Report : South & Central America Genetic Testing Services Market Forecast to 2030 - Regional Analysis - by Service Type (Predictive Testing, Carrier Testing, Prenatal Testing, Newborn Screening, and Others), Disease (Cancer, Metabolic Diseases, Cardiovascular Diseases, and Other Diseases), and Service Provider (Hospital-Based Laboratories, Diagnostic Laboratories, and Others)
At 12.9% CAGR, South & Central America Genetic Testing Services Market is Projected to be Worth US$ 436.36 Million by 2030, says Business Market Insights
According to Business Market Insights' research, 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, registering a CAGR of 12.9% from 2022 to 2030. Increasing awareness and acceptance of personalized medicines and untapped emerging markets in developing countries are among the critical factors attributed to drive the South & Central America genetic testing services market growth.
Personalized medicine is the field that utilizes patients' genetic and environmental data to deliver optimal healthcare. It is based on the principle that every patient is unique and requires individualistic pharmacological treatment. Since it is a rapidly evolving area, it is presently incorporated into several healthcare systems. The successful completion of the Human Genome Project (HGP) in 2003 and the fast-decreasing human genome sequencing costs encouraged the development of a new medical approach, which is called personalized medicine. With an expanding repository of personalized data at the molecular level, molecular diagnostics companies are exceptionally positioned to unlock value. Large-scale drug discovery is a key to increasing the viability and usefulness of personalized medicines for the diagnosis of diseases and disorders. Genomics is one of the fastest-growing divisions of medical science. It is driving a paradigm shift in the research methodology of a disease, as well as diagnosing and treating illness. Genetic testing has been extensively used in pharmacogenomics, also known as drug-gene testing. It helps in accelerating drug discovery and its development. In January 2023, The Human Genome Project is ensuring an era of personalized healthcare. Now, new research shows that precision prescribing using genetic testing has ultimately reached a global tipping point for adoption. Published by Cambridge University Press, the peer-reviewed research examines the maturation of critical factors required for the use of clinical genetics at scale. These advancements pave the way for supporting genome-informed clinical decision-making to be established as the new standard of care. Genetically informed prescribing offers one of the realistic mechanisms to successfully reduce the overall costs of the healthcare system and improve individual patient care. Genetic testing encourages the adoption of a personalized medicine approach by understanding the science behind the disease, the impact of treatment, and the development of therapies for specific individual characteristics. It also helps healthcare personnel make informed decisions about disease diagnosis, treatment, and prevention by utilizing genetic testing results, leading to improved patient outcomes.
On the contrary, the social and ethical implications of genetic testing hamper the growth of South & Central America genetic testing services market.
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 41.3% market share in 2022, amassing US$ 68.29 million. It is projected to garner US$ 197.61 million by 2030 to register 14.2% CAGR during 2022-2030.
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 45.0% share of South & Central America genetic testing services market in 2022, amassing US$ 74.41 million. It is anticipated to garner US$ 210.33 million by 2030 to expand at 13.9% CAGR during 2022-2030.
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 62.9% share of South & Central America genetic testing services market in 2022, amassing US$ 104.07 million. It is projected to garner US$ 296.68 million by 2030 to expand at 14.0% CAGR from 2022 to 2030.
By country, the South & Central America genetic testing services market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 61.7% share of South & Central America genetic testing services market in 2022. It was assessed at US$ 102.14 million in 2022 and is likely to hit US$ 288.60 million by 2030, registering a CAGR of 13.9% during 2022-2030.
Key players operating in the South & Central America genetic testing services market are Eurofins Scientific SE, Laboratory Corp of America Holdings, Quest Diagnostics Inc, Illumina Inc, F. Hoffmann-La Roche Ltd, and NeoGenomics Inc, among others.
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