According to The Insight Partners market research study of ‘South and Central America Genomics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by technology, product and service, application, and end-user’ the South and Central America Genomics market is expected to reach US$ 1,444.89 million in 2027 from US$ 640.97million in 2019. The market is estimated to grow with a CAGR of 11.0% from 2020-2027. The report provides trends prevailing in the South and Central America Genomics market and the factors driving market along with those that act as hindrances.
Based on the end user, the South and Central America the Genomics market, is segmented into research centers, hospitals and clinics, pharmaceutical & biotechnology companies, and others. The research centers segment held the largest share of the market in 2019, whereas the hospitals and clinics segment is anticipated to register the highest CAGR in the market during the forecast period. The research centers segment's growth is fuelled due to factors such as the widespread application of genome sequencing techniques for advancement of targeted drug treatments along with the strategic initiatives. Moreover, growing number of public and private investments and surge in research grants should drive industry expansion.
For instance, National institute of Health (NIH) is the prominent public fund provider, spending around USD 40 billion per year for ongoing biomedical research. However, the hospitals and clinics segment is expected to grow at the fastest CAGR due to the increased adoption of genomics in hospitals along with the rise in the prevalence of chronic disease such as, including cancer and rare diseases, and for better treating newborns with complex disorders. In addition, the genome analytics has become affordable for daily hospital use which represent huge opportunity for the segment growth.
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The growth of this market is estimated to grow owing to key driving factors such as the high growth in the biotechnology sector across the South and Central America and the rise in research and development activities in the genomics market. However, the market growth is likely to be hindered owing to the several challenges faced by professionals regarding genomics market.
Illumina, Inc., Danaher, F. HOFFMANN-LA ROCHE LTD. are among the leading companies operating in the South and Central America Genomics market.
SOUTH AND CENTRAL AMERICA GENOMICS MARKET SEGMENTATION
By Product and Services
By End User
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