Latin American Home Medical Equipment Market worth $1,547.24 Million By 2022

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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. The United Nations projects that the share of Latin America’s population that is aged 65 or over will triple by mid-century, from 6.3 percent in 2005 to 18.5 percent in 2050. Also, several Latin American countries, including Brazil, Chile, and Mexico, may have older populations than the United States in near future. Decreasing fertility rates, coupled with increasing overall life expectancy, cited to success in combating infectious diseases fueled much of the increase in life expectancy over the last six decades in this region. As a result, demand for elderly care is expected to rise significantly. This geriatric population base is highly susceptible to various diseases such as diabetes, blood pressure, sleep apnea, arthritis, and cardiovascular. Therefore, the growing global geriatric population base coupled with the fact that approximately 70% of home health patients belong to the age group of 65 years and above, is expected to drive market demand for home medical equipment across Latin America during the forecast period.

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The significant rise in healthcare spending is another key reason for the increased adoption of home medical equipment. 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. In addition, technological advancements such as tele-health, wearable devices, mobile health applications etc. and government initiatives to promote home healthcare are also fueling the growth of home medical equipment market in this region. However, patient safety concerns, equipment effectiveness issues, and unstable economy of some countries could hamper the growth of Latin American home medical equipment market to certain extent.

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Latin American home medical equipment market is mainly segmented into product type, and geography. 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. The market is further segmented by country into Brazil, Mexico, Argentina, Colombia, Chile, Venezuela, Peru, Ecuador, Uruguay, and Rest of Latin America. The Brazil accounted for the largest share in the Latin American home medical equipment market in 2015. The large share of this region can be attributed to the improving healthcare infrastructure, favourable reimbursement and regulatory policies, ease of doing business, government support to promote home healthcare, and presence of large number of small scale and large scale home healthcare equipment providers.

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