Latin America, a continent comprised of 33 countries, 635 million people, and a rich and diverse culture, brings growth to several important industries. Manufacturing, metals, textiles, agriculture, pharmaceuticals and oil & gas industries amongst many others are key to Latin America’s economy. Of course, no one can forget the robust coffee industry, without which many of us wouldn’t even make it through this article. With the growth of these industries, comes the growth of the life science and analytical instrumentation market within the region.
Unfortunately, Latin America is often overlooked as a viable market as the high growth markets of Asia tower over the others. Over the past five years Latin American countries have sadly experienced economic instability as petroleum prices fell and funding has been limited. Yet, the region holds promise for the future as funding sources change, grow, or shift their targets. Improvements in the aforementioned industries will have a significant impact on the market size for the instruments that allow for the analysis of food, metals, and more.
Many times, it is important to understand how a particular instrumentation market or technique is faring globally to appropriately assess the best method for a launch or entry. However, taking the ‘region first’ approach and understanding the demographics and what may contribute to a country’s economy can be helpful in discerning the areas that drive scientific innovation. There exists a co-dependent relationship between how the instruments can drive growth and the demand for those instruments based on their applications. Neither can grow without the other. Taking a ‘region first’ approach also allows you to understand the sources and use of funding to aid in your next business ventures. Based on our studies, the instrumentation market as a whole, within the region is predicted to grow 3.2% over the next five years, compared to the low 1.2% growth rate in the previous five years.
Our next article will give discuss some of our findings from our new Latin America TSM report and how it might be useful to make business decisions in the near future.