Meticulous Research®—a leading market research company, published a research report titled, 'Latin America Molecular Diagnostics Market by Offering (Reagents, Kits, Systems, Software, Services), Test Type (Lab, PoC), Technology (PCR, ISH, INAAT, Sequencing, Microarray), Application (HIV, Influenza, HPV, Oncology), End User - Forecast to 2031’
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According to this latest publication from Meticulous Research®, the Latin America molecular diagnostics market is projected to reach $2.50 billion by 2031, at a CAGR of 6.3% from 2024 to 2031. The growth of the Latin America molecular diagnostics market is driven by several factors, including the rising global geriatric population, increasing prevalence of communicable & noncommunicable diseases, technological advancements in molecular diagnostics, and rising healthcare expenditures. Factors such as growing scope in emerging economies, increasing focus on companion diagnostics, and the rising popularity of direct-to-consumer (DTC) testing are a few opportunities that would help grow the market in the future. A shortage of skilled professionals could be considered a challenge for the Latin America molecular diagnostics market. However, unfavorable regulatory frameworks and high costs of molecular diagnostic tests restrain the growth of the market.
Key Players:
The key players profiled in the Latin America molecular diagnostics market report are Bio-Manguinhos (Brazil), F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Hologic, Inc. (U.S.), Illumina, Inc. (U.S.), OmicronLab (Mexico), QIAGEN N.V. (Netherlands), Danaher Corporation (U.S.), Abbott Laboratories (U.S), Agilent Technologies, Inc. (U.S.).
The Latin America molecular diagnostics market is segmented by Offering (Kits & Reagents, Instruments, Software & Services), Test Type (Laboratory Tests and Point-of-Care (POC) Tests), Technology (Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Microarrays, Sequencing, Mass Spectrometry, and Other Technologies), Application (Infectious Diseases [Respiratory Diseases, Hepatitis, HIV, Chlamydia Trachomatis/Neisseria Gonorrhoeae, Human Papillomavirus (HPV), Healthcare-Associated Infections (HAIs), and Other Infectious Diseases], Oncology [Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma, Leukemia, Cervical Cancer, and Other Cancer Types], Genetic Testing, Neurological Diseases, Cardiovascular Diseases, and Other Applications), End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, and Other End Users). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Among offerings, in 2024, the kits and reagents segment is expected to account for the largest share of the market. The large share of the segment is attributed to the commercial availability of a diverse range of diagnostic reagents & consumables, the availability of diseases-specific test kits & assays, and the growing awareness regarding early disease diagnosis.
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Among test types, in 2024, the laboratory test segment is expected to account for the largest share of the market. The large share of the segment is attributed to the large number of laboratory tests available in hospitals, laboratories, and academic & research institutes and also preferred tests by the patients. Additionally, the majority of developments are being done using laboratory tests.
Among technologies, in 2024, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the market. The large share of the segment is attributed to benefits, such as the ability to test multi-drug resistance, its use in several laboratories and clinical techniques, including DNA fingerprinting, detection of bacteria or viruses (particularly AIDS), and diagnosis of genetic disorders.
Among applications, in 2024, the infectious diseases segment is expected to account for the largest share of the market. The large share of the segment is attributed to the rising prevalence of infectious diseases, the increase in funding for the development of new infectious disease diagnostic tools, and the emergence of the COVID-19 pandemic.
Among end users, the hospitals & clinics segment is expected to account for the largest share of the market in 2024. The large share of the segment is attributed to the increased number of hospitalizations due to various diseases requiring molecular diagnosis and the proliferation of hospitals and clinics in emerging countries like Brazil, Chile, Colombia, and Mexico, among others, leading to the growth in the utilization of molecular diagnostic products.
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Key questions answered in the report:
• Which are the high-growth market segments in terms of molecular diagnostics by offering, test type, technology, application, end user, and geography?
• What was the historical market for molecular diagnostics across Latin America?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, opportunities, and challenges in the Latin America molecular diagnostics market?
• Who are the major players in the Latin America molecular diagnostics market?
• What is the competitive landscape, and who are the market leaders in the Latin America molecular diagnostics market?
• What are the recent developments in the Latin America molecular diagnostics market?
• What are the different strategies adopted by the major players in the Latin America molecular diagnostics market?
• What are the geographical trends and high-growth regions/countries?
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