The size of the Latin American portable medical devices market is predicted to be growing at a prominent CAGR during the forecast period.
The market is primarily driven by the growing adoption of portable therapeutic, diagnostic, and monitoring devices in healthcare facilities. In addition, the increasing use of small, lightweight, portable devices, such as spirometers that help diagnose respiratory diseases, is expected to bring significant traction to the Latin American market in the coming years.
Moreover, the rising trend of preventive healthcare and the increasing adoption of smart portable devices are other factors driving the growth of the Latin American portable medical devices market. Fitness trackers and smartwatches have features that provide health benefits. Handheld devices calculate data on the daily activities of users. Doctors can use this data to decide on a treatment plan.
The increase in the geriatric population and the high prevalence of chronic diseases are also expected to drive the market. Furthermore, the growing adoption of portable devices such as heart monitoring, respiratory monitoring, and image-guided therapy systems to treat chronic diseases such as diabetes, cardiovascular disease, and respiratory disease will bode well for market growth in the near future. In addition, according to 2015 estimates from the American Cancer Society (ACS), the global cancer incidence is expected to reach nearly 22.7 million by 2030. This is estimated to drive the growth for advanced imaging and therapeutic technologies, which will, in turn, stimulate the Latin America portable medical devices market.
Few concerns such as data breaches and concerns about the transfer of confidential data over the Internet are likely to restrict the growth of the Latin America portable medical devices market. Moreover, Low reimbursement limits and an expensive product approval process can stifle market expansion in the medical device industry.
Impact of COVID-19 on the Latin American portable medical devices market:
The Latin American portable medical devices market is expected to grow at a significant rate in the coming years, owing to the growing demand for real-time analysis, diagnostics, and monitoring and the growing demand for medical care services from an emergency in the world. However, enabling access to patient data across various platforms and growing demand for portable devices is expected to provide new growth opportunities for players operating in the portable medical devices market in Latin America.
This research report on the Latin American portable medical devices market has been segmented and sub-segmented into the following categories.
By Product:
By End-User:
By Country:
The Latin American region is expected to record the most attractive growth during the forecast period due to increased investment in health infrastructure and improved treatment rates for critical illnesses. Moreover, the region is seeing increased consumer awareness of health management and healthy lifestyle, which is also expected to drive the growth of the portable medical devices market in the region.
The Brazilian portable medical devices market has had a massive revenue share in the recent past. And the trend is expected to be observed during the forecast period. Supportive government policies, the high rate of treatment, the development and existence of highly advanced devices, the advancement of technological devices, the increase in disposable income, the early diagnosis of diseases are major factors expected to support the Brazilian market growth during the forecast period. Therefore, it is entirely relevant to mention the National Cancer Institute's cancer imaging program as an example of government initiatives driving the market. This initiative also supports translational, fundamental, and clinical research, both in technology and in images.
During the forecast period, the Mexican portable medical devices market is predicted to play a key role in the Latin American market. Mexico is set to record a stellar, possibly double-digit growth rate. Players will find exciting new growth opportunities during the above-mentioned forecast period by taking advantage of improved healthcare infrastructure and improved treatment rates.
KEY MARKET PLAYERS:
A few of the promising companies operating in the Latin American portable medical devices market profiled in this report are Medtronic Inc., AliveCor Inc., Koninklijke Philips N.V., AgaMatrix Inc., Cisco Inc., Nike Inc., AirStrip Technologies Inc., LifeWatch AG, BioTelemetry Inc., IHealth Lab Inc., LifeWatch AG, Fitbit, Samsung Group, General Electric Company, and OMRON Corporation.
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