LATAM Laboratory Equipment and Disposable Products Market Changing Industry Trends and Key Insights by 2027

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LATAM Laboratory Equipment and Disposables Market was valued at USD 1,759 Million in 2019 and is projected to reach USD 2,831 Million by 2027, registering a CAGR of 6.1%.

PORTLAND, OREGON, USA, Aug. 24, 2022 /EINPresswire.com/ — Growth of LATAM laboratory equipment and disposables market attributed to growing geriatric population and rising incidence HIV, cancer, tuberculosis and other similar diseases. Also, the surge in investments by governments in the healthcare system and hospitals related to laboratory diagnostics are some of the factors contributing to the growth of the market.

The LATAM Laboratory Equipment and Disposables Market size was valued at USD 1,759 Million in 2019 and is projected to reach USD 2,831 Million by 2027, registering a CAGR of 6.1% from 2020 to 2027.

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Advancements in technologies for laboratory equipment, increasing investment in private and public healthcare, and supportive insurance policies are driving the growth of the LATAM laboratory equipment and disposables market. Additionally, research and development activities related to life sciences and biotechnology supplement the market growth. However, high costs associated with technologically advanced laboratory equipment and scarcity of clinical laboratories in some countries are hampering the growth of the market. On the other hand, the adoption of clinical diagnostic tests in the Latin America region and the untapped potential in emerging economies create new opportunities in the coming years.

Covid-19 scenario:

As researchers work tirelessly to develop a vaccine and potential treatments for Covid-19, there has been significant demand for different lab equipment.

Health governing bodies such as the WHO have issued guidance on laboratory testing for Covid-19 in suspected cases.

As countries scale up their responses to identify, manage and treat rising Covid-19 cases, acquiring sufficient laboratory equipment and disposables has become a major part of the strategy.

Factors driving the growth of the LATAM laboratory equipment and disposables market include technological advancements in laboratory equipment and surge in private and public investment in healthcare. Additionally, favorable insurance policies related to laboratory equipment and booming research related to life sciences and biotechnology are driving the growth of the market. However, high costs of technologically advanced laboratory equipment and shortage of clinical laboratories in some countries are expected to hamper the growth of the LATAM laboratory equipment and disposables market. Additionally, growing adoption of clinical diagnostic tests globally and high market potential in emerging economies provide lucrative opportunities for market growth.

On an end-user basis, the clinical diagnostic center segment held the highest share with more than three-fifths of LATAM laboratory equipment and disposables market revenue in 2019, and is expected to maintain its dominant position throughout throughout the forecast period. On the other hand, the forensic industry segment would grow at the highest CAGR of 7.7% from 2020 to 2027.

According to 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 leading status by 2027. However, Panama is expected to show the highest CAGR of 8.7% from 2020 to 2027. The research also analyzes Mexico, Colombia, Argentina, Peru, Costa Rica and the rest of Latin America.

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Agilent Technologies, Inc., Bruker Corp, Bio-Rad Laboratories, Fujifilm Irvine Scientific, Danaher Corp, Sartorius AG, PerkinElmer Inc., Thermofisher Scientific Inc., Shimadzu Corporation, and Waters are some of the key players analyzed in the LATAM Equipment Market laboratory and disposable items. Corp.

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“We have also published some syndicated market studies in the same field that you may be interested in. Below is the title of the report for your reference, considering the impact of Covid-19 on this market, which will help you to assess the impact of the pandemic on the short and long-term growth trends of this market.

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Allied Analytics LLP
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