Latin America Bioinformatics Market Analysis

Latin America Bioinformatics Market Executive Summary

The Latin America Bioinformatics market is projected to grow from $690.75 Mn in 2022 to $2475.74 Bn by 2030, registering a CAGR of 17.30% during the forecast period of 2022 - 2030. In several Latin American countries, health spending has increased as a percentage of GDP over the previous five years, outpacing economic growth in many of these countries. From 2010 to 2017, the Latin American area had a growth of about 0.09% percentage points, with current health expenditures making up 6.6% of GDP.

Bioinformatics is a combination of biology and information technology that links biological data with methods for information storage, distribution, and analysis in order to serve numerous fields of scientific research, including biomedicine. Database construction, data administration, data warehousing, data mining, and other tasks, it makes use of software tools. The study of genetics and genomes uses scientific findings that are made as a result of data mining. Latin America has an increasing demand for bioinformatics, which will cause a boom in that region's market over the coming years.

Market Dynamics

Market Growth Drivers

The growth of new technologies and applications, as well as increased funding for life sciences and biotechnology research, are the factors driving the Latin American bioinformatics market. Moreover, government support and the rise in demand for precision medicine will further boost the growth of bioinformatics in the region.

Market Restraints

The factors which limit the growth of the market are a shortage of skilled personnel and a lack of standardization in data management, data sharing, and data analysis. Also, the management and storage of sensitive data raise privacy and security issues and restrict the growth of the bioinformatics market in the region.

Competitive Landscape

Key Players

• Illumina
• Aligent Technologies
• IBM Life Sciences
• Qiagen
• NEC

Notable Recent Deals

August 2021: Agilent and Partek entered into a contract to offer their customers a full, end-to-end, dependable, customized, and adaptive analysis procedure. Agilent's RNA-Seq method has been implemented into Partek Flow as a result of this agreement. The arrangement also permits Agilent to market Partek Flow software as a one-stop shop through the Alissa Portal.

September 2020: Illumina announced a collaboration with Roche to advance the field of genomics and the introduction of new sequencing machines and a software suite. Illumina will permit Roche to develop and sell IVD tests for Illumina's NextSeqTM 550Dx System as well as for its future NovaSeqDx diagnostic sequencing system in accordance with the conditions of the agreement.

Healthcare Policies and Regulatory Landscape

Bioinformatics regulations and healthcare policies in Latin America are evolving and might differ widely from one nation to the next. Regulation of medical devices, data protection, privacy legislation, and reimbursement policies are a few of the major regulations that have an impact on the development and marketing of bioinformatics products.

In Brazil, the Ministry of Health develops and implements healthcare regulations. The Brazilian Society for Bioinformatics (SBB) is an organization that represents the Brazilian bioinformatics market. In addition to promoting the use of bioinformatics in healthcare and other industries, it aims to have an impact on healthcare laws and regulations. The regulatory authority in charge of the registration and supervision of medical items is the National Health Surveillance Agency (ANVISA). Businesses must adhere to ANVISA requirements in order to market and sell their goods in Brazil.

Mexico's healthcare regulations and laws are intricate and impacted by a variety of factors, including governmental directives, economic conditions, and societal problems. The Mexican government agency in charge of overseeing the healthcare system is the Ministry of Health (SSA), which develops and implements healthcare policies as well as controls healthcare providers and facilities. The three main pillars of the Mexican healthcare system are the public sector, the private sector, and social security.

Reimbursement Scenario

Latin American countries and different types of services can have very different reimbursement policies. Many Latin American nations have public healthcare systems that reimburse people in some way for medical services, including those linked to bioinformatics. However, these systems might not have enough funding and resources, which would have an impact on the quantity and standard of healthcare services.

Many Latin American nations also have private insurance options, which can offer more thorough coverage and better financial compensation for medical services, particularly those connected to bioinformatics. Private insurance, however, can sometimes be expensive and may not be available to all citizens.