Latin America Laboratory Equipment Market Size & Outlook
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Latin America laboratory equipment market highlights
- The Latin America laboratory equipment market generated a revenue of USD 1,299.7 million in 2023.
- The market is expected to grow at a CAGR of 5.8% from 2024 to 2030.
- In terms of segment, general was the largest revenue generating product in 2023.
- Clinical is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Argentina is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 1,299.7 million |
| Market revenue in 2030 | USD 1,927.5 million |
| Growth rate | 5.8% (CAGR from 2023 to 2030) |
| Largest segment | General |
| Fastest growing segment | Clinical |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | General, Analytical, Clinical, Support, Specialty |
| Key market players worldwide | Sartorius AG, Bio-Rad Laboratories Inc, FUJIFILM Holdings Corp, Thermo Fisher Scientific Inc, Agilent Technologies Inc |
Other key industry trends
- In terms of revenue, Latin America region accounted for 4.3% of the global laboratory equipment market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 20,012.6 million by 2030.
General was the largest segment with a revenue share of 27.35% in 2023. Horizon Databook has segmented the Latin America laboratory equipment market based on general, analytical, clinical, support, specialty covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America is one of the key regions encouraging R&D activities and showcasing numerous growth opportunities for investments. Factors such as a growing number of international players, high disease burden, a significant number of research institutions, and clinical advancements, and increase in government spending, per capita healthcare spending, & initiatives undertaken by WHO & other organizations, are expected to boost the market in Latin America.
However, several challenges faced by Latin American countries are anticipated to limit market growth. For instance, Brazil has some of the region's most prominent health institutions, but most of its public healthcare system suffers from poor scheduling and understaffing. Colombia has a relatively weak healthcare and research infrastructure, thereby highlighting resource discrepancies in the region.
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Laboratory Equipment Market Scope
Laboratory Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Bio-Rad Laboratories Inc | View profile | 8030 | 1000 Alfred Nobel Drive, Hercules, CA, United States, 94547 | https://www.bio-rad.com |
| Agilent Technologies Inc | View profile | 17700 | 5301 Stevens Creek Boulevard, Santa Clara, CA, United States, 95051 | https://www.agilent.com |
| Sartorius AG | View profile | 14338 | Otto-Brenner-Strasse 20, Gottingen, NI, Germany, 37079 | https://www.sartorius.com |
| Thermo Fisher Scientific Inc | View profile | 122000 | 168 Third Avenue, Waltham, MA, United States, 02451 | https://www.thermofisher.com |
| FUJIFILM Holdings Corp | View profile | 83784 | 7-3, Akasaka 9-chome, Minato-ku, Tokyo, Japan, 107-0052 | http://www.fujifilmholdings.com |
Latin America laboratory equipment market size, by country, 2018-2030 (US$M)
Latin America Laboratory Equipment Market Outlook Share, 2023 & 2030 (US$M)
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