South and Central America Molecular Quality Controls Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product, Analyte Type, Application, and End User

South and Central America Molecular Quality Controls Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product, Analyte Type, Application, and End User

  • July 2021 •
  • 140 pages •
  • Report ID: 6134453 •
  • Format: PDF
The South and Central America molecular quality controls market is expected to reach US$ 22.84 million in 2028 from US$ 11.94 million in 2021; it is estimated to grow at a CAGR of 9.7% from 2021 to 2028.

Factors such as growing funds for genomics, declining cost of sequencing procedures, and increasing prevalence of genetic diseases fuel the growth of the market. However, the dearth of skilled professionals hinders the market growth.

According to the WHO suggestions, 30–50% of deaths caused due to cancer can be prevented by adequate treatment in early stages.In this scenario, personalized medicine offers the most promising approach to tackle diseases that have not been well-known for responding effectively to the existing treatments or cures.

Further, digitization is enabling doctors to make decisions about a patient’s cancer treatment, based on the genetic make-up of tumors or cancerous tissues.Thus, these advancements are making personalized medicine a reality by enabling the development of highly targeted therapies that offer the potential for improved treatment outcomes, especially for cancer patients.

Moreover, personalized medicine considers genetic, environmental, and lifestyle variability.Hence, the increasing adoption of personalized medicines, based on patient’s genetic information, for disease treatments is expected to emerge as a notable trend in the molecular quality controls market in the coming years.

Also, the cost of genome sequencing, as well as next-generation sequencing, has dropped radically in the past 6–7 years. Moreover, the process requires a lesser number of days for completion. Lowering costs and accelerating overall process enable service providers to secure larger profit margins, along with helping them expand their clientele. Thus, the lowered cost of genome sequencing is propelling the number of molecular biology procedures carried out for different purpose, thereby driving the use of molecular quality controls.

South and Central America have been witnessing a growing number of COVID-19 cases since its outbreak.The increasing incidence of COVID-19 supports the growth of the market.

International market players are entering the region and offering diagnostic kits for COVID-19. For instance, South Korea’s molecular diagnostics company Seegene Inc. is entering the Brazilian market and launched multi-assay product Allplex, a SARS-CoV-2/FluA/FluB/RSV test which is able to screen and differentiate eight targets. Also, the pharmaceutical & biotechnology industries have invested in R&D for the new molecule entity for quality controls in healthcare. These factors had a positive impact on the South and Central America molecular quality controls market.

The South and Central America molecular quality controls market, by product, is segmented into independent controls and instrument specific controls. The independent controls segment held a larger share of the market in 2020 whereas the same is anticipated to register the highest CAGR in the market during the forecast period.

Based on analyte type, the South and Central America molecular quality controls market has been segmented into single analyte controls and multi-analyte controls. The single analyte controls segment held a larger share of the market in 2020, whereas the multi-analyte control segment is estimated to register the highest CAGR in the market during the forecast period.

The South and Central America molecular quality control market, by application, is segmented into, infectious diseases, oncology, genetic testing, and other applications. The infectious diseases segment held the largest share of the market in 2020, whereas the oncology segment is anticipated to register the highest CAGR in the market during the forecast period.

Based on end user, the South and Central America molecular quality control market is segmented into clinical laboratories, hospitals, IVD manufacturers & contract research organizations, academic & research institutes, and other end users. The clinical laboratories segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.

A few of the primary and secondary sources associated with this report on the South and Central America molecular quality control market are the Biotechnology Industry Research Assistance Council (BIRAC), Council of Scientific & Industrial Research (CSIR) and Center for Cancer Genomics and Advanced Therapeutics(C-CAT).
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