Kenneth Research has evaluated the current market opportunities in Latin America Precision Medicine Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Latin America Precision Medicine Market Products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Latin America precision medicine market
Precision medicine is a combination of molecular biology techniques and system biology. Big data analytics is expected to drive the market in Latin America. Latin American countries like Brazil, Mexico and Argentina are focusing on providing personalized treatment and therapies to the population, with the use of technologies like next-generation sequencing (NGS), data analytics, etc. Pharmaceuticals and biotech companies are expected to drive the market during the forecast period of 2018-2023, due to the emergence of drug discovery technologies. According to Netscribes, the Latin America precision medicine market is expected to expand at a compound annual growth rate (CAGR) of 9.35% leading to a revenue of USD 6.48 Bn by 2023.
Owing to huge investments in diagnostic research and development in Latin America, there is ample scope for the market to grow during the forecasted period of 2018-2023. Advancements in drug discovery technology, companion diagnostics, next-gene sequencing (NGS), etc will aid market growth in the coming years.
The Latin America precision medicine market is classified into three primary segments: based on ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies); based on therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases); and based on technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics).
In the technology segment, drug discovery holds the largest share in the Latin American precision medicine market, whereas big data analytics is expected to grow at the highest CAGR. Cancer comprises of the maximum share in the therapeutics segment due to the higher mortality rate due to cancer.
Key growth factors
Advancements in healthcare technology, demand for personalized medical solutions and treatments are the factors driving the precision medicine market in Latin America. The market is also being driven by favorable government laws and regulations for precision medicine. Due to these reasons the precision medicine market is expected to grow at a high CAGR.
Threats and key players
Public healthcare spending in the Latin American countries like Mexico and Brazil is low. So adoption of precision medicine and advanced healthcare support calls for high out-of-pocket spending, which can hinder the growth of the market. Around 31% of the Latin American population cannot access healthcare for economic reasons. Under such circumstances, the development and use of precision medicines can be challenging.
Major players in the Latin America precision medicine market are Pfizer, Novartis, Teva Pharmaceuticals Industries etc.
What’s covered in the report?
1. Overview of the Latin America precision medicine market.
2. Market drivers and challenges in the Latin America precision medicine market.
3. Market trends in the Latin America precision medicine market.
4. Historical, current and forecasted market size data for the Latin America precision medicine market segmentation by ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies, healthcare IT specialists/big data companies) – by revenue (USD Bn).
5. Historical, current and forecasted market size data for the Latin America precision medicine market segmentation by therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases) – by revenue (USD Bn).
6. Historical, current and forecasted market size data for the Latin Americaprecision medicine market segmentation by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics, companion diagnostics) – by revenue (USD Bn).
7. Historical, current and forecasted country-wise (Brazil, Mexico and Argentina) market size data (USD Bn) for the Latin America precision medicine market and its segmentations by ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies, healthcare IT specialists/big data companies), by therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases), and by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics, companion diagnostics).
8. Analysis of the competitive landscape and profiles of major companies operating in the market.
1. Understand the demand for precision medicine market to determine the viability of the market.
2. Determine the developed and emerging markets where precision medicine market is provided.
3. Identify the challenge areas and address them.
4. Develop strategies based on the drivers, trends and highlights for each of the segments.
5. Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
6. Recognize the key competitors of this market and respond accordingly.
7. Knowledge of the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth.
8. Define the competitive positioning by comparing the products and services with the key players in the market.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Latin America Precision Medicine Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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