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’
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.
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A shortage of skilled professionals could be considered a challenge for the Latin America molecular diagnostics market. However, unfavourable regulatory frameworks and high costs of molecular diagnostic tests restrain the growth of the market.
The healthcare landscape is constantly changing due to innovations in medical technologies. In recent years, companies have been focused on developing advanced diagnostic kits that can yield faster results than traditional kits. These advanced kits allow healthcare providers and caregivers to make crucial medical decisions promptly. Several companies have been developing ultra-fast PCR kits to minimize the time required to generate test results.
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For instance, in June 2021, Thermo Fisher Scientific, Inc. (U.S.) developed the innovative and portable Accula SARS-CoV-2 Test offering gold-standard Reverse Transcription Polymerase Chain Reaction (RT-PCR) detection of SARS-CoV-2 in a point-of-care format. The test delivers results in 30 minutes, whereas the conventional RT-PCR method takes around 2-3 days to produce results. The product uses a cartridge (lateral flow technology) that can be directly used to analyze samples, unlike conventional RT PCR tests, where nucleic acid extraction takes a significant amount of time.
Integrating digital technologies in clinical and ambulatory settings helps improve doctors’ and physicians’ ability to reach an initial diagnosis. Also, the digitalization of diagnostic services helps document and analyze patient data and test results, which minimizes human error and makes treatment and care pathways more consistent. Hence, an increasing number of patients’ medical histories instantly.
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Key Findings of the Latin America Molecular Diagnostics Market Study:
The Reagents & Kits Segment is Expected to Account for the Largest Share of the Market in 2024
Among offerings, in 2024, the reagents & kits segment is expected to account for the largest share of the market. Molecular diagnostic kits are widely used by healthcare professionals in hospitals, clinics, and diagnostic laboratories to diagnose and manage various communicable & non-communicable diseases. Recurrent use of assays & kits in the detection of various diseases through molecular diagnostics, rise in product approvals, and technological advancements in molecular techniques contribute to the large market share of this segment.
The Laboratory Tests Segment is Expected to Account for the Largest Share of the Market in 2024
Among test types, in 2024, the laboratory tests segment is expected to account for the largest share of the market. Lab tests are traditionally used in hospitals and diagnostic centers and are widely accepted. The sample is taken from the patient and sent to the laboratory for processing and testing, where the technicians conduct the processing and testing and create a report for the clinician. The laboratory testing approach for molecular diagnostics has many advantages over other approaches. It has higher accuracy and reliability when compared to point-of-care testing, owing to which the adoption of molecular diagnostics in the lab is more compared to PoC tests.
The Polymerase Chain Reaction (PCR) Segment is Expected to Account for the Largest Share of the Market in 2024
Among technologies, in 2024, the polymerase chain reaction (PCR) segment is expected to account for the largest share of the molecular diagnostics market in Latin America. PCR allows rapid amplification of a specific segment of DNA. This technology is sensitive and thus helps in the diagnosis of diseases. It is effective for low-number targets and less expensive than other technologies, such as sequencing. Hence, the huge demand for PCR devices further contributes to the segment’s largest share.
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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.).
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