Latin American Home Medical Equipment Market Expected to Reach $1,547.24 Million by 2022Published On: October 15, 2016
Latin American Home Medical Equipment Market Expected to Reach $1,547.24 Million by 2022
According to the latest publication from Meticulous Research®, the Latin American home medical equipment market is expected to reach $1,547.24 million by 2022 with a CAGR of 7.0% over the period of 2016 to 2022.
Latin American region is characterized by the increasing population and rising incidence of various diseases that have resulted in significant rise in healthcare spending. Over the past decade, a number of countries in this region have witnessed a significant growth in healthcare spending as a percentage of their GDP. Moreover, changing demographics and epidemiology are further obscuring this situation. Owing to this, the focus on alternative and more economical methods of treatments, such as home healthcare, is significantly increasing across the region. The shift to home healthcare is one of several strategies being deployed to reduce the inexorable growth in the cost of delivering healthcare services. As a result, some types of medical devices and home healthcare equipment originally designed for exclusive use in hospitals and clinical settings by trained professionals are being redesigned for use by patients and lay caregivers in home environments. This dramatic shift in the delivery of healthcare is creating new opportunities for manufacturers of home medical equipment.
Market Drivers, Restraints, and Challenges
The factors such as growing need to curtail healthcare costs, rising aged population and subsequent increase in the incidences of chronic diseases, and technological advancements are propelling the growth of this market. However, factors such as unstable economy & regulatory defects pose a significant threat to home healthcare. In addition, rising patient safety concerns, equipment effectiveness issues, and unstable economy are restricting the market growth.
In Latin America, a growing portion of its population is ageing fast as the region reaches the apex of its demographic transition. With falling fertility rates and increasing life expectancies in the region, the age group above 65 years is expected to triple by 2050 as estimated by the United Nations. In Brazil and Chile, in particular, persons 65 and older are projected to account for nearly twice as much of the population in 2030 compared to 2010. These figures are pressurizing countries to take effective measures to improve the home healthcare infrastructure. For instance, Brazilian government has launched ‘Better at Home’ program for elderly, chronic and post-operative patients. Under this program, an investment of $574 million will be made for the patients to receive quality hospital treatment at home. This strategy is intended to reduce the hospital burden, long queues and increasing inpatient expenditure. In order to implement home health strategy efficiently, the private health insurance companies are required to cover 99% of the cost associated with home care treatment in Brazil.
Latin America is currently witnessing a major economical downturn cited to the China-led commodity boom which powered much of South America’s growth during the 2000s has slowed sharply since 2013 as well as low oil, coal, & iron ore prices have impacted the economy badly, leaving most of the population jobless and at a higher inflation. According to the IMF’s latest Regional Economic Outlook for the Western Hemisphere, released in April 2016, it is projected that growth of Latin America is set to contract by 0.5 percent in 2016. The major counties like Brazil & Chile are suffering through recession and their growth would be contracted by 3.8% and 1.5% respectively in 2016. Such economic downturn often leads to lower healthcare spending which poses a serious threat to all the stakeholders in healthcare sector including those in home medical equipment sector.
Latin American home medical equipment market is segmented by country into Brazil, Mexico, Argentina, Colombia, Chile, Venezuela, Peru, Ecuador, Uruguay, and Rest of Latin America.
Further this market is segmented into product types. On the basis of product types, the home medical equipment market is primarily segmented into home tests and patient monitoring equipment which includes fertility tests & aids, pregnancy tests, gender, DNA & parental tests, drug tests, alcohol tests, cholesterol tests, HIV tests, holter monitors, blood pressure monitors, oximeters, heart rate monitors, thermometers, stethoscopes, defibrillators, pedometers, scales & body fat monitors, peak flow meters, apnea monitors, baby monitors, coagulation monitors and diabetes management devices; home therapeutic equipment which includes home respiratory therapy equipment (continuous positive airway pressure equipment, oxygen delivery equipment, nebulizers & accessories, and ventilators & accessories), home dialysis equipment (home peritoneal dialysis products, home hemodialysis products) home IV equipment (IV pumps and home IV accessories) and others; patient support equipment which includes wheelchairs (manual wheelchairs and powered wheelchairs), walking assist devices, mobility scooters, medical furniture and accessories, and bathroom safety equipment.
Some of the major players analyzed in the report are Abbott Laboratories, Alere, B. Braun Medical, Baxter Healthcare, CareFusion (a BD Company), Corpak Medsystems, Covidien, Fisher & Paykel, Fresenius Medical, GE Healthcare, Johnson & Johnson, Lincare (Linde Group), ResMed, Roche, Sunrise Medical, Invacare Corporation, Drive Medical (Part of Medical Depot),and Others.
Key questions answered in the report-
- Which are the high growth market segments in terms of home medical equipment product types and countries?
- What is the historical market for home medical equipment across the Latin America?
- What are the market forecasts and estimates from the period 2016-2022?
- What are the major drivers, restrains, threats, and opportunities in the Latin American home medical equipment market?
- What are the burning issues of the Latin American home medical equipment market?
- Who are the major players in the Latin American home medical equipment market and what share of the market do they hold?
- Who are the major players in various countries (Brazil, Mexico, Argentina, Chile, Colombia, Peru, Ecuador, Uruguay, and Rest of Latin America) and what share of the market do they hold?
- What are the competitive landscapes and who are the market leaders by sub-region in the Latin American home medical equipment market?
- What are the recent developments in the Latin American home medical equipment market?
- What are the different strategies adopted by the major players in the Latin American home medical equipment market?
- What are the geographical trends and high growth regions/ countries?
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