Portland, OR, June 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the LATAM laboratory equipment and disposables market garnered $1.75 billion in 2019, and is estimated to reach $2.83 billion by 2027, witnessing a CAGR of 6.1% from 2020 to 2027.The report provides a detailed analysis of the current market dynamics &future scenario, key investment pockets, major segments, business performance, and competitive landscape.
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.
The report offers a detailed segmentation of the LATAM laboratory equipment and disposables market based on product, end user, and country.
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.
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.
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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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