Latin America Cancer Biomarkers Market Overview:
Latin America Cancer Biomarkers Market was worth USD 805 million in 2018 and estimated to be growing at a CAGR of 12%, to reach USD 1,751 million by 2025.
A cancer biomarker refers to a substance or process that is indicative of the presence of cancer in the body. Biomarkers may be produced by the cancer tissue itself or by other cells in the body in response to cancer. They can be found in the blood, stool, urine, tumor tissue, or other tissues or bodily fluids. Comparison of cancer biomarkers at two different sites is very helpful for identifying metastatic tumors. Many different types of biomarkers have been characterized earlier and are in use in many different cancer diagnostic testing procedures.
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Drivers and Restraints:
Biomarker research is having high importance these days owing to its benefits such as accurate detection, easier diagnosis, and low chances of misdiagnosis during early cancer diagnosis. Key driving factors for the market in Latin America are restructured drug delivery procedure, non-invasive technology, augmented rates of survival. Boost in government and private funding for oncology also fuels the market development. The regional market is constrained by high cost of diagnosis, issues linked to reimbursement, and some of the regulatory policies.
Prostate cancer, breast cancer, lung cancer, colorectal cancer, cervical cancer and other cancers, are different types of devices that are having the need for biomarkers. Risk assessment, development of molecular diagnostics, disease diagnosis, drug discovery and development and drug formulation are some of the prominent applications that are expected to create opportunities for this market in the future.
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Geographical Analysis:
The Latin America market is poised to record the second highest compound annual growth rate in the forecast period after the Asia Pacific due to the supporting government funding for cancer biomarker research, increasing prevalence of cancer, rising demand for advanced healthcare facilities in developing economies such as Brazil, Mexico and Argentina, growing number of clinical trials, and rising focus of international players in emerging markets.
Some of the major players in this Latin America cancer biomarkers market are Abbott Laboratories, Agendia Bv, Biocurex Inc, Biomerieux S.A., Biomoda Inc, Astellas Pharma Us Inc, Correlogic Systems Inc, Beckman Coulter Inc, Becton, Dickinson And Company, Clarient Inc, Diadexus Inc, Ambrilia Biopharma, Affymetrix Inc and Aureon Laboratories Inc.
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