The Latin America home healthcare market is exhibiting a CAGR of 8.7% from 2014 to 2020. The market was valued at US$9.8 bn in 2013 and is expected to be valued at US$17.5 bn in 2020. The statistical data has been compiled in a research report released by Transparency Market Research, titled “Latin America Home Healthcare Market (By Device Types: Diagnostics and Monitoring Devices, Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical Supplies; By Services: Rehabilitation, Telehealth and Telemedicine, Respiratory Therapy, Infusion Therapy and Unskilled Home Healthcare Services) – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”.
According to the report, the Latin America home healthcare market is primarily driven by the increasing number of patients suffering from chronic diseases, especially among the elderly. The Latin America home healthcare market plays an important role in the case of patients suffering from diabetes, blood pressure issues, and chronic obstructive pulmonary disease.
The report states that the Latin America home healthcare market is currently shifting towards a precision-based model of personal care, which is important for patients suffering from cardiovascular and respiratory diseases. Most chronic diseases require regular patient monitoring and health interventions, creating the growing demand for home healthcare.
The report broadly classifies the Latin America home healthcare market into devices and services. Among the two segments, the Latin America home healthcare market was thriving on demand for its devices segment, which is growing at the fastest CAGR from 2014 to 2020. This segment’s rapid growth rate is attributed to a stronger acceptance of home healthcare devices as well as technological advancements that have led to portable devices and automated devices.
Within devices, the Latin America home healthcare market is driven by the fast-growing CPAP devices and ventilators. The sub-segment is growing at a CAGR of 11.4% in the report’s forecast period.
The segment of mobility assistance devices comprises the sub-categories of crutches, cranes, and wheelchairs.
The sub-segments in the services provided in the Latin America home healthcare market are telemedicine services, telehealth services, intuition therapy services, and rehab services.
In terms of labor, the Latin America home healthcare market was dominated by unskilled labor, which occupied over 45% of the Latin America home healthcare market in 2013. The highest growth rate in the services offered by the Latin America home healthcare market is displayed by telehealth and telemedicine.
Key players that operate in the global as well as Latin America home healthcare market are Johnson & Johnson, Invacare Corp., Gentiva Health Services, Inc., Cardinal Health, GE Healthcare, ResMed, Inc., Bayer Healthcare, Teleflex Corp., Praxair Technologies, Inc., Hoffmanan-La Roche Ltd., Medtronic, Inc., Philips Healthcare, and Praxair Technologies, Inc.
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