The Latin America home healthcare market is progressing at a CAGR of 8.70% within a forecast period of 2014 to 2020. This market is expected to reach US$17.5 bn by the end of 2020 from US$9.8 bn in 2013, as stated in the latest research report released by Transparency Market Research. The report is titled “Latin America Home Healthcare Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
The home healthcare industry is dedicated to helping patients that suffer from illnesses that are chronic or recurring in nature. This allows patients to be away from the hospital and lead normal lives, while simultaneously allowing medical professionals to monitor the patient and provide prompt care whenever necessary. The two greatest advantages that home healthcare can offer are self-sufficiency for a patient in terms of physical wellbeing and a cost-effective strategy as it does not involve extra hospital visits and stays. This also helps healthcare organizations save internal space for other patients.
According to the report, the Latin America home healthcare market is currently being driven by a growing number of patients that are suffering from chronic illnesses. This driver is partly based on the growing geriatric population in Latin America and partly on the changing lifestyles that are making it increasingly conducive for people to suffer from chronic problems. The Latin America home healthcare market is therefore a primary benefactor of the increasing number of patients suffering from high blood pressure problems, diabetes, and COPD.
A key trend observed by the report’s analysts is the steady shift from conventional personal care to precision-based personal care models. These modern home healthcare services are highly suited for patients suffering from respiratory and cardiovascular diseases. These patients, along with the ones suffering from other major chronic illnesses, require constant monitoring for immediate medical intervention, a factor which has greatly boosted the Latin America home healthcare market.
For the sake of simplicity, the report divides the Latin America home healthcare market according to services and devices. The overall market for home healthcare-based devices has experienced a high growth rate in the recent past, owing to the rising adoption of modern medical devices across Latin America. It is also expected to show the fastest CAGR in the report’s forecast period. The Latin America healthcare industry is fast understanding the need and benefits of using advanced technologies, such as portable medical devices and automated devices.
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The market for CPAP devices and ventilators is expected to provide the widest range of opportunities. This market is expanding at a CAGR of 11.4% in the given forecast period.
In the case of services, the Latin America home healthcare market was dominated by unskilled home healthcare services in 2013 with a share of over 45%. In the current forecast period, this market is being spearheaded by the telehealth and telemedicine services, its fastest-growing services segment.
Brazil held nearly 35% of the Latin America home healthcare market in 2013, which was the largest market share, while 25% of the market was held by Mexico.
The key players in the Latin America home healthcare market include Praxair Technologies, Inc., Philips Healthcare, Medtronic, Inc., Hoffmanan-La Roche Ltd., Praxair Technologies, Inc., Teleflex Corp., Bayer Healthcare, ResMed, Inc., GE Healthcare, Cardinal Health, Gentiva Health Services, Inc., and Johnson & Johnson.
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