LATAM laboratory Equipment and Disposables Market Size, Share Analysis, Advancement and Precise Outlook – 2027

The LATAM laboratory equipment and disposables market size was valued at $1,759 million in 2019, and is projected to reach $2,831 million by 2027, registering a CAGR of 6.1% from 2020 to 2027.

Advancements in technologiesfor laboratory equipment, increase in investments in private and public healthcare, and supportive insurance policiesdrive the growth of the LATAM laboratory equipment and disposables market. In addition, research and development activities related to life science and biotechnology supplement the market growth. However, high costsrelated to technologically advanced laboratory equipment and scarcity of clinical laboratories in some countries hinder the market growth. On the other hand, adoption of clinical diagnostics testing in the Latin Americaregion and untapped potential in emerging economies create new opportunities in the coming years.

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Covid-19 scenario:

As researchers are working relentlessly to develop a vaccine and potential treatments for Covid-19, there has been a significant demand for different laboratory equipment.Health governing bodies such as WHO released laboratory testing guidelines for Covid-19 in suspected cases.As the countries raise their responses to determine, manage, and treat increasing cases of Covid-19, acquiring sufficient laboratory equipment and disposables has become a major part of strategy.

Based on end user, the clinical diagnostics centers segment held the highest share with more than three-fifths of the LATAM laboratory equipment and disposables market revenue in 2019, and is expected to continue its dominant position throughout the forecast period. On the other hand, the forensics industrysegment would grow at the largest CAGR of 7.7% from 2020 to 2027.

Based on region,Brazil accounted for the highest share with more than one-third of the total market share in 2019, and is expected to maintain its leadership status by 2027.However, Panama is expected to portray the highest CAGR of 8.7% from 2020 to 2027. The research also analyzes Mexico, Colombia, Argentina, Peru, Costa Rica, and rest of Latin America.

Based on product, the disposables segment accounted for nearly two-thirds of the total share in 2019, and is expected to maintain its leadership status in terms of revenue during the forecast period. However, the equipment segment is estimated to witness the highest CAGR of 6.6% from 2020 to 2027.

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Leading players analyzed in the LATAM laboratory equipment and disposables market include Agilent Technologies, Inc.,Bruker Corp, Bio-Rad Laboratories, Fujifilm Irvine Scientific, Danaher Corp, Sartorius AG, PerkinElmer Inc., Thermofisher Scientific Inc., Shimadzu Corporation, and Waters Corp.

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