Panama: Composite Laboratory Reagents Market 2025

Composite Laboratory Reagents Market Size in Panama

The Panamanian composite laboratory reagents market was estimated at $X in 2022, with an increase of 13% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption enjoyed a prominent increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Composite Laboratory Reagents Exports

Exports from Panama

In 2017, exports of composite diagnostic or laboratory reagents from Panama contracted remarkably to X tons, dropping by -28.9% compared with 2016 figures. Over the period under review, exports continue to indicate a noticeable decrease. The growth pace was the most rapid in 2014 when exports increased by 72% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2017, the growth of the exports remained at a somewhat lower figure.

In value terms, composite laboratory reagents exports soared to $X in 2017. In general, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 311% against the previous year. Over the period under review, the exports hit record highs in 2017 and are likely to see steady growth in years to come.

Exports by Country

Nicaragua (X tons), Guatemala (X tons) and Costa Rica (X tons) were the main destinations of composite laboratory reagents exports from Panama, together comprising 40% of total exports. El Salvador, the Dominican Republic, Honduras, Jamaica, Guyana and Venezuela lagged somewhat behind, together comprising a further 26%.

From 2012 to 2017, the biggest increases were recorded for the Dominican Republic (with a CAGR of +69.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for composite laboratory reagents exported from Panama were Nicaragua ($X), Guatemala ($X) and Costa Rica ($X), with a combined 32% share of total exports. El Salvador, the Dominican Republic, Honduras, Jamaica, Venezuela and Guyana lagged somewhat behind, together comprising a further 21%.

The Dominican Republic, with a CAGR of +134.2%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2017, the average composite laboratory reagents export price amounted to $X per ton, picking up by 234% against the previous year. Overall, the export price saw significant growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2017, the most notable rate of growth in terms of prices was recorded for supplies to Guyana (+78.3%), while the prices for the other major destinations experienced more modest paces of growth.

Composite Laboratory Reagents Imports

Imports into Panama

Composite laboratory reagents imports into Panama expanded slightly to X tons in 2022, with an increase of 4.3% compared with the previous year. Overall, imports saw a strong increase. The pace of growth was the most pronounced in 2020 with an increase of 88%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, composite laboratory reagents imports surged to $X in 2022. Over the period under review, imports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2020 when imports increased by 194%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United States (X tons), Brazil (X tons) and China (X tons) were the main suppliers of composite laboratory reagents imports to Panama, with a combined 67% share of total imports. Germany, Hong Kong SAR, Japan, France and Norway lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +114.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of composite diagnostic or laboratory reagents to Panama, comprising 53% of total imports. The second position in the ranking was taken by Germany ($X), with a 5.5% share of total imports. It was followed by China, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.5% per year) and China (+12.8% per year).

Import Prices by Country

The average composite laboratory reagents import price stood at $X per ton in 2022, surging by 14% against the previous year. Over the period under review, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, composite laboratory reagents import price decreased by -34.6% against 2020 indices. The pace of growth appeared the most rapid in 2020 an increase of 56% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform