According to the latest publication from Meticulous Research®, the Latin American home healthcare market is expected to reach $9529.9 million by 2022 with a CAGR of 6.7% 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 healthcare 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, range of drawbacks associated with home healthcare, and rising patient safety concerns are restricting the market growth. Increasing consolidation in home healthcare service providers to gain cost efficiency and presence of untapped potential in this region are expected to provide significant growth opportunities for the global home healthcare market stakeholders.
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 healthcare sector.
Latin American home healthcare market is further segmented by country into Brazil, Mexico, Argentina, Colombia, Chile, Venezuela, Peru, Ecuador, Uruguay, and Rest of Latin America.
Further this market is segmented into products, and services. The home healthcare products 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.
Latin American home healthcare services market is segmented into rehabilitation services, infusion services, skilled care/nursing, unskilled care services, tele-health services, respiratory therapy services, and others.
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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, Pronep, Grupo Geriatrics, Medilar, IHSA Group SA , Visiting Angels , and Others.
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