Growing awareness about early disease diagnosis and prevention has stimulated demand for molecular diagnostics in detection of cancer and infectious disease at early stage. Molecular diagnostics has become an integral part of disease management owing to its wide applications in drug regimen selection, therapeutic monitoring, patient stratification and detection of predisposition to disease. High accuracy level coupled with reliability and efficacy will further surge the demand for molecular diagnostics thereby boosting Latin America molecular diagnostics business growth. According to the Graphical Research new growth forecast report titled Latin America Molecular Diagnostics Market Size By Application (Infectious Disease, Blood Screening, Genetic Testing, Oncology Testing), By Technology (PCR, In Situ Hybridization, Chips & Microarrays, Mass Spectrometry, Sequencing, Isothermal Amplification), Industry Analysis Report, Country Outlook (Brazil, Mexico, Argentina, Colombia, Chile, Peru), 2018 – 2024”, estimated to exceed USD 950 million by 2024.
Furthermore, technological advancement in molecular diagnostics will serve to be positive impact rendering factor in business growth. Availability of small handheld portable POCT devices used by healthcare professionals or patients will escalate the demand for point of care diagnostics. Rising incidence of lifestyle diseases such as diabetes, growing investment in R&D to develop cost effective and user-friendly POCT devices and increasing focus of industry players on new product development will stimulate molecular diagnostics market growth. However, lack of uniform regulatory framework may impede Latin America molecular diagnostics industry growth over the coming years.
Infectious disease segment accounted for more than USD 220 million in 2017 and is projected to show similar growth over the coming years. Prevalence of infectious diseases such as flu, tuberculosis, meningitis, STD, HIV, hepatitis C, hepatitis B, dengue and others is increasing in recent years. Rising awareness about early disease diagnosis and timely treatment will spur the demand for molecular diagnostics. Availability of rapid molecular tests delivering results in few hours will increase its adoption in detection of infectious disease and will fuel segmental growth during forthcoming years.
PCR segment held significant revenue share in 2017 and is expected to witness around 8.5% CAGR over the forecast period. Technological advancements in PCR including target specific PCR allowing amplification and simultaneous detection of pathogen DNA will drive business growth. Increasing usage of PCR in medical industry and diagnostic laboratories will spur segment revenue. Moreover, application of PCR in molecular diagnostics for monitoring of chronic osteomyelitis ensures accurate results. Thus aforementioned factors will foster PCR segmental growth over the analysis timeframe.
Brazil molecular diagnostics market is estimated to witness more than USD 385 million by 2024. Growing demand for robust, rapid and reproducible diagnosis of infectious diseases for better control of mortality and morbidity will positively impact Brazil molecular diagnostics business growth over the forecast period. Focus of industry players on development and distribution of affordable devices resulting in increased use of molecular diagnosis tests will propel business size. Increasing demand for cost-effective diagnosis and advanced technologies for better patient outcomes will accelerate industry growth.
Few prominent players operating in Latin America molecular diagnostics market include Abbott, Agilent, Analytik Jena, Becton, Dickinson & Company, Biocartis, BioFire Diagnostics, BioMérieux, Bio-Rad Laboratories, Danaher and Genomic Health. Industry players are undertaking numerous initiatives to gain higher market share and strengthen market position. For instance, in May 2017, company launched Alere Malaria Ag P.f assay for asymptomatic malaria infection. This strategy enabled company to enhance its existing product portfolio and capitalize on market opportunities.
Segments we cover:
Latin America Molecular Diagnostics Market, By Application
- Infectious disease
- RSV virus
- HIV market
- Hepatitis C
- Hepatitis B
- H. Pylori
- Blood screening
- Genetic testing
- Oncology testing
Latin America Molecular Diagnostics Market, By Technology
- In situ hybridization
- Chips & microarrays
- Mass spectrometry
- Isothermal amplification