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Latin America Molecular Diagnostics Market Projected to Reach $2.50 Billion by 2031: Meticulous Research® Report Unveils Exclusive Insights
The report forecasts that the Latin America molecular diagnostics market will soar to a valuation of $2.50 billion by 2031, exhibiting a robust CAGR of 6.3% from 2024 to 2031. Molecular diagnostics play a pivotal role in detecting targeted genetic material in human, viral, and bacterial genomes, aiding in the diagnosis of various diseases ranging from infectious diseases to oncology and clinical genetics.
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Key drivers propelling the growth of the Latin America molecular diagnostics market include the burgeoning global geriatric population, escalating prevalence of communicable and non-communicable diseases, technological advancements in molecular diagnostics, and increased healthcare expenditures. Furthermore, burgeoning opportunities in emerging economies, a heightened focus on companion diagnostics, and the burgeoning popularity of direct-to-consumer (DTC) genetic testing are poised to fuel market expansion. However, challenges such as a shortage of skilled professionals, unfavorable regulatory frameworks, and the high costs of molecular diagnostic tests pose hurdles to market growth.
The report offers an extensive assessment of leading market players' product portfolios, geographic analysis, and key growth strategies implemented in the past three to four years. Notable players profiled in the report include 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.), and Agilent Technologies, Inc. (U.S.).
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In an interconnected world where diseases transcend borders, the prevalence of infectious diseases is on the rise, influenced by evolving lifestyles. For instance:
The World Health Organization (WHO) estimated a staggering 374 million new cases of sexually transmitted infections (STIs) globally in 2020.
In Mexico, the incidence of hospital-acquired infections (HAIs) witnessed a sharp increase, with reported cases soaring to 40,128 in 2021, compared to 18,038 in 2020.
Brazil recorded 37 new cases of tuberculosis per 100,000 population in 2021, with a tuberculosis mortality rate of 2.2 per 100,000 population.
The estimated HIV infection incidence rate in Brazil stood at 14 per 100,000 population in 2020.
These instances, coupled with the COVID-19 pandemic, have spurred demand for molecular diagnostic products. Noteworthy initiatives such as investments in new laboratory infrastructure and expedited regulatory measures have been undertaken to ramp up COVID-19 testing in Brazil and Mexico, underscoring the pivotal role of molecular diagnostics in disease management.
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Segmentation and Market Dynamics
The Latin America molecular diagnostics market is segmented based on Offering, Test Type, Technology, Application, and End User. Notable trends include:
Offering: The reagents & kits segment is anticipated to dominate the market in 2024, driven by the commercial availability of a diverse range of diagnostic reagents & consumables and growing awareness regarding early disease diagnosis.
Test Type: Laboratory tests are poised to capture the largest market share in 2024, owing to their higher accuracy, reliability, and widespread availability in hospitals and healthcare institutions.
Technology: The polymerase chain reaction (PCR) segment is expected to lead the market in 2024, attributed to its myriad benefits such as multi-drug resistance testing and quantitative analysis of viral load.
Application: Infectious diseases are projected to hold the largest market share in 2024, facilitated by rapid test results and sensitivity in disease detection.
End User: Hospitals & clinics are anticipated to command the largest market share in 2024, driven by increased hospitalizations and the proliferation of healthcare facilities in emerging economies.
Regional Outlook
In 2024, Brazil is forecasted to dominate the Latin America molecular diagnostics market, owing to factors such as the rising prevalence of communicable & non-communicable diseases and concerted efforts by public and private entities to bolster diagnostic capabilities.
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