Latin America flow cytometry market is expected to reach USD 566.5 million by 2022, according to a new report by Grand View Research Inc. Increasing target disease population base, high unmet needs and demand for rapid, accurate diagnostic tools are key factors driving the Latin America flow cytometry market over the forecast period.
Increasing demand for faster and accurate leukemia prognostic tools coupled with increasing prevalence rate is expected to provide this market with lucrative growth platform in near future. In addition, research pertaining to drug development, stem cell therapy and in vitro toxicity testing are expected to fuel the market growth over the forecast period.
According to the data published by WHO, it has been estimated that in 2012, cancer incidences (cases per year) were nearly 603,400 patients. Furthermore, risk of getting cancer before age 75 accounted for 18% in Latin America. Moreover, experts suggest that on account of rising prevalence of infectious diseases, the aforementioned prevalence rate is expected to rise over the next decade. All the aforementioned facts are expected to push demand for rapid diagnostic tools which in turn is expected to provide lucrative growth to this industry in near future.
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Further key findings from the study suggest:
- Bead based technology is expected to grow at a lucrative CAGR of about 12.0% over the forecast period. The bead based flow cytometry is used to measure a variety of intracellular proteins and solubles including growth factors, phosphorylated cell signaling proteins, chemokines and cytokines. Rising demand for infectious disease diagnostic assays is expected to spearhead growth during the forecast period.
- Flow cytometry found the largest application in research in 2014. The segment is likely to dominate the market throughout the forecast period accounting for over 54.0% of the revenue by 2022. This dominance is attributed to rising research activities pertinent to leukemia and increasing usage of ISH probes such as miRCURY LNA microRNA and Prime Flow RNA for RNA research and quantification.
- The clinical application segment of this market is majorly driven by the growing demand of immunodeficiency related R&D. The segment accounted for over 29.0% of the market in 2014, owing to the rising prevalence of immunodeficiency diseases in children and infants.
- The market for instruments held an appreciable revenue share of over 43.0% in 2014. The introduction of novel technology such as multicolor flow cytometer and simultaneous multiparameter detection features are some factors contributing towards robust market growth. In addition, growing R&D activities, and widening application of flow cytometry applications in drug discovery & development, genomic and molecular analysis are also expected to drive segment growth during the forecast period.
- The clinical testing labs segment is expected to grow at the fastest CAGR of 10.7% over the forecast period. Rising adoption of flow cytometry owing to the associated benefits such as fast results, and providing quantitative information for clinical trials of drug compound in phase I clinical trials are expected to fuel demand during the forecast period.
- Key players of this market include Life Technologies Corporation, Beckman Coulter Inc, EMD Millipore Corp, Stratedigm, Sysmex Corporation, Miltenyi Biotec, Becton Dickinson and Co and Luminex Corporation is major players in the Latin America flow cytometry market.
- Market participants are striving to gain competitive advantage by introducing new products and services mostly via collaborative agreements. For example, in September 2015, BD Life Sciences entered into a collaborative agreement with Seegene for developing multiplex PCR reagents used in BD max system.
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