At 10.3% CAGR, the South & Central America Molecular Diagnostics Market is Projected to be Worth US$ 2,679.14 Million by 2030, says The Business Market Insights

According to the Business Market Insights’ research, the South & Central America molecular diagnostics market was valued at US$ 1,221.28 million in 2022 and is expected to reach US$ 2,679.14 million by 2030, registering a CAGR of 10.3% from 2022 to 2030. Development of new products and increase in demand for point-of-care testing and surging prevalence of associated diseases are the critical factors attributed to the South & Central America molecular diagnostics market expansion.                     

With progress in high-throughput techniques, genome research has become more convenient and cost effective. Molecular diagnostics is becoming increasingly indispensable in clinical laboratories as these kits and tests provide rapid detection results as opposed to the conventional tests, which also involved culturing microbes in laboratory conditions in some cases. Using precision medicine, medical treatments and interventions are tailored to each patient based on their unique genetic makeup, lifestyle, and environment. Molecular diagnostics plays an important role in this approach, as it enables the identification of specific biomarkers, genetic mutations, and gene expression patterns that impact decision-making related to the treatment of patients. Drug development has become increasingly dependent on molecular diagnostics. A wide range of molecular imaging techniques are used in screening, detecting, diagnosing, treating, and assessing heterogeneity; making progression plans; examining molecular characteristics; and monitoring patient outcomes. In addition, molecular imaging can aid in the detection of tiny tumors and assessment of their activities, contributing significantly to the development and expansion of personalized medicine, research, clinical trials, and medical practice in oncology. A high-throughput genotyping platform can be used to detect genetic aberrations in clinical samples, and next-generation sequencing can be used to identify all types of cancer-causing changes. The introduction of these techniques into clinical practice would enable the identification of molecular targets in each patient, along with facilitating the tracking of the molecular progression of diseases. With these approaches, cancer patients will be able to receive personalized medicine. Thus, with technology ever evolving, the market for molecular diagnostics seems to have a bright future.

On the contrary, limitations associated with molecular testing hurdles the growth of South & Central America molecular diagnostics market.

Based on disease area, the South & Central America molecular diagnostics market is segmented into infectious disease, oncology, genetic testing, cardiac diseases, immune system disorders, and others. The infectious disease segment held 41.7% share of South & Central America molecular diagnostics market in 2022, amassing US$ 509.30 million. It is projected to garner US$ 1,132.77 million by 2030 to expand at 10.5% CAGR during 2022–2030.

Based on technology, the South & Central America molecular diagnostics market is segmented into polymerase chain reaction (PCR), in situ hybridization, isothermal nucleic acid amplification technology (INAAT), DNA sequencing and next-generation sequencing (NGS), DNA microarrays, and others. The polymerase chain reaction (PCR) segment held 47.3% share of South & Central America molecular diagnostics market in 2022, amassing US$ 578.01 million. It is projected to garner US$ 1,306.50 million by 2030 to expand at 10.7% CAGR during 2022–2030. The polymerase chain reaction (PCR) is further sub segmented into RT-PCR, qPCR, multiplex PCR, and others.

Based on product and services, the South & Central America molecular diagnostics market is segmented into assays and kits, instruments, and services and software. The assays and kits segment held 64.3% share of South & Central America molecular diagnostics market in 2022, amassing US$ 785.24 million. It is projected to garner US$ 1,782.55 million by 2030 to expand at 10.8% CAGR during 2022–2030.

Based on end users, the South & Central America molecular diagnostics market is segmented into diagnostic laboratories, hospitals and clinics, research and academic institutes, and others. The diagnostic laboratories segment held 38.8% share of South & Central America molecular diagnostics market in 2022, amassing US$ 473.94 million. It is projected to garner US$ 1,068.04 million by 2030 to expand at 10.7% CAGR during 2022–2030. 

 Based on country, the South & Central America molecular diagnostics market has been categorized into Brazil, Argentina, and the Rest of South & Central America.  Our regional analysis states that Brazil captured 59.6% share of South & Central America molecular diagnostics market in 2022. It was assessed at US$ 728.11 million in 2022 and is likely to hit US$ 1,619.93 million by 2030, exhibiting a CAGR of 10.5% during 2022–2030.      

Key players operating in the South & Central America molecular diagnostics market are Abbott Laboratories, bioMerieux SA, Danaher, F. Hoffmann-La Roche Ltd, Illumina Inc, Novartis AG, Qiagen NV, Siemens Healthineers AG, and Thermo Fisher Scientific Inc, among others.   

• In July 2023, Thermo Fisher launched new software for molecular diagnostics labs. This software helps in streamlining routine diagnostics testing for standardization and rapid time-to-results. It can enhance the potential of a lab to dynamically respond to quickly changing testing environments by connecting workflow steps within a single interface.  
• In Nov 2021, Thermo Fisher Scientific Inc., the world leader in serving science, has innovative proteomics solutions and a series of co-marketing agreements with industry experts, advancing the throughput, comprehensiveness, and quality of proteomics workflows for applications such as single-cell studies and translational research.

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