Latin America’s Healthy Home Healthcare Market

The home healthcare market is comprised of medical devices and services that are used for the diagnosis and easing of the symptoms of a variety of chronic diseases such as diabetes, respiratory infections and cardiovascular diseases among others. This particular market also caters to the disabled or elderly population with chronic diseases. With an aging population in Latin America, the home healthcare devices and services market in Latin America is set for a boost. In 2013 the Latin American home healthcare market was valued at USD9.8billion and is predicted to reach a value of USD17.5billion by 2020.

Latin America’s Aging Population

According to the United Nations, by 2050 the ratio of geriatric population in relation to the total population will increase to an average of 21% in Brazil, Chile and Mexico. Life expectancy in Latin America has dramatically increased since 1950 due to medical and public health interventions that sharply decreased the death toll. Longer life expectancy and a lower fertility rate has produced a shift in the age demographics of Latin America, producing a growing proportion of older people in relation to Latin America’s total population. For example, in Argentina, Cuba and Uruguay the elderly aged 65+ already represent 10% of their individual country populations. In addition to this rise in Latin America’s aging population, new product development by product leaders will drive the growth of the home healthcare market further. Latin America’s aging population and growth in home healthcare market is attracting developed countries from North America and Europe looking to invest in the region. The high acceptance of medical devices in Latin America and technological advancements is fuelling the growth of the home healthcare market in the region.

Home Healthcare Services

The home healthcare services include treatments for the disabled or patients with chronic diseases who require medical care. Home healthcare providers offer medical equipment and services ranging from skilled nursing and personal care to medication and therapies. Latin America’s home healthcare services market is segmented into rehabilitation, telehealth and medicine, infusion therapy, respiratory therapy and unskilled home healthcare services. The home healthcare services market as a whole in Latin America is driven by the presence of a large number of global players, providing a wide range of services in Latin America. Unskilled home healthcare services make for the largest part of the home healthcare services market in Latin America, mainly due to the increasing number of patients adopting personalised care.

The Home Healthcare Market Of Latin America

Latin America’s home healthcare market is geographically segmented as Brazil, Mexico, Argentina, Colombia and others. The superpower of Latin America, Brazil had the largest market share and is expected to continue to dominate the market for the rest of the year and through to 2020. Brazil’s market growth will be down to rising incidences of chronic diseases in the country. For example, the International Diabetes Federation estimated that the prevalence rate in Brazil is set to rise by 65% in the next 20 years. Mexico has the second largest market share and is expected to have the highest growth from 2014 to 2020 with the introduction of technologically advanced medical devices and an aging population, driving its market growth. Finally, Argentina and Colombia’s market share is set to increase due to a rise in demand of home healthcare as well as more free trade government agreements that allow the market to grow consistently. Manufacturers such as Johnson & Johnson, Medtronic, GE Healthcare, The Linde Group and many others are introducing cost-effective and innovative medical devices and services in order to attract a great number of consumers.

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