Latin America Clinical Laboratory Services Market – Growth Market Reports The Latin America clinical laboratory services market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing burden of chronic diseases and rising demand for diagnostic tests in the region.
There is a significant increase in the complexities and volume of data in clinical trials. The healthcare sector globally is pushing towards a significant shift to increase inflow of new clinical trials, which are based on structured, standardized, and consumer interest. In the region, clinical research is given a prime importance as to find advanced solutions for the rising prevalence of chronic and targeted diseases. The clinical labs are constantly upgraded with innovative technique and converting into automation besides following the international standards. These automated solutions enable speedy process of sample testing, which result in reducing human errors and labor costs by integration of electronic, mechanical, and informatics tools. Growing adoption rates of laboratory automation systems in clinical settings across the globe is creating lucrative opportunities for the market growth. Further, increasing adoption of database management tools, integrated workflow management systems, and patient test records are gaining significant traction in the healthcare industry. On average, companies are providing laboratory services that ensure processing of around 100 to 150 billion samples every year. However, sample creation and successful experimentation has been a key challenge in clinical testing labs and several market players are continuously focusing to address this issue. For instance, vendors are focusing on adoption of 384-well plates instead of 96-well plates, to cut reagent costs and time taken for performing assays. The 384-well plates cut cost and time by half as compared to the 96-well plates.