PaxGenBio has successfully entered the Chilean market in cooperation with a distributor specializing in molecular diagnostics, accelerating its expansion into the Latin American medical diagnostics market. The products exported are PaxView® HPV16/18/Others MPCR-ULFA and PaxView® HPV 20 Genotyping MPCR-ULFA kits, which are innovative diagnostic kits developed with PaxGenBio's proprietary source technology for cervical cancer diagnosis.

PaxView® HPV 20 Genotyping MPCR-ULFA Kit 

According to a report by global data platform Statista, Chile's in vitro diagnostics market is driven by the widespread adoption of molecular diagnostic technologies and the preference for point-of-care testing. With this entry into Chile, PaxGenBio has demonstrated the potential for growth in the Latin American market and revenue growth, setting the stage for a global leap forward.

Growth potential in Latin America

Latin America is a region with a high demand for diagnostics for cervical cancer (HPV), sexually transmitted infections (STIs), tuberculosis, and respiratory diseases, and interest in PaxGenBio's diagnostic products is growing in major countries such as Brazil, Bolivia, and Venezuela, in addition to Chile. In particular, the WHO reports that cervical cancer is the fourth most common cancer among women, with approximately 600,000 new cases per year. 90% of these cases occur in low- and middle-income countries, highlighting the importance of diagnosis and prevention.

Innovative Technology and Global Expansion Strategy

PaxGenBio's core technology, the MPCR-ULFA array, is designed to facilitate multiplexed molecular detection in resource-limited environments, significantly reducing time and cost compared to traditional methods. In addition to cervical cancer, the technology applies to diagnosing various diseases such as sexually transmitted infections, tuberculosis, and respiratory diseases. It is considered an optimized solution for healthcare environments in Latin America.

In addition, PaxGenBio has secured international standard certifications through CE-IVDR and WHO PQ certification to strengthen product reliability and is planning to expand into the Southeast Asia-Africa and international health procurement markets.

PaxGenBio said that its diagnostic solutions are expected to quickly establish themselves in Latin American markets such as Bolivia and Brazil, including Chile, and this is an important milestone that demonstrates PaxGenBio's technology and competitiveness in the global diagnostic market. The company also announced a significant year-on-year increase in exports in 2024 and plans to build a global partner network of more than 30 countries by 2025.

The entry into the Chilean market is an important milestone that demonstrates PaxGenBio's superior technology and market suitability and is expected to strengthen its position in Latin America and the global market while marking an important turning point in its continued overseas market expansion and revenue growth.

About PaxGenBio

PaxGenBio develops and sells products for various infectious diseases (sexually transmitted infections, respiratory, tuberculosis, cervical cancer, etc.) based on its MPCR-ULFA platform technology, which is the source technology for multiplexed rapid molecular diagnostics, and is leading a new paradigm in the field of next-generation in vitro diagnostics, including the development of cancer early diagnosis technology and the establishment of a next-generation multiplexed point-of-care diagnostic platform. PaxGenBio is not satisfied with simply providing medical services to block and prevent infectious diseases but sincerely hopes to help solve the health problems of all mankind with fast, accurate, and reasonable services.

Website: http://paxgenbio.com/

SOURCE: Newswire.com 2024-12-16