At 5.6% CAGR, the South & Central America Anatomic Pathology Market is Projected to be Worth US$ 1,661.29 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the South & Central America anatomic pathology market was valued at US$ 1,072.82 in 2023 and is expected to reach US$ 1,661.29 million by 2031, registering a CAGR of 5.6% from 2023 to 2031. Growing focus on personalized medicines and rise in number of strategic initiatives are among the critical factors attributed to the South & Central America anatomic pathology market expansion.

Personalized medicines are mainly designed by considering individuals' genetic profiles to guide the decisions made with respect to the prevention, diagnosis, and treatment of a disease. They provide an opportunity for drug manufacturers to develop agents that target patient groups that do not respond to medications as intended or for them who do not respond as expected to traditional healthcare practices. There is much evidence indicating that a substantial portion of the variability in drug response depends on factors that are genetically controlled, including age, nutrition, environmental exposure, and health status. Genomics plays an important role in the emergence of personalized medicines, as having the knowledge of a patient's genetic profile would help doctors in selecting an apt medication. Personalized medicines are helpful in improving healthcare by enabling each patient to receive earlier diagnoses, risk assessments, and optimal treatments.

Pathologists play an important role in developing and implementing molecular and genomic tests in practice. Personalized medicines are used in the treatment of diseases such as breast cancer and cardiovascular diseases. Personalized anticancer medicines exhibit fewer and less severe side effects than other types of treatment as they are designed for more specific action. Further, with the ongoing progress in research and clinical studies, personalized medicines are likely to reach even greater potential to improve the quality of patient care. Thus, the growing focus on personalized medicines is expected to boost the anatomic pathology market growth.

On the contrary, lack of skilled professionals hampers the growth of South & Central America anatomic pathology market.

Based on product and services, the South & Central America anatomic pathology market is segmented into services, instruments, and consumables. The instruments segment held 42.3% share of the South & Central America anatomic pathology market in 2023, amassing US$ 453.63 million. It is projected to garner US$ 660.19 million by 2031 to expand at 4.8% CAGR during 2023–2031. The services segment is further sub segmented into histopathology and cytopathology. The instruments segment is further sub segmented into microtomes and cryostat, automatic stainer's, tissue processors, and others.

By application, the South & Central America anatomic pathology market is segmented into disease diagnosis, drug discovery and development and others. The disease diagnosis segment held 63.7% share of the South & Central America anatomic pathology market in 2023, amassing US$ 683.09 million. It is projected to garner US$ 1,089.34 million by 2031 to expand at 6.0% CAGR during 2023–2031.

By end user, the South & Central America anatomic pathology market is segmented into hospitals, research laboratories, diagnostic laboratories, and others. The hospitals segment held 37.2% share of the South & Central America anatomic pathology market in 2023, amassing US$ 399.30 million. It is projected to garner US$ 631.44 million by 2031 to expand at 5.9% CAGR during 2023–2031.

Based on country, the South & Central America anatomic pathology market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 56.6% share of South & Central America anatomic pathology market in 2023, amassing US$ 606.85 million. It is projected to garner US$ 955.27 million by 2031 to expand at 5.8% CAGR during 2023–2031.

Key players operating in the South & Central America anatomic pathology market are F. Hoffmann-La Roche Ltd, Beckman Coulter Inc, Hologic Inc, Diapath S.p.A., Bio SB, Merck KGaA, and PHC Holdings Corporation, among others.

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