As per the research report, the size of the Latin America Laboratory Freezers Market is valued at USD 0.20 billion in 2022 and estimated to grow at a CAGR of 3.7%, to reach USD 0.24 billion by 2027 during the forecast period 2022 to 2027.
The growing need for blood and blood components for transfusion and the development of biopharmaceuticals and biotechnology businesses have directly impacted the Latin American laboratory freezers industry.
Increased demand for organ transplant procedures, increased government support for research and clinical trials, and increased investment in developing new and sophisticated technology are some of the reasons that will propel laboratory freezers forward in the projection period of 2020-2027. In the above-mentioned projected period, however, increasing the growth of emerging markets would generate a new potential for market growth.
The Latin American market is driven by increasing technological breakthroughs in many biological fields. Medical tourism is on the rise, and research institutions are expanding. Therefore the industry is likely to grow. The rising frequency of blood illnesses such as leukemia, hemophilia, and sickle cell anemia, which drive the need for blood and other components from donors, is also driving market expansion, as blood banks provide the majority of such biological features.
To begin with, an increase in the incidence of cardiovascular diseases has increased the demand for kidney transplants and, more recently, other essential organ transplants. Second, public awareness efforts and education about organ donation have raised general knowledge, increasing the possibility of saving lives.
Toxic chemicals could hamper the Latin American market from freezers and refrigerators. Removing such devices from the environment may be necessary to safeguard the environment. However, besides the heat they emit, they also raise the temperature in the surrounding environment to an unfavorable level. In addition, the high cost of freezers and refrigerators is expected to limit the market's expansion.
In addition, since there are no ignition sources, manufacturers have constructed explosion-proof units. However, these units are expensive, and many consumers opt for second-hand/used units, delaying the present market's expansion in Latin America.
This research report on the Latin America Laboratory Freezers Market has been segmented and sub-segmented into the following categories.
By End User:
Geographically, the Latin America Laboratory Freezers Market is growing at a breakneck pace. Laboratory freezers are used to store everything from chemicals to tissue samples, and they are pretty helpful.
Multiple foreign companies are collaborating with numerous big hospital chains in the region, which helps to drive the market's business. As a result, Argentina, Brazil, Mexico, and other developing countries are expected to outperform the market.
The Brazil Laboratory Freezers Market is predicted to grow at a healthy CAGR due to increased government initiatives and favorable financial conditions; the market is likely to experience significant growth.
In addition, the market will benefit from the presence of various local vendors selling branded goods. The quantity of cell collections and cryopreservation for stem cell banks is predicted to increase, propelling the region forward.
The Mexico Laboratory Freezers Market is expected to increase due to high healthcare spending in Mexico and Brazil and the region's rising R&D spending on drugs and biotechnology. In addition, a substantial number of laboratory freezer and refrigerator manufacturers in the area also play a crucial role in driving market expansion, given the adoption of advanced laboratory freezers by various end-user sectors.
The Argentina Laboratory Freezers Market is expected to grow faster due to its large patient pool, significant population expansion, and incredible regional research and development activity.
KEY MARKET PLAYERS
Prominent companies leading the Latin America Laboratory Freezers Market profiled in the report are Helmer Scientific (U.S.), Eppendorf AG (Germany), Haier Biomedical (China), Biomedical Solutions Inc. (U.S.), VWR Corporation (U.S.), ARCTIKO A/S (Europe), EVERmed S.R.L. (Italy), Philipp Kirsch GmbH (Germany), Thermo Fisher Scientific Inc. (U.S.), and Panasonic Healthcare Co., Ltd. (Japan).,
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