The size of the Latin American medical devices market was worth USD 36.24 billion in 2020. This value is further estimated to be growing at a CAGR of 5.79% from 2022 to 2027 and worth USD 48.02 billion in 2027.
The growth of the Latin American medical devices market is predicted to be driven by the growth in the increasing number of medical facilities, the rapid growth of the elderly population, increasing incidence of conventional diseases such as diabetes and obesity, economic growth in emerging markets, especially in underdeveloped countries, rapid technological advancements and increased health care spending during the forecast period.
There is a growing demand and acceptance of advanced medical technologies in countries of Latin America, mainly in Brazil, Puerto Rico, and Columbia. Although key companies are making efforts to meet the market needs, there is increasing competitive pressure in the medical devices market in Latin America due to high demand and low supply ratio. Furthermore, the support of reimbursement pathways and improving government efforts to elevate the overall health of the population in the region are further estimated to boost the market’s growth rate. In addition, public and Private healthcare authorities focus on providing quality health services for all civilians.
Some advanced medical technologies are artificial intelligence applications in personal care, telemedicine, remote patient monitoring devices, electronic medical records (EHRs), etc. The recent increase in the number of infections and pandemics. Towards the end of 2022, Latin America was reported to have over 22 million cases, whereas Argentina alone accounted for more than 5.3 million confirmed cases. The Latin American region had recorded around 46.5 million diagnosed patients and a considerable number of fatal cases due to COVID-19. These medical technology solutions enable contactless monitoring of patients, which has driven the market affected by the COVID-19 virus. The digitalized recorded data is better for physicians and patients than traditional paperwork management.
However, data security threats due to the adoption of electronic medical record (EMRs) facilities by healthcare facilities could hamper the growth of the Latin American medical devices market during the forecast period.
This research report on the Latin American medical devices market has been segmented and sub-segmented into the following categories:
In 2020, the Brazilian medical devices market was the largest region in the Latin American region, accounting for 39.8% of the total share. In the future, the fastest growing regions in the medical device market in Latin America will be Argentina and Mexico, where the growth will be 11.2% and 10.5% at CAGR, respectively. Manufacturers are increasingly focusing on the research and development process to drive the market's growth. In addition, to meet changing customer demand for improved efficiency and durability, various medical device manufacturers are collaborating local medical devices market with international companies to expand their portfolios.
The regional markets in Chile and Columbia are projected to post a CAGR of 9% and 8.4%, respectively. These regional markets comprise low- and middle-income groups; these regions are predicted to have high incidence f chronic diseases such as diabetes and cardiovascular diseases, which drive the sales. The health systems of these countries are improving and stable due to support from the government. However, with recent foreign investment, the health scenario is progressing rapidly. Hence, it can be predicted that the medical device market in Latin America could experience lucrative growth during the forecast period.
KEY MARKET PLAYERS:
Companies playing a pivotal role in the Latin American medical devices market profiled in this report are Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company, Siemens Healthineers AG, BD, Boston Scientific Corporation, and Johnson & Johnson Services, Inc.
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