Latin America and the Caribbean: Optical Radiation Instruments Market 2025

Optical Radiation Instruments Market Size in Latin America and the Caribbean

The Latin American optical radiation instruments market totaled $X in 2022, picking up by 3% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to continue growth in the immediate term.

Optical Radiation Instruments Production in Latin America and the Caribbean

In value terms, optical radiation instruments production reached $X in 2022 estimated in export price. Overall, production, however, saw a strong expansion. The growth pace was the most rapid in 2013 when the production volume increased by 87%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Optical Radiation Instruments Exports

Exports in Latin America and the Caribbean

For the third year in a row, LatAmerica and the Caribbean recorded growth in overseas shipments of instruments using optical radiations, which increased by 3.9% to X units in 2022. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 12%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, optical radiation instruments exports dropped modestly to $X in 2022. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 21% against the previous year. The level of export peaked at $X in 2021, and then declined modestly in the following year.

Exports by Country

Mexico was the main exporting country with an export of about X units, which recorded 56% of total exports. Brazil (X units) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by Argentina (11%). Colombia (X units), Chile (X units) and Costa Rica (X units) took a minor share of total exports.

Exports from Mexico increased at an average annual rate of +8.9% from 2012 to 2022. At the same time, Costa Rica (+15.8%), Brazil (+15.5%), Colombia (+8.9%) and Chile (+2.8%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +15.8% from 2012-2022. By contrast, Argentina (-15.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico, Brazil and Colombia increased by +32, +15 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest optical radiation instruments supplier in Latin America and the Caribbean, comprising 63% of total exports. The second position in the ranking was held by Brazil ($X), with a 16% share of total exports. It was followed by Argentina, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico totaled +6.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+15.1% per year) and Argentina (-13.2% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, reducing by -5.3% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2013 an increase of 19%. Over the period under review, the export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+3.0%), while the other leaders experienced mixed trends in the export price figures.

Optical Radiation Instruments Imports

Imports in Latin America and the Caribbean

In 2022, approx. X units of instruments using optical radiations were imported in Latin America and the Caribbean; surging by 6.9% against the previous year's figure. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 19%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, optical radiation instruments imports amounted to $X in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 22%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Brazil (X units) was the main importer of instruments using optical radiations, generating 45% of total imports. Argentina (X units) ranks second in terms of the total imports with a 9.3% share, followed by Ecuador (8.5%), Mexico (8.2%), Peru (5.6%), Colombia (5.1%) and Chile (4.7%).

Brazil experienced a relatively flat trend pattern with regard to volume of imports of instruments using optical radiations. At the same time, Peru (+15.1%), Ecuador (+11.4%) and Chile (+7.5%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +15.1% from 2012-2022. Mexico and Colombia experienced a relatively flat trend pattern. By contrast, Argentina (-3.1%) illustrated a downward trend over the same period. Ecuador (+5.3 p.p.), Peru (+4.1 p.p.) and Chile (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Argentina and Brazil saw its share reduced by -5% and -7.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported instruments using optical radiations in Latin America and the Caribbean, comprising 38% of total imports. The second position in the ranking was taken by Mexico ($X), with a 16% share of total imports. It was followed by Chile, with a 9% share.

From 2012 to 2022, the average annual growth rate of value in Brazil was relatively modest. In the other countries, the average annual rates were as follows: Mexico (+2.3% per year) and Chile (+9.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, reducing by -3.8% against the previous year. In general, the import price, however, continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2013 an increase of 6.8%. The level of import peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per unit), while Ecuador ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :