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MARKET OUTLOOK

Triton’s research report suggests that the Latin American multiplex assay market is predicted to showcase revenue growth at a CAGR of 6.74% during the period 2021-2028. Mexico, Brazil, and Rest of Latin America outline the market in this region.

In Mexico, the growing aging population is estimated to support the studied market’s growth majorly. As per estimates, the geriatric population above 65 years is likely to proliferate by 2050. Here, this population base is expected to be more prone to chronic conditions, increasing the need for better healthcare services. Furthermore, among various conditions, tuberculosis is highly endemic in the country, especially in Southern Mexico. This has led to the adoption of multiplex PCR, which plays a major role in detecting and quantifying Mycobacterium tuberculosis DNA. Hence, all these factors are estimated to create new opportunities for the multiplex assay market within Mexico. 

In Rest of Latin America, the rising burden of cancer and growing investments in R&D are likely to fuel the growth of the market. Chile is among the major countries with the highest GDP per capita in the region. This has led to the rise in healthcare expenditure across the country, which positively impacts the diagnostic equipment adoption rate. Furthermore, the aging population is likely to grow by 2030, amplifying the demand for effective healthcare services. Thus, the increasing healthcare expenditure and surging geriatric population are expected to boost the multiplex assay market on a progressive path. 

COMPETITIVE OUTLOOK 

The distinguished companies in the multiplex assay market are F Hoffmann La Roche, Thermo Fisher Scientific Inc, Qiagen NV, Bio Techne corporation, Siemens Healthineers AG, Luminex Corporation, and Bio Rad Laboratories Inc.