The size of the Latin American tissue diagnostics market is forecasted to grow from USD 422.03 million in 2023. It is estimated to be growing at a CAGR of 6.8% to be worth USD 586.40 million by 2028.
Tissue-based diagnostic tests are performed to screen, diagnose, and monitor the response of cancer patients to therapy. The scope of the tissue diagnostics market includes major technologies like ISH, IHC, digital pathology and workflow, special staining, and products like instruments and consumables used to determine medical information for the diagnosis of diseases or conditions. Tissue-based diagnostics is one of the most important techniques for cancer diagnosis.
The Latin American market for tissue diagnostics is expected to be fuelled by the rising frequency of chronic diseases and the high prevalence of cancer. Also, technological advancements in healthcare are driving the Latin American tissue diagnostics market. In addition, the growing population in aging and associated lifestyles significantly influence market growth. Other factors include smoking, poor diet, physical inactivity, and fewer childbirths; tissue diagnostics obtain the disease insights and parameters that influence patient outcomes. Furthermore, according to the International Agency for Research on Cancer (IARC), the burden of cancer in Latin America is expected to rise to 21.7 million new cases and 13 million deaths by 2030. Therefore, it is estimated to accelerate market growth.
Tissues, in general, provide for individualized diagnosis and therapy. Most samples are made up of tissue fragments collected through various procedures. Small biopsies and huge specimens extracted during surgery are examples. On the other hand, rising healthcare expenditures, improving healthcare sectors, and increased knowledge of the potential benefits of diagnostics among people are projected to fuel the Latin American tissue diagnostics market during the forecast period. Furthermore, continual advancements in tissue diagnostics equipment and increased general public awareness are likely to drive growth in the LATAM tissue diagnostics market.
However, the high cost of tissue diagnostic tools is a major factor restraining the market growth. Also, a lack of understanding regarding tissue diagnostics in emerging nations and poor disposable income is projected to hinder the Latin American tissue diagnostics market during the forecast period.
This research report on the Latin American tissue diagnostics market has been segmented and sub-segmented into the following categories:
By Product Type:
The consumables segment is predicted to hold the major share of the Latin American tissue diagnostics market during the forecast period.
By Application:
The immunochemistry segment by application is expected to showcase lead in the Latin American tissue diagnostics market in the coming years.
By End User:
The hospital segment by end-use led the market in 2021.
By Disease:
By Country:
Geographically, the Latin American tissue diagnostics market is predicted to account for a substantial share of the global market over the forecast period. The market growth is attributed to the availability of well-established pharmaceutical and biotechnology industries, increasing healthcare spending, and favorable reimbursement policies. Furthermore, continuous improvements in tissue diagnostics equipment and public health awareness are more likely to accelerate market growth.
The Brazilian tissue diagnostics market accounted for the largest share of the LATAM market in 2021 and is expected to grow rapidly during the forecast period. Advanced technologies, government initiatives for cancer screening, favorable reimbursement scenarios for pathology diagnostic tests, and high-quality infrastructure for hospitals and clinical laboratories propel market growth. In addition, an increase in the number of research activities, the existence of significant medical diagnostics firms, and the number of cancer patients further contribute to the market growth.
The Mexican tissue diagnostics market is projected to expand at a healthy CAGR during the forecast period in this region. The surge in patients suffering from chronic diseases and increased government initiatives to enhance healthcare facilities and key market strategies boost the market growth.
KEY MARKET PLAYERS:
Companies playing a vital role in the Latin American tissue diagnostics market profiled in this report are F. Hoffmann-La Roche AG, Sigma-Aldrich Co. LLC, Abbott Laboratories, Agilent Technologies, BioGenex, Danaher Corporation, Cell Signaling Technology, and Ventana Medical Systems.
Frequently Asked Questions
The Latin America tissue diagnostics market is expected to register a CAGR of 6.8% from 2022 to 2027.
Roche Diagnostics, Abbott Laboratories, Thermo Fisher Scientific, Danaher Corporation, and Agilent Technologies are some of the notable companies in the Latin American tissue diagnostics market.
The growing use of advanced technologies such as digital pathology and next-generation sequencing, the increasing adoption of personalized medicine and targeted therapies, and the rising demand for non-invasive diagnostic techniques are some of the on-going trends in the Latin American tissue diagnostics market.
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