. The market is boosted by the factors such as rapid technological advances in protein assay techniques, increased government funding and efforts, an increasing rate of chronic diseases, and increased expenditure on both pharmaceutical and biotechnological research and development. The countries in the region include Brazil, Mexico, Argentina, Chile, are contributing to the Latin American regional market growth.
The Brazilian protein assays market was the market leader in 2020, with Argentina in second place. The rising frequency of chronic diseases, a growing elderly population base, and more awareness drive Brazil's growth. In addition, these areas have dominated the market due to expansion in the pharmaceutical and biotechnological sectors, a strong trend of research and development in the life sciences industry, and expanding private and public partnerships for drug development.
On the other hand, the protein assays market in Argentina is predicted to grow at a significant growth rate during the forecast period due to increased research funding, expanding proteomics and genomics methodologies, and rising usage of new protein assay techniques. In addition to the rising use of dye-binding assays in disease diagnosis, the dye-binding proteins assays sector accounts for a significant market share in terms of type. However, because of their higher sensitivity and accuracy, absorbance-based protein assays dominated the market in terms of technology.
KEY MARKET PLAYERS:
A few of the notable companies operating in the Latin American proteins assays market profiled in the report are Abcam PLC., Bio-Rad Laboratories Inc., Biovision Inc., Cell Signaling Technology Inc, GE Healthcare, PerkinElmer Inc., Thermo Fisher Scientific, Geno Technology Inc., Lonza Group, Merck KGaA, and Novus Biologicals, LLC.
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