Latin America Multiplexed Diagnostics Market Report and Forecast 2024-2032

Latin America Multiplexed Diagnostics Market Size

The global multiplexed diagnostics market  was valued at USD 12.9 billion in 2023, with Latin America holding a significant market share. The market is driven by the growing demand for advanced diagnostic technologies. It is expected to grow at a CAGR of 15.2% during the forecast period of 2024-2032, with the values likely to attain USD 46.2 billion by 2032.

Latin America Multiplexed Diagnostics Market Outlook

• In July 2023, a study revealed that cardiovascular diseases (31.1%), cancer (30.6%), and respiratory diseases (8.6%) account for over two-thirds of deaths in South America.  The rising burden of chronic and infectious diseases is expected to fuel the market demand in the region.

• One of the major Latin America multiplexed diagnostics market trends is the rising development of advanced multiplex diagnostics techniques. For instance, in July 2023 , a multiplex RT-qPCR one-step assay was developed by a team of Brazilian researchers to detect the hepatitis delta virus, a major health issue in endemic areas of South America.

• The growing focus of the government and private healthcare providers on upgrading the diagnostic capabilities in healthcare settings including cost-effective multiplexed diagnostics solutions is likely to boost the market share.

Latin America Multiplexed Diagnostics Market Analysis

Multiplexed diagnostics can simultaneously detect and analyze multiple biomarkers or pathogens in a single assay. It can diagnose various diseases, monitor treatment responses, and screen for genetic predispositions, all in a single test, thereby reducing the time and cost associated with running multiple individual tests. The rising technological advancements resulting in more precise and faster diagnoses of various medical conditions are significantly contributing to the Latin America multiplexed diagnostics market growth.

Latin American countries are experiencing serious health challenges from both chronic diseases and infectious diseases. In July 2023, a study including 24718 participants in Argentina, Brazil, Chile, and Colombia, revealed that cardiovascular diseases (31.1%), cancer (30.6%), and respiratory diseases (8.6%) account for over two-thirds of deaths in South America . Multiplexed diagnostics can help reduce the mortality rate associated with these diseases by efficiently and rapidly screening for various pathogens or biomarkers, improving disease management and control. Thus, the rising burden of chronic and infectious diseases is expected to fuel the Latin America multiplexed diagnostics market demand.

One of the major market trends is the rising development of highly efficient and reproducible multiplex diagnostics techniques. For instance, in July 2023, a team of Brazilian researchers  developed a multiplex RT-qPCR one-step assay to detect the hepatitis delta virus, a major health issue in endemic areas of South America. In the diagnostic sensitivity tests, the assay showed an accuracy of 97.37% when compared to the reference test. For monitoring the hepatitis delta virus carriers and assessing disease progression, the assay demonstrated robust efficiency and precision, thus acting as a valuable diagnostic tool. Further, the increased healthcare expenditure and the rising focus of the government on upgrading diagnostic capabilities in healthcare settings are poised to boost the market share.

Latin America Multiplexed Diagnostics Market Segmentation

The report offers a detailed analysis of the market based on the following segments:

Latin America Multiplexed Diagnostics Market: Competitor Landscape

The key features of the market report include patent analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Agilent Technologies Inc.

• F. Hoffmann-La Roche Ltd

• BioMerieux

• Illumina, Inc.

• Hologic, Inc.

• Thermo Fisher Scientific Inc.

• Bio-Rad Laboratories Inc.

• Siemens Healthineers AG

• Boston Scientific Corporation

• Diasorin S.p.A

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report