At 12.2% CAGR, the South & Central America Precision Diagnostics Market is projected to be worth US$ 9,009.71 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the South & Central America precision diagnostics market was valued at US$ 4,523.35 million in 2022 and is expected to reach US$ 9,009.71 million by 2028, registering an annual growth rate of 12.2% from 2022 to 2028. The usage of artificial intelligence and machine learning in precision diagnostics and rising application in oncology and other disorders are the critical factors attributed to the market expansion.

The advancement in artificial intelligence (AI) is increasing. Diagnosis of complex diseases such as cancer can be a time-consuming and labor-intensive process because many factors are to be considered, such as disease type, physical exams, genomic and molecular data analysis, and the patient’s medical history. Intelligently aggregating all this information is the hallmark of precision diagnosis. The ability of AI to shift through large amounts of data has the potential to make medical examinations more precise, reliable, and efficient. For instance, in CT-based lung cancer screening, Philips researchers have demonstrated that a deep learning algorithm can be helpful to radiologists as a decision support tool. Similarly, in digital pathology, algorithms can help point to regions of interest in tissue samples that demand further inspection by the pathologist. Further, targeted treatment that helps an individual to get better can be understood by unraveling the molecular mechanisms that give rise to an individual’s disease. Moreover, in healthcare, machine learning (ML) can be beneficial in many areas, including biomedical data management, automation of diagnoses, and biomarker discovery. Biomarker discovery can be used to build better biomarkers to predict a patient’s response to therapy. The big data from a biological system such as the human body needs to be understood to do so. The current method of applying MI to biomarker discovery is making feature selections across multiple levels of omics data that predict outcomes between different cohorts. The power of MI and Ribonucleic acid (RNA) to build Health Expression Models can also help to capture complex biology and enable quantification in heterogeneous tissue samples. Thus, using MI to build precision diagnostics will change the future of precision medicine, allowing the right patient to receive the right treatment at the right time. Machine learning and artificial intelligence techniques are starting to provide doctors with new diagnostic insights. A French start-up, VitaDx, uses fluorescent imaging and MI to improve the early diagnosis of bladder cancer by analyzing the shape, physiology, and metabolism of potentially cancerous cells. The technology can also be applied later for the early diagnosis of cancers of the lungs, stomach, and thyroid. Therefore, the advantages offered by AI and MI are expected to create numerous future trends for the precision diagnostics market.

On the contrary, high investments involved in the R&D of precision medicine and diagnostic kits hurdles the growth of South & Central America precision diagnostics market.

• Based on type, the South & Central America precision diagnostics market is segmented into genetic tests, esoteric tests, and others. The genetic tests segment held 44.0% market share in 2022, amassing US$ 1,992.23 million. It is projected to garner US$ 4,081.97 million by 2028 to expand at 12.7% CAGR during 2022–2028.
• Based on application, the South & Central America precision diagnostics market is fragmented into oncology, cardiology, immunology, respiratory diseases, and others. The oncology segment held 36.6% market share in 2022, amassing US$ 1,656.44 million. It is projected to garner US$ 3,394.35 million by 2028 to expand at 12.7% CAGR during 2022–2028.
• By end user, the South & Central America precision diagnostics market is fragmented into hospitals, clinical laboratories, home care, and others. With 34.8% share of the domain, the clinical laboratories segment dominated the market in 2022. It accrued US$ 1,572.35 million in 2022 and is estimated to generate US$ 3,218.82 million by 2028 to grow at a CAGR of 12.7% over the forecast period.
• Based on country, the South & Central America precision diagnostics market is categorized into Brazil, Argentina, and the rest of South & Central America. Our regional analysis states that Saudi Arabia captured 44.0% market share in 2022. It was assessed at US$ 1,988.58 million in 2022 and is likely to hit US$ 4,115.63 million by 2028, exhibiting a CAGR of 12.9% during the forecast period.

Key players dominating the South & Central America precision diagnostics market are Abbott, Bayer AG, Koninklijke Philips N.V., Novartis AG, QIAGEN, Quest Diagnostics Incorporated, Sanofi, Siemens Healthineers AG, and Swiss Precision Diagnostics GmbH among others.

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