The Latin America flow cytometry market was valued around USD 250 million in 2014. It will be worth about USD 565 million by 2022. Rising chronic diseases (e.g. HIV, leukemia, etc) necessitate toxicity tests. This acts as a market driver.
The market would also expand due to extensive research on multicolor assays & advanced reagents. Awareness among patients & healthcare providers and large untapped customer segments are the other income contributors.
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Multicolor & microfluidic flow cytometry in point of care diagnostics should prove advantageous for the Latin America flow cytometry market. This region witnesses medical tourism surge and low manufacturing costs in contrast to North America. Supportive regulatory initiatives and improved healthcare facilities steer the biotechnology industry. This also fuels demand.
The market is categorized into technologies, products & services, applications, end-users, and countries. Technologies are split into bead based and cell based. Cell based held 77% of the market in 2014. This was on account of its molecular diagnostics applications. Bead based technology will grow at a CAGR exceeding 10% from 2015 to 2022.
Products & services segments include software, instruments, accessories, reagents & consumables, and services. Instruments accounted for over 42% shares in 2014. They should grow at a CAGR of 12% over the next seven years.
Applications are sub-divided into research, industrial, and clinical. Research occupied over half of the overall market in 2014. This was attributed to escalating investigations regarding cancer and other infectious diseases. Clinical is propelled by the demand for research in immunodeficiency. Immunodeficiency diseases in children & newborns led the application hold about 30% shares in 2014.
End-users of the Latin America flow cytometry market comprise hospitals, clinical testing labs, commercial organizations, and academic institutions. Commerical organizations contributed 31% of the total revenues in 2014. Some countries into which the market is fragmented are Cuba, Mexico, Costa Rica, Guatemala, Panama, Brazil, and Republica Dominicana. Columbia, Peru, Venezuela, Ecuador, Chile, Argentina, and Uruguay are the rest. Brazil dominated the market in 2014. It captured around 40% shares that year.
Eminent participants in the Latin America flow cytometry market include Sysmex Corporation, Luminex Corporation, Stratedigm, Beckman Coulter Inc., and EMD Millipore Corporation. They compete by introducing high-tech products and expanding geographically.
Information Source: Grand View Research
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