South & Central America Genetic Testing Services Market Forecast to 2030 - Regional Analysis - by Service Type, Disease, and Service Provider

The South & Central America genetic testing services market was valued at US$ 165.42 million in 2022 and is expected to reach US$ 436.36 million by 2030; it is estimated to register a CAGR of 12.9% from 2022 to 2030.

Untapped Emerging Markets in Developing Countries Fuel South & Central America Genetic Testing Services Market

Emerging countries such as China, India, Brazil, and Mexico offer significant growth opportunities to market players. The high growth can majorly be attributed to the increasing public healthcare expenditure, improving healthcare infrastructure, and the presence of a large target patient population. The need for genetic testing has also increased owing to a rise in awareness of genetic disorders in developing economies and their early diagnosis. The quality and availability of genetic services may differ between high-income countries and low- to middle-income countries.

The ease and applicability of genetic testing procedures have benefitted R&D activities in developing regions worldwide. Major market players are focusing on strategies and initiatives, such as agreements, collaborations, partnerships, and expansions, to improve their product availability, accessibility, and distribution networks in these countries, as it will help them address the growing need for early diagnosis and treatment. For instance, in 2019, GENOMIKA, one of the leading genetic testing laboratories in Brazil, reached an agreement with Veritas to incorporate Whole Genome Sequencing and all the services associated with these tests in the field of preventive medicine and clinical genetics into its portfolio. Therefore, emerging markets in developing countries are expected to offer significant opportunities to the players operating in the market and boost the market growth during the forecast period.

South & Central America Genetic Testing Services Market Overview

The South & Central America genetic testing services market is segmented into Brazil, Argentina, and the Rest of South & Central America. The rising prevalence of genetic disease, growing demand for personalized medicines and genetic testing, and increasing technological advancements and product launches are expected to augment the growth of the market.

South & Central America Genetic Testing Services Market Revenue and Forecast to 2030 (US$ Million)

South & Central America Genetic Testing Services Market Segmentation

The South & Central America genetic testing services market is categorized into service type, disease, service provider, and country.

Based on service type, the South & Central America genetic testing services market is segmented predictive testing, carrier testing, prenatal testing, newborn screening, and others. The predictive testing segment held the largest market share in 2022.

In terms of disease, the South & Central America genetic testing services market is categorized into cancer, metabolic diseases, cardiovascular diseases, and other diseases. The cancer segment held the largest market share in 2022.

By service provider, the South & Central America genetic testing services market is segmented into hospital-based laboratories, diagnostic laboratories, and others. The hospital-based laboratories segment held the largest market share in 2022.

By country, the South & Central America genetic testing services market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America genetic testing services market share in 2022.

Eurofins Scientific SE, Laboratory Corp of America Holdings, Quest Diagnostics Inc, Illumina Inc, F. Hoffmann-La Roche Ltd, and NeoGenomics Inc are among the leading companies operating in the South & Central America genetic testing services market.

Reasons to Buy:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America genetic testing services market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the South & Central America genetic testing services market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the South & Central America genetic testing services market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.