According to the Latin America Multiplex Assays Market Research Report, is anticipated to grow at a 6.95% CAGR from 2016 to 2021 and it is estimated that the Latin-America market was valued at USD 0.32 billion in 2016 and is expected to reach USD 0.45 billion by 2021.
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While multiplex bead array assays (MBAA) are widely ascribed to be a recent innovation, descriptions of these assays can be found in the literature as far back as 1977. A wide assortment of tests has been devised for MBAA using both immunological and molecular ligands. The potential advantages of these assays are apparent, such as the ability to independently and quantitatively assay multiple analytes simultaneously in small volumes of material and the collection of data from numerous beads for each ligand to provide statistical rigor. The potential cost- and time-savings that could be accrued by use of MBAA in comparison to other methods provides a strong impetus for the routine use of these in both the research and clinical laboratories. As with all clinical laboratory tests, questions of reproducibility, precision, and accuracy must be addressed in order to validate these assays. This commonly involves a comparison to methods considered to be the current standards.
Factors such as increasing number of research & development for treatment of diseases, rising adoption of multiplex assays to reduce operation costs, technological advancements, and growth in adoption of personalized medicine for increasing safety & efficacy of therapies are expected to create new opportunities for the main players during the analysis period. However, lack of experienced healthcare professionals and huge capital investments are the major restrains for the market growth.
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This is can be attributed to the increase in the geriatric population, rise in the prevalence of cataract, and rise in the government initiatives to eliminate avoidable blindness. Moreover, rise in adoption of premium lens due to their enhanced visual performance ensures reduced rates of astigmatism, thus boosting the growth of the market. However, unfavorable reimbursement schemes and postoperative complications such as refractive errors are anticipated to have a negative impact on the market growth.
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On the basis of geography, the market is analyzed under various regions namely Argentina, Brazil and Mexico. Poor economies and strict government policies are going to impact the market growth negatively. However, heavy investment by private players in the untapped market are going to boost the market growth.
Latin America Multiplex Assays Industry key players are Luminex Corporation, Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Abcam Plc, Becton, Dickinson and Company, Luminex Corporation, Meso Scale Diagnostics, Randox Laboratories Ltd and Seegene Inc.
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