The size of the Medical Suction Devices Market in Latin America was worth USD 90.92 million in 2022. It is expected to grow at a CAGR of 3.5% to reach USD 107.99 million by 2027 during the forecast period 2022 to 2027.
The market for medical suction devices in Latin America is predicted to develop as the prevalence of chronic diseases such as chronic obstructive pulmonary disease (COPD), asthma, and lung cancer rises. For example, the highest mortality rates due to lung cancer in both genders were observed in the north of Mexico, whereas lung cancer was more prevalent in women. Moreover, the growing number of nosocomial infections has increased the demand for medical suction devices in Latin America.
On the other hand, another significant factor driving the Latin American medical suction devices market growth is the increase in the old age population, who predominantly suffer from chronic diseases. In 2015, the national population in Brazil was estimated at 458.4 million. This number will constantly increase, mainly due increasing birth rate and death rate in the region. As a result, the elderly population (65 years and over) is expected to grow more than 15% in 2025.
In addition, the market growth is further driven by the increased adoption of point-of-care suction devices. The portable suction devices are expected to show rapid growth during the forecast period due to their increasing popularity in-home healthcare services. Mobile medical devices are easy to use and affordable for patients. The usage of these suction devices is encouraged by physicians to reduce hospital visits. In addition, the use of these devices can be seen in nursing homes and emergency centers. With increased awareness about the benefits of these devices, these factors will drive the Latin American medical suction devices market for the coming years.
However, key factors such as the lack of reimbursement policies for suction devices in developing economies and the high cost of portable devices are hampering the market's growth. Moreover, strict local regulatory guidelines and tough market competition will impact the development of the Latin American medical suction devices market.
This research report on the Latin American Medical Suction Devices Market has been segmented & sub-segmented into the following categories:
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Geographically, the Brazil medical suction devices market captured the largest Latin American market share of around 33% in 2020, followed by Mexico and Argentina. The following are the primary drivers of market growth:
The Brazilian pharmaceutical market was estimated at $ 26 billion in 2015, growing at a compound annual growth rate (CAGR) of 12.3%. In contrast, the medical device market was worth approximately $ 24 billion in 2017, with a projected CAGR of 6.6%. These numbers indicate the growing healthcare demand in the Brazilian region over the projected period, which will propel the studied market in the coming years.
The Mexico medical suction devices market is predicted to grow at the highest CAGR of 4.5% for the Latin American medical suction devices market. The market is growing due to the resulting number of advanced medical healthcare devices and the region's high prevalence of chronic disorders. In addition, there are over 4,470 hospitals in Mexico, out of which 68% of hospitals are private, and the remaining 32% are government-operated. Moreover, rising healthcare awareness and favorable government initiatives will help the market grow in this region.
Other Latin American countries such as Peru, Argentina, Columbia, Puerto Rico, etc., are also estimated to rise at a healthy CAGR over the analyzed period. The prevalence of a high number of potential buyers and an increase in the target patient population would boost the market in these regions. For example, in 2020, the population aged 65 and over in Argentina medical suction devices market was recorded at 12.3%. In Argentina, this observed population aged 65 and over gradually increased from 7.3% in 1970 to 11.7% in 2020, with an average annual growth of 0.99%.
KEY MARKET PLAYERS
Leading companies in the Latin American Medical Suction Devices Market profiled in this report are Allied Healthcare Products Inc., ATMOS MedizinTechnik GmbH & Co. KG, Drive Medical, INTEGRA Biosciences, Medela Holding AG, Medicop, Precision Medical, Inc., SSCOR, Inc., ZOLL Medical Corporation, Weinmann Geräte für Medizin GmbH + Co. KG, Laerdal Medical, MG Electric Ltd (Colchester), Labconco Corporation, Welch Vacuum, Amsino International Inc., and Olympus Corporation.
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