March 09, 2020
As per the report titled ‘Latin America Molecular Diagnostics Market Size By Application, Technology, Industry Analysis Report, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, Latin America molecular diagnostics market is projected to surpass USD 950 million by the year 2024.
Growing awareness towards early disease detection and prevention is fueling the growth of Latin America molecular diagnostics market. Increasing product demand for the early diagnosis of cancer and infectious diseases, coupled with wide application of molecular diagnostics in drug regiment selection, patient stratification, therapeutic monitoring, and susceptibility determination is augmenting the product demand. High accuracy, reliability, and efficacy are key vitals encouraging the adoption of molecular diagnostics across Latin America.
Growing availability of portable point of care testing (POCT) devices, coupled with increasing cases of lifestyle diseases such as diabetes, and inflowing investments for R&D of advanced POCT devices will foster Latin America molecular diagnostics market growth during the forecast period. On the other hand, lack of uniform regulatory framework across the region may hamper the market expansion in the coming years.
Speaking of the application scope, infectious disease segment amassed USD 220 million in 2017 and is anticipated to show similar growth trends over the forecast timeline. Rising prevalence of infectious diseases such as tuberculosis, flu, meningitis, HIV, STD, hepatitis B, hepatitis C, and dengue are bolstering the demand for molecular diagnostics. Growing availability of quick molecular tests which deliver results in short durations will further boost the adoption of molecular diagnostic for detection of infectious diseases.
Based on the technology, PCR segment of Latin America molecular diagnostics market is projected to grow with a CAGR of 8.5% through 2024. Advancements in technology such as development of target specific PCR which is capable of amplifying and simultaneously detecting pathogen DNA, is indicating a higher adoption of technology across medical industry and diagnostic laboratories. In addition, high accuracy of these systems in monitoring chronic osteomyelitis will also stimulate the segment growth in the coming years.
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Considering the regional landscape, Latin America molecular diagnostics market is divided into Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others. The report cites that Brazil molecular diagnostics market is presumed to accrue USD 385 million by the end of 2024. Rising demand for effective and fast diagnosis of infectious diseases to reduce mortality across the region is rendering a positive impact on the regional business landscape. Emergence of cost-effective diagnosis and advanced solutions will further enhance the demand for molecular diagnostics across Latin America.
Prominent players of Latin America molecular diagnostics market are Abbott, BioFire Diagnostics, Analytik Jena, Agilent, Becton, Biocartis, Dickinson & Company, Bio-Rad Laboratories, BioMérieux, Genomic Health, and Danaher.
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