The size of the hospital supplies market in the Latin American region is predicted to be growing at a prominent CAGR from 2022 to 2027.
Factors such as the rising prevalence of several chronic, lifestyle-related disorders, a large elderly population, and rising awareness about hospital-acquired infections (HAIs) significantly increase demand for hospital supplies in the Latin American region. In addition, due to increased hospital admissions and a scarcity of medical supplies and equipment, the recent COVID-19 pandemic has given the sector a critical reality check throughout 2020.
Medical gadgets and equipment are provided to hospitals, medical centers, and medical institutions for their everyday operations. Demand for these goods is increasing because of rising healthcare costs and continued government attempts to expand healthcare services. In addition, the market growth is expected to be bolstered by technological advances by well-known healthcare device makers and the development of unique goods and solutions that meet the most recent industry standards.
During the forecast period, the disposable hospital supplies market is predicted to accelerate rapidly. Due to the COVID-19 pandemic, the usage of disposable items such as face masks, gloves, medical gowns, bandages and wraps, catheters, and needles grew dramatically in 2020. In addition, the increased danger of HAIs in hospital settings, particularly during the worldwide public health emergency, has boosted the demand for these products. Moreover, given the pandemic's long-term character, these patterns are expected to continue for some time, increasing product demand even more.
However, A key restricting factor for the growth of the Latin American hospital supplies market is the government-led stringent controls on medical equipment supplies. The market's expansion is further predicted to be hampered by a lack of health insurance and finances for purchasing medical equipment. In recent years, a rise in demand for home care services has resulted in a drop in hospital supplies, lowering market growth. Several healthcare institutions combine with traditional home healthcare services or launch their home healthcare services to reduce surgery and post-procedure costs for patients. The development of home healthcare services and government reimbursement in developed countries is providing a substantial threat to the hospital supply market in Latin America.
This research report on the Latin American hospital supplies market has been segmented and sub-segmented into the following categories.
By Product Type:
The market for Latin American hospital supplies is expected to grow as the frequency of chronic illnesses, the number of accidents and injuries, and healthcare spending all increase. In addition, between 2018 and 2050, the number of people aged 65 and over is expected to more than quadruple, growing from 48 million to over 101 million, according to the Population Reference Office.
The expanding prosperity of emerging nations such as Brazil and Argentina and increased budgetary allocations to improve healthcare facilities bode well for the hospital supplies market.
Brazil, Mexico, and Columbia are expected to lead the Latin American hospital supplies market throughout the forecast period. With almost 330,000 hospital beds, Brazil leads Latin America and the Caribbean in 2019. Mexico came in second with over 170,000 hospital beds, followed by Colombia with around 85,000. This year, Brazil ranked first in the area in the number of operating rooms.
Latin American countries are investing heavily to upgrade existing institutions and build new ones to compensate for the lack of health facilities, resulting in increased demand for hospital beds. In addition, the expanding number of hospitals in emerging countries like Ecuador, Chile, Uruguay, and Puerto Rico and the high demand for maternity units are expected to propel the Latin American hospital beds market ahead.
KEY MARKET PLAYERS:
Advanced Sterilization Products Services Inc., Dickinson and Company, Cardinal Health, Inc., Kimberly-Clark Corporation, Becton, 3M Health Care, and B. Braun Melsungen AG are significant companies in the Latin American hospital supplies market profiled in this report.
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