According to a new report published by Allied Market Research, titled, “LATAM Laboratory Equipment and Disposables Market by Product Type and End User: Country Opportunity Analysis and Industry Forecast, 2020–2027," 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.
Laboratory equipment are tools used by lab technicians or scientists working in a laboratory. They are used to perform various tasks such as analysis of biological samples of patients, preparation of cell culture mediums for research, and studying tissues for diagnosis of various diseases. Moreover, laboratories perform clinical testing, pathological testing, and microbiological testing by using these equipment and disposables.
The factors that drive the growth of the LATAM laboratory equipment and disposables market include technological advancements in laboratory equipment and surge in private and public healthcare investments. In addition, favorable insurance policies related to laboratory equipment and surge in research related to life science and biotechnology boost the market growth. However, high costs of technologically advanced laboratory equipment and dearth of clinical laboratories in some nations are expected to hamper the LATAM laboratory equipment and disposables market growth. Furthermore, growth in adoption of clinical diagnostics testing worldwide and high market potential in emerging economies provide lucrative opportunities for the growth of the market.
On the basis of product type, the disposable segment is estimated to garner largest share during the forecast period. This segment is expected to maintain its dominant position throughout the analysis period, owing to their vital role in every laboratory task. On the other side, the equipment segment is the fastest growing segment during the forecast period, owing to rise in adoption of laboratory testing across Latin America and technological advancements in the equipment leading to better result of analysis.
On the basis of type of equipment, spectrophotometer equipment served as the largest and fastest growing segment in the LATAM laboratory equipment and disposables market, owing to their use in wide range of applications in diagnosis of various diseases.
Furthermore, on the basis of type of disposables, cell culture consumables occupied the largest share in the LATAM laboratory equipment and disposables market. The growth of this segment is attributable to the use of cell cultures in identification of biomarkers of pathological conditions. Cell cultures are also used to study metabolic pathways that produce such biomarkers. Metabolites play an important role in cancer diagnosis, recurrences, and prognosis by identifying novel cancer biomarkers. Therefore, widespread prevalence of cancer across the globe and rise in research related to cancer treatment worldwide are the factors that boost the growth of this market. Moreover, cell imaging consumables served as the fastest growing segment in the market, owing to increase in focus on regenerative medicine.
Brazil contributed for the largest share of the LATAM laboratory equipment and disposables market, attributed to the large availability of equipment, higher number of laboratories, rise in R&D investments, and availability of skilled technicians. In addition, other factors that boost the LATAM laboratory equipment and disposables market growth in Brazil include rise in public and private investments in the country.
In 2019, Brazil & Mexico country collectively accounted for more than 50% of the total laboratory equipment and disposables market and is expected to continue this trend, owing to rise in buying power with developing healthcare infrastructure, thereby boosting the growth of the laboratory equipment and disposables market in the 2027..
Key Findings Of The Study
The equipment segment is anticipated to grow at the highest rate during the forecast period.
Disposable was the major shareholder in the LATAM laboratory equipment and disposables market, accounting for 64.02% share in 2019.
The spectrophotometer and microarray equipment segment occupied 18.68% share of the total laboratory equipment market in 2019.
Clinical diagnostic centers occupied 61.88% share of the LATAM laboratory equipment and disposables market in 2019.
The cell culture consumables segment accounted for approximately 21.77% share of the LATAM laboratory disposables market in 2019.
The major companies profiled in this report include Agilent Technologies, Inc., Bio-Rad Laboratories, Bruker Corporation, Danaher Corp, Fujifilm Irvine Scientific, PerkinElmer Inc., Sartorius AG, Shimadzu Corporation, Thermo Fisher Scientific Inc., and Waters Corporation.