LATAM Genomics Market Overview
Lower sequencing costs, clear industrial policies, and increased investments in the pharmaceutical sector are the factors driving the LATAM Genomics Market. The LATAM genomics market was valued at $1,364.2m in 2017 and is forecast to reach $2,863.2m by 2025, growing at a CAGR of 9.61% during the forecast period 2017–2025. The market for genomics in Brazil was valued at $614.9m in 2017 and is estimated to increase by 49% by 2025. The growth is majorly attributable to the growth of the healthcare industry and increased demand for personalized medicines in the country.
LATAM Genomics Market Outlook
Genomics is an area that is concerned with the sequencing and analysis of an organism’s genome. It involves the study of genes at a molecular level. Genomics involves the determination of complete DNA sequences and genetic mapping to help understand diseases. It uses a computer aided technology to study the structure and function of the entire genome of an organism. Genomics is related to the mapping and sequencing of genes on a chromosome. The genomics techniques are highly powerful, accurate, efficient, and effective in solving complex genetic problems by analyzing the gene sequence.
Genomics is widely used in healthcare, agriculture, biotechnology, and diagnostics. In the healthcare sector, genomics is used for the development of vaccines and drugs. It plays an important role in the diagnosis of various genetic disorders and has a broad scope in personalized medicine as it can suggest a medical treatment based on the genetic make-up of a person. It is also used in synthetic biology and bioengineering. Genomics in agriculture is used for plant breeding and to improve crop yield. The understanding of gene function and the availability of genomic maps along with a better understanding of genetic variation will aid plant breeders to identify the traits and then manipulate those traits to obtain a higher yield.
This report provides an in-depth analysis of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis, and so on, to gauge the impact forces and potential opportunities for the LATAM Genomics market.
LATAM Genomics Market Growth Drivers
Hospitals and health insurance companies provide genomics testing for patients. Increasing demand for personalized medicines, innovations and developments in technology, and lower cost and time-saving techniques in DNA sequencing are expected to further drive this market. High incidences of lifestyle diseases such as diabetes and cancer coupled with the close attention given by many large and recognized corporates, especially from the healthcare and life sciences industry, are driving the genomics market in Latin America.
LATAM Genomics Market Challenges
A major challenge for the LATAM genomics market is the non-availability of genomic data. Research organizations and academic centers have to depend on studies based on worldwide populations that have a different genetic makeup compared to the Latin American population.
The lack developments in biotechnology and information technology in many countries is also of concern.
The lack of market incentives for the global pharmaceutical industry to pursue genomics-based research.
While the cost of sequencing a genome has come down rapidly in the past few years, the technology is still expensive to use.
LATAM Genomics Market Research Scope
The base year of the study is 2016, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the LATAM Genomics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of products and services in the LATAM genomics market, and their specific applications.
LATAM Genomics Market Report: Industry Coverage
Products: Instruments, Arrays, Assays and Reagents and Software
Services: Bioinformatics database, Bio-Informatics Tools, Laboratory Services and Others
Processes: Sampling, Sequencing, Data Analysis, Interpretation and Reporting
Applications: Anthropology, Agriculture, Cytogenetics, Diagnostics, Drug Discovery, Toxicogenomics, Crime Detection
End Users: Hospitals and Clinics, Research Centers, Academic Centers, Government Institutes, Pharmaceutical Companies, Forensic Labs, Others
LATAM Genomics Market Key Players Perspective
Some of the key players mentioned in this report are Illumina, PacBio, Qiagen, and Thermo Fisher Scientific.
LATAM Genomics Market Trends
- Focus on developing inexpensive and reliable sequencing methods and equipment to improve data quality and for use in applications such as chromatin accessibility, and whole genome protein binding are driving the LATAM genomics market.
- Adoption of invasive techniques for sequencing DNA and for knowing the biomarkers of cancers is driving the growth of the LATAM genomics market.
- Technological advances in genome sequencing, big data and AI promise a new era of personalized medicine. More hospitals, cancer centers, and genomic laboratories are availing services such as clinical informatics, genome classification, and interpretation.