
South & Central America Genetic Testing Services Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 186 | Report Code: BMIRE00030244 | Category: Life Sciences
No. of Pages: 186 | Report Code: BMIRE00030244 | Category: Life Sciences
The South & Central America genetic testing services market size is expected to reach US$ 515.91 million by 2031 from US$ 186.42 million in 2023. The market is estimated to record a CAGR of 13.6% from 2023 to 2031.
The genetic testing services market in South America is growing, driven by advancements in healthcare infrastructure, increasing awareness of genetic disorders, and rising demand for personalized medicine. Countries like Brazil, Argentina, and Chile are experiencing an uptick in genetic testing for applications such as cancer detection, prenatal screening, and rare genetic diseases. The market benefits from a growing focus on improving healthcare services and expanding access to advanced diagnostic tools. Additionally, government initiatives supporting genomic research and increasing healthcare investments are expected to further boost the adoption of genetic testing in the region, fueling its growth in the coming years.
South & Central America Genetic Testing Services Market Strategic Insights
South & Central America Genetic Testing Services Market Segmentation Analysis
Key segments that contributed to the derivation of the genetic testing services market analysis are type, disease, and service provider
Emerging countries such as China, India, Brazil, UAE, and Mexico offer significant growth opportunities to market players. The high growth can majorly be attributed to the increasing public healthcare expenditure, improving healthcare infrastructure, and the presence of a large target patient population. The need for genetic testing has also increased owing to a rise in awareness of genetic disorders in developing economies and their early diagnosis.
The ease and applicability of genetic testing procedures have benefitted R&D activities in developing regions worldwide. Major market players are focusing on strategies and initiatives, such as agreements, collaborations, partnerships, and expansions, to improve their product availability, accessibility, and distribution networks in these countries, as it will help them address the growing need for early diagnosis and treatment. For instance, in 2024, MGI Tech finalized an agreement with Sabin Group to enhance personalized medicine in Brazil through oncological and germline genomics. In the same year, PlexBio Co., Ltd., a leading provider of multiplex diagnostic solutions, announced a strategic partnership with Biomedica Equipamentos e Suprimentos Hospitalares Ltda. (Biomédica Brazil). This collaboration will introduce PlexBio's patented πCode detection platform and its molecular diagnostic products for cancer gene mutation testing to medical centers and diagnostic institutions throughout Brazil via Biomédica Brazil's distribution network. This milestone will significantly enhance the accessibility of cancer genetic testing in Brazil and represents an important advancement in promoting precision medicine in emerging markets. Also, in 2022, in an effort to advance personalized healthcare throughout Latin America, Nordic Group, a leader in nutrigenomics, has partnered with a Mexican laboratory to manage its DNAlife genetic testing platform. Through the partnership, Vitage Lab will oversee the nationwide training of medical professionals in the usage of Nordic Group's DNAlife genetic testing platform and distribute it. In 2019, GENOMIKA, one of the leading genetic testing laboratories in Brazil, reached an agreement with Veritas to incorporate Whole Genome Sequencing and all the services associated with these tests in the field of preventive medicine and clinical genetics into its portfolio. In addition, rising consumer awareness regarding DTC genetic tests in developing economies offers growth opportunities to the DTC industry.
Therefore, emerging markets in developing countries are expected to offer significant opportunities to the players operating in the market and boost the market growth during the forecast period.
Based on country, the South & Central America genetic testing services market comprises Brazil, Argentina, and the Rest of South & Central America. Brazil held the largest share in 2023.
The rising prevalence of genetic disease, along with chronic illness, is the primary factor driving the growth of the genetic testing market in Brazil. As per a study titled "Medical genetics workforce in Brazil: practitioners, services, and disease distribution," published in 2021, in 2019–2020, ~53,746 live births were with rare genetic diseases, and 498 live births were with a hereditary cancer syndrome in Brazil. Similarly, as per a study titled "The Brazilian Rare Genomes Project," published in May 2022, 13.2 million individuals were affected by rare diseases in Brazil. In addition, the growing demand for personalized medicines and genetic testing to detect and treat such conditions fuels the market. The introduction of technology in disease diagnosis, the focus of industry players in developing new molecular diagnostic techniques to provide faster results with high accuracy, and strategic initiatives by the manufacturers will favor the growth of the market. In 2019, GENOMIKA, one of the leading genetic testing laboratories in Brazil, reached an agreement with Veritas to incorporate Whole Genome Sequencing and all the services associated with these tests in the field of preventive medicine and clinical genetics into its portfolio.
South & Central America Genetic Testing Services Market Report Highlights
Report Attribute
Details
Market size in 2023
US$ 186.42 Million
Market Size by 2031
US$ 515.91 Million
Global CAGR (2023 - 2031)
13.6%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Service Type
By Disease
By Service Provider
Regions and Countries Covered
South and Central America
Market leaders and key company profiles
South & Central America Genetic Testing Services Market Company Profiles
Some of the key players operating in the market include Eurofins Scientific SE, Exact Sciences Corp, Laboratory Corp of America Holdings, 23andMe Holding Co, Ambry Genetics Corp, Quest Diagnostics Inc, Illumina Inc, F. Hoffmann-La Roche Ltd, NeoGenomics Inc, Centogene NV, Ancestry Genomics Inc, Gene By Gene Ltd, SIVOTEC BioInformatics LLC, Progenesis, Fulgent Genetics, Inc, VERITAS INTERCONTINENTAL, and GeneDx, LLC among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
Business Market Insights’ conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The South & Central America Genetic Testing Services Market is valued at US$ 186.42 Million in 2023, it is projected to reach US$ 515.91 Million by 2031.
As per our report South & Central America Genetic Testing Services Market, the market size is valued at US$ 186.42 Million in 2023, projecting it to reach US$ 515.91 Million by 2031. This translates to a CAGR of approximately 13.6% during the forecast period.
The South & Central America Genetic Testing Services Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Genetic Testing Services Market report:
The South & Central America Genetic Testing Services Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Genetic Testing Services Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Genetic Testing Services Market value chain can benefit from the information contained in a comprehensive market report.