Latin American Flow Cytometry Market is projected to reach USD 379 million by 2027, at a CAGR of 7.1% between 2022 and 2027 according to a new report by MarketsandMarkets™.
There has been a growth in the prevalence of chronic diseases such as Cancer, HIV/ AIDS in Latin America. Thus, flow cytometry products have been increasingly used in the research and drug discovery studies for treatment against these diseases. Besides, growing adoption of flow cytometry techniques in research activities, and a significant increase number of technological advancements in the flow cytometry instruments and software as a result of consistent innovation by top players in the market are prominently driving the market growth. However, the flow cytometry products, such as instruments and consumables, are expensive and require large capital investment. Thus, this is a major factor that is expected to restrain market growth to a certain extent.
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The reagents and consumables segment accounted for the largest share of the Latin American Flow Cytometry Market, by product and service, during the forecast period.
Based on product & service, the flow cytometry market in Latin America is segmented into reagents and consumables, instruments, software, services, and accessories. The reagents and consumables segment accounted for the largest share of the flow cytometry market in Latin America. The large share of this subsegment can be attributed to factors such as growing demand for flow cytometry reagents for diagnostic applications and growing research activities that use flow cytometry techniques.
The Cell-based flow cytometry subsegment accounted for the largest share of the technology segment in the Latin American Flow Cytometry market in 2021.
On the basis of technology, the flow cytometry market in Latin America is segmented into cell-based flow cytometry and bead-based flow cytometry. The cell-based flow cytometry segment accounted for the largest share of this market. Cell-based flow cytometry tests compound activity against molecular targets within the context of living cells, and thus these tests are increasingly being used in drug discovery processes.
The research applications subsegment accounted for the largest share of the application segment in the Latin American Flow Cytometry market in 2021.
On the basis of application, the flow cytometry market is segmented into research, clinical, and industrial applications. The research applications subsegment accounted for the largest share of this market. Factors such as growing adoption of flow cytometry in research areas such as stem cell research, cancer research, and drug discovery contribute to the large share of this application.
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The academic and research institutes subsegment accounted for the largest share of the application segment in the Latin American Flow Cytometry market in 2021.
On the basis of end user, the Latin American flow cytometry market is segmented into academic and research institutes, hospitals and clinical testing laboratories, and pharmaceutical and biotechnology companies. The academic and research institutes segment accounted for the largest market share. The growing focus of academic institutions on developing assays for innovative applications is driving the demand for flow cytometry products in this end-user segment.
Brazil is the largest country-level market and Mexico was the fastest-growing country of the Latin American Flow Cytometry market in 2021.
On the basis of country, the flow cytometry market in Latin America is segmented into Brazil, Mexico, Argentina, Colombia, Chile, and the Rest of Latin America. Brazil accounted for the largest share of the Latin American flow cytometry market. Factors such as the growing emphasis on cancer research, the development of effective treatments, and support for the improvement of scientific research in the country contribute to the large share of Brazil in the Latin American flow cytometry market.
Key players in the Latin American Flow Cytometry market are Becton, Dickinson and Company (US), Danaher Corporation (US), Thermo Fisher Scientific, Inc. (US), Agilent Technologies, Inc. (US), Bio-Rad Laboratories, Inc. (US), Miltenyi Biotec GmbH (Germany), Cytek Biosciences, Inc. (US), and Luminex Corporation (US).
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