The Latin America flow cytometry market size was valued at USD 249.3 million in 2014. Key drivers include rising prevalence of chronic diseases which needs toxicity testing such as leukemia, HIV etc. and demand for rapid, accurate & sensitive prognosis techniques for disease validation. Furthermore, increasing R&D investments aimed at the development of multicolour assays and advanced reagents will boost usage rates during the forecast period.
Growing patient and healthcare professionals awareness levels, and increasing healthcare expenditure are identified as high impact rendering factors driving demand. Furthermore, advantages associated with cell-based assays such as ease of use, high sensitivity & reproductively and advancement in reagents & software used for analysis are likely to boost penetration levels over the forecast period.
The introduction of multicolour and microfluidic flow cytometry in point of care diagnostics is expected to provide this industry with a lucrative growth platform in near future. Lower manufacturing cost compared to North America, and rapidly increasing medical tourism are key attributes attracting major manufactures to set up their production facility in this region.
The biotechnology industry is expected to show significant growth over the forecast period in this region due to supportive government initiatives and improvisation in healthcare facilities.
The Latin American Training Program (LATP) supports building hematology capacity and provides funding to healthcare professionals for receiving training on molecular biology & organ transplantation. Growth in the biotechnology sector is expected to uplift the market owing to the use of different parameters for research and development studies.
Brazil flow cytometry market, by product & services, 2012-2022 (USD Million)
Product & Services Insights
Key product segments of the Latin America flow cytometry market include instruments, reagents & consumables, accessories, software, and services. Instruments held over 43.0% of the revenue in 2014 and is expected to grow at a CAGR of over 11.0% over the forecast period.
Rising application of flow cytometry in the field of immunology, food toxicity, molecular biology and medicines for monitoring and examination along with cost intensive nature is a key factor driving the growth of instruments market over the forecast period.
In addition, growing R&D activities, and widening application of flow cytometry applications in drug discovery & development, genomic and molecular analysis are the factors attributing the industry growth.
As of 2014, cell-based technology held the largest market share of 78.0% due to wide applications in the molecular diagnostics and rapidly increasing penetration. In addition, the introduction of technologically advanced automated micro capillary cytometry, combining the ability of bioinformatics and robotic for cell analysis study is expected to boost penetration of the same in near future. On the other hand, bead-based is expected to grow at lucrative CAGR of over 11.0% over the forecast period.
Key applications include research in clinical diagnosis and industrial. Research segment dominated the overall market in 2014 in terms of revenue share at over 55.0%, owing to an increasing R&D pertaining to cancer and other infectious diseases.
The combination of diagnostics techniques such FISH (fluorescence in situ hybridization) commonly known as Flow-FISH is expected to boost market growth owing to advantages of both the techniques in single use. Increasing usage in the detection of chromosomal aberrations is expected to further propel the growth of this application in near future.
End Use Insights
Rising large scale production of proteins, cell line development, and other biologicals coupled with growing demand for cell sorting and analysis techniques attribute to the commercial organizations accounting for over 30% of the total market revenue in 2014.
On the other hand, the hospital segment is expected to grow at the fastest rate during the forecast period, due to extensive usage in diagnostics and research in hospitals.
Latin America flow cytometry market is studied with respect to 14 countries holding immense future growth opportunities such as Brazil, Mexico, Costa Rica, Republica Dominicana, Venezuela, Peru, Chile, Guatemala, Panama, Cuba, Colombia, Ecuador, Argentina, and Uruguay. Brazil held the largest share of over 40.5% in 2014, due to increasing healthcare expenditure in the region. In addition, rising penetration of molecular diagnostics coupled with economic development and rising patient awareness levels are further driving the growth of this regional industry.
Competitive Market Share Insights
Beckman Coulter Inc, Life Technologies Corporation, EMD Millipore Corp, Sysmex Corporation, Stratedigm, Miltenyi Biotec, Luminex Corporation and Becton Dickinson and Co are some key players operating in the Latin America flow cytometry market. The introduction of the novel, technologically advanced products and expanding the geographic territories are few of the competitive strategies adopted by the key players to gain a foothold in the competition.
For example, In October 2015, BD Life Sciences introduced BD FACSseq cell sorter with BD precise assays, which is used in high-precision single cell genomics in a probe to expand its product portfolio which stimulated the use of flow cytometry required for cytotoxic testing.
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