The size of the Home Healthcare Market in Latin America is estimated to register a CAGR of 10.43% from 2022 to 2027. The market size is predicted to value USD 37.81 billion in 2027 from USD 23.03 billion in 2022.
Y-O-Y growth in the aging population across the Latin American region is one of the significant factors driving the Latin American Home Healthcare market growth.
The United Nations says that the share of Latin America's population aged 65 or over will triple by mid-century, from 6.3 percent in 2005 to 18.5 percent in 2050. Additionally, a few Latin American nations, including Brazil, Chile, and Mexico, may have more population than the United States. Accordingly, the demand for elderly care is expected to rise substantially. This geriatric population base is exceedingly helpless to different sicknesses, such as diabetes, circulatory strain, rest apnea, joint pain, and cardiovascular disease. Subsequently, the developing global geriatric population base, combined with how around 70% of home patients have a place with the age gathering of 65 years or more, is relied upon to drive advertising interest for home healthcare services and products.
Additionally, factors such as increasing incidences of orthopedic issues, where the patients need care at home with caregivers, growing prevalence for the cost-effective treatment procedures conveniently and straightforwardly at home are accelerating the market's growth. Growing priority for affordable treatment procedures, rather significant treatments that cost high, increasing expenditure of healthcare, especially in urbanized areas, and raising awareness over the feasibility of the systems used at home are predicted to act favorably to the growth rate of the market.
However, the lack of skilled persons in monitoring the operational systems is quietly diminishing the market demand in this region. In addition, the lack of standardization has remained a challenging factor for the market. Also, fewer insurance coverages are degrading the growth of the Latin American Home Healthcare Market.
This research report on the Latin American Home Healthcare Market has been segmented and sub-segmented into the following categories.
By Product Type:
By Services Type:
Geographically, the Latin America Home Healthcare Market is growing fast over the past few years and is also anticipated to have a significant growth rate in the coming years. The Brazilian home healthcare market is expected to be leading with the highest shares of the market with the increased revenue and rise in the demand for point of care testing devices. Rising incidences of infectious diseases are one of the factors leveling up the need of the market in Mexico. On the other hand, Argentina is expected to have the highest CAGR in foreseen years due to the latest technologies' quick adoption.
Also, the emergence of e-commerce in pharmaceutical companies is making the regional market move forward extensively. Colombia and other countries are anticipated to hold significant shares of the market. Increasing funds from government organizations to elaborate on home healthcare services is mainly magnifying the market demand in Latin America.
KEY MARKET PARTICIPANTS:
Some of the promising companies operating in the Latin American Home Healthcare market profiled in this report are Almost Family Inc., Amedisys Inc., General Electric Company (GE), Kinnser Software Inc., Linde Group, Omron Corporation, Roche Holding AG, Philips Healthcare, Mckesson Corporation, LHC Group Inc., Kindred Healthcare, Fresenius Se & Co Kgaa, Abbott Laboratories, and Apria Healthcare Group.
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