LATAM laboratory Equipment and Disposables Market Overview:
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.
Equipment and disposables used in a laboratory where technological research and experiments are carried out are known as laboratory equipment and disposables. There are different laboratory products used while conducting experiments such as incubators, pipettes, gloves, masks, bioreactors, tubes, scopes, and centrifuges. Laboratory equipment and disposables are used in pharmaceutical, academic, industrial, diagnostics, forensics, and healthcare sectors.
Technological advancements in the field of laboratory equipment, increase in number of clinical diagnostic procedures, and rise in private & public healthcare investments in LATAM drive the market growth. In addition, favorable insurance policies related to laboratory equipment further supplement the market growth. Furthermore, increase in research related to life science and biotechnology boosts the growth of the LATAM laboratory equipment and disposables market. However, high cost of technologically advanced laboratory equipment and dearth of clinical laboratories in some nations hamper the market growth. Moreover, growth in adoption of clinical diagnostic testing and high market potential in emerging economies provide lucrative opportunities for the market growth.
On the basis of product, the disposable segment is estimated to garner largest share during the forecast period, and is expected to maintain its dominant position throughout the analysis period, owing to its vital role in every laboratory task. On the other side, the equipment segment is expected to be the fastest growing segment during the forecast period, owing to rise in adoption of laboratory testing across the LATAM and technological advancements in equipment leading to better result of analysis.
On the basis of type of equipment, spectrophotometer and microarray equipment served as the largest and fastest growing segment of the laboratory equipment and disposables market, owing to their use in wide range of applications in diagnosis of various diseases.
Furthermore, based on type of disposables, cell culture consumables occupied the largest share in the market. The growth of this segment is attributable to the use of cell cultures in identification of biomarkers of a pathological condition. 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 LATAM and rise in research related to cancer treatment are the factors that boost the growth of this market. Moreover, the cell imaging consumables segment served as the fastest growing segment in the market in 2019 due to increase in focus on regenerative medicine
Latam Laboratory Equipment And Disposables Market Segmentation
The LATAM market is segmented on the basis of product, end user, and region. By product, the market is divided into equipment and disposables. Equipment is further divided into incubators, micro manipulation systems, centrifuges, lab air filtration system, scopes, sonicators & homogenizers, autoclaves & sterilizers, spectrophotometers µarray equipment bioreactors, and other equipment. Similarly, the disposables segment is further classified into pipettes, tips, tubes, cuvettes, dishes, gloves, mask, cell imaging consumables, and cell culture consumables. Depending on end user, the market is classified into academic institutes, clinical diagnostic centers, forensic industry, and others. Country wise, it is analyzed across Brazil, Mexico, Argentina, Colombia, Peru, Costa Rica, Panama, and rest of Latin America.
Segment review
By product, the market is categorized into equipment and disposables. In 2019 the disposables segment dominated the LATAM market, and is anticipated to continue this trend throughout the forecast period. The key factors that drive the market growth include increase in prevalence of HIV, cancer, rise in geriatric population, and government investment programs for diagnostic laboratories. In addition, growth in adoption of clinical diagnostic testing and high market potential in emerging economies provide lucrative opportunities for the market.
By Product
Equipment is projected as one of the most lucrative segment.
By end user, the market is divided into academic institutes, clinical diagnostic centers, forensics industry, and others. In 2019, the clinical diagnostics centers segment accounted for the majority of LATAM laboratory equipment and disposables market share, owing to strong presence of hospitals and diagnostic centers across LATAM, and is expected to continue this trend during the forecast period. The forensics industry segment is anticipated to grow at a significant rate in the future. In addition, market is also accelerated by growth in incidences of crime across LATAM countries. Moreover, increased awareness regarding DNA profiling in criminology is also one of the major reasons that increases the demand for LATAM lab equipment and disposables.
By End User
Clinical diagnostic centers holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
The key players profiled in this LATAM laboratory equipment and disposables market include Agilent Technologies, Inc.,Bio-Rad Laboratories, Bruker Corp, Danaher Corp, Fujifilm Irvine Scientific, PerkinElmer Inc., Sartorius AG, Shimadzu Corporation, Thermofisher Scientific Inc., and Waters Corp.
By Country
Panama country would exhibit the highest CAGR of 8.7% during 2020-2027.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the LATAM laboratory equipment and disposables market size along with the current trends and future estimations to elucidate imminent investment pockets.
It offers LATAM laboratory equipment and disposables market analysis from 2020 to 2027, which is expected to enable the stakeholders to capitalize on the prevailing the LATAM laboratory equipment and disposables market opportunities.
A comprehensive analysis of all the LATAM is provided to determine the prevailing opportunities.
The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and the LATAM laboratory equipment and disposables market growth.
LATAM laboratory Equipment and Disposables Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By END USER |
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 By COUNTRY |
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 Key Market Players | BRUKER CORPORATION, THERMO FISHER SCIENTIFIC, INC., SHIMADZU CORPORATION, SARTORIUS AG, WATERS CORPORATION, BIO-RAD LABORATORIES, INC., DANAHER CORPORATION, AGILENT TECHNOLOGIES INC., PERKINELMER INC., FUJIFILM HOLDINGS CORPORATION (IRVINE SCIENTIFIC SALES COMPANY, INC.) |
Analyst Review
This section provides various opinions of the top-level CXOs in the laboratory equipment and disposables industry. In accordance to several interviews conducted, the adoption of laboratory testing is expected to witness a significant rise with increase in prevalence of infectious diseases and other diseases such as cancer that require early screening for treatment. Moreover, technological advancements related to laboratory equipment also serves as a factor for the growth of this market as advancements have improved the efficiency of analysis outcomes.
Furthermore, rise in focus of key players toward offering products in these countries also serve as a factor for growth of LATAM laboratory equipment and disposables market. As per CXOs, Brazil is expected to dominate the LATAM laboratory equipment and disposables market during the forecast period, followed by Mexico, owing to large presence of laboratories, availability of laboratory equipment, and growth in demand for technologically advanced equipment. However, high cost of equipment and dearth of clinical laboratories in some nations hinder the growth of this market.
The total market value of LATAM Laboratory Equipment and Disposables market is $1,758.07 million in 2019.
The forcast period for LATAM Laboratory Equipment and Disposables market is 2020 to 2027
The market value of LATAM Laboratory Equipment and Disposables market in 2027 is $ 2,831.41 million.
The base year is 2019 in LATAM Laboratory Equipment and Disposables market
Top companies such as, Agilent Technologies, Inc.,Bio-Rad Laboratories, Bruker Corp, Danaher Corp, Fujifilm Irvine Scientific, PerkinElmer Inc., Sartorius AG held a high market position in 2019. These key players held a high market postion owing to the strong geographical foothold in different regions.
In product type segment disposables is the most influencing segment owing to surge in prevalence of LATAM Laboratory Equipment and Disposables market. Furthermore, increase in number of lab and diagnostic procedures, R&D activities boost the market growth.
The major factor that fuels the growth of the LATAM Laboratory Equipment and Disposables market includes rise in prevalence of HIV, cancer,rise in geriatric population, and others. This leads to surge in demand for laboratory equipment and disposables which contribute to the growth of the market.
Panama has the highest growth rate in the market which is growing due to the contribution of the goverment. This is due to improvement in health awareness, development in R&D infrastructure, and rise in number of hospitals with clinical diagnostic centers equipped with advanced laboratory equipments.
Equipment and disposables used in a laboratory where technological research and experiments are carried out are known as laboratory equipment and disposables
Laboratory equipment and disposables are used in pharmaceutical, academic, industrial, diagnostics, forensics, and healthcare sectors.
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