The size of the Latin American stem cell assay market is estimated to be growing at a CAGR of 20.1% during the forecast period. The market is estimated to value USD 281.64 million by 2027 from USD 112.71 million in 2022.
Stem cells can remarkably differentiate into various cell types and are involved in the body's internal repair mechanism all over Latin America.
The expanding biotechnology sector and the rising burden of diseases such as cancer, diabetes, and others are predicted to be the key drivers of market expansion throughout the forecast period.
One of the most critical aspects is stem cell assays, which evaluate living cells biochemical and cellular activity based on parameters such as shape, size, and others. Stem cell tests are commonly employed in pharmaceutical development due to these qualities.
Diabetic patients in Latin America are expected to number over 42 million in 2019. Diabetes, according to the World Health Organization, will be the seventh leading cause of death in Latin America by 2030. Moreover, higher healthcare spending and government support will boost the market during the forecast period.
An essential factor is that stem cells' real potential can only be determined after being harvested. Backdrop analysis, which gives a quantitative or qualitative evaluation of stem cells, is referred to as the retrospective approach. The Latin American stem cell assay market will benefit from advancements in embryonic and adult stem cell assays.
Constraints such as strict government laws, high procedural costs, and a lack of expertise and qualified labor would impede market expansion during the predicted period.
A scarcity of experienced professionals hamper the market's expansion to analyze stem cells, the high cost of instruments and stem cell-based therapies, and stringent intellectual property rights.
However, suppose stem cells are not developed successfully into the required adult cell type. In that case, transplanted stem cells may revert to teratoma cells, resulting in a teratoma, and transplant rejection is always a risk. As a result, the market for stem cell assays is expected to be stifled.
This research report on the Latin America Stem Cell Assay Market has been segmented and sub-segmented into the following categories.
By Assay Type:
By End User:
Geographically, the Latin America stem cell assay market accounts for a small portion of the global market and is predicted to grow due to increased awareness and rising healthcare expenditures in the region. In addition, the adoption of stem cell assay in the area and the introduction of new technologies are driving increasing demand for stem cell assay.
The regional market is expanding as demand for drug testing rises, and governmental and private research institutes conduct more research. Another factor driving the industry is the rise in chronic illnesses.
The Mexico stem cell assay market is expected to reach a healthy CAGR due to the increased government funding for research and development aids market expansion, and the growing biotechnology sector and significant patient population are driving the market in this region.
The Brazil stem cell assay market is the second-largest market in the Latin America region due to the biotechnology research and development, and the need for stem cell assay is expected to grow due to greater acceptance of new technologies and a large patient population suffering from diseases such as diabetes, cancer, and others. In addition, market growth is aided by increased healthcare spending and established economies in the region.
The Argentina stem cell assay market encourages the region's growth, as it has a well-established healthcare sector and significant healthcare expenditures.
KEY MARKET PLAYERS
Notable companies operating the Latin America Stem Cell Assay Market profiled in the report are Thermo Fisher Scientific Inc., Bio-Techne Corporation, GE Healthcare, Bio-Rad Laboratories, Inc., Stem cell Technologies Inc., Merck KGaA, Promega Corporation, Cellular Dynamics International Inc., Hemogenix, and Cell Biolabs Inc.,
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