According to a new market report published by Transparency Market Research "Latin America Home Healthcare Market (By Device Types: Diagnostics and Monitoring Devices, Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical Supplies; By Services: Rehabilitation, Telehealth and Telemedicine, Respiratory Therapy, Infusion Therapy and Unskilled Home Healthcare Services) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" the Latin American Home Healthcare market was valued at USD 9.8 billion in 2013 and is estimated to reach a market worth of USD 17.5 billion in 2020 growing at a CAGR of 8.7% from 2014 to 2020.
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Home healthcare market comprises medical devices and services that are used for the diagnosis and mitigation of variety of chronic diseases such as diabetes, respiratory infections, cardiovascular diseases and others. Home healthcare is widely used by disabled elderly population and patients with chronic diseases. Aging population will boost the market growth of home healthcare devices and services in Latin America. For example, according to United Nations, by 2050, the ratio of geriatric population with respect to the total population would increase to an average of 21% in Brazil, Mexico and Chile. In addition, new product development by key market players will further drive the growth of home healthcare market during the study period. For instance, in February 2014, Omron Healthcare, Inc. introduced Alvita ultimate pedometer. This device features tri-axis technology that enables accurate tracking of body movement - almost anywhere anytime. Additionally, it is integrated with auto-stride technology, which automatically calculates strides based on users' height and weight. Thus, introduction of technologically advanced devices drives the market growth of home healthcare devices.
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The home healthcare market comprises medical devices used for the diagnosis of various diseases such as diabetes, cardiovascular diseases, respiratory disorders and sleep disorders. The home healthcare market is witnessing steady growth in Latin America, as developed countries like North America and Europe are increasingly investing in this region. In addition, high acceptance of medical devices coupled with technological advancements (introduction of automated and portable devices) fuel the growth of the home healthcare market in Latin America. The home healthcare market, by device types, in Latin America is categorized as diagnostic and monitoring home healthcare devices (blood glucose monitors, blood pressure monitors, heart rate monitors, temperature monitors, sleep apnea monitors, coagulation monitors, pregnancy test kits, pulse oximeters and pedometers), therapeutic home healthcare devices (insulin delivery devices, nebulizers, medical ventilator and CPAP devices, intravenous equipment and dialysis equipment), mobility assist home healthcare devices (wheelchairs, cranes and crutches and other home mobility assist devices) and medical supplies. In 2013, medical supplies segment accounted for the largest share and is expected to grow at a CAGR of 6.7% during the forecast period from 2014 to 2020.
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The home healthcare services comprise treatment for disabled or patients with chronic diseases, who require medical care for diseases such as cardiovascular disorders, diabetes and obstructive pulmonary diseases. Home healthcare service providers offer medical equipment and services such as skilled nursing, medication, personal care and therapies. In terms of services, the home healthcare market in Latin America has been segmented into rehabilitation services, telehealth and telemedicine services, infusion therapy services, respiratory therapy services and unskilled home healthcare services. The home healthcare services market in Latin America is driven by the presence of a large number of global players who provide wide range of home healthcare services in the region. Unskilled home healthcare services segment accounted for the largest share in the Latin American home healthcare market owing to increasing number of patients adopting personalized care.
Geographically, Latin America home healthcare market is segmented as Brazil, Mexico, Argentina, Colombia and others. Brazil accounted for the largest market share and is expected to dominate the market during the forecast period from 2014 to 2020. Rising incidences of chronic diseases will drive the market growth of home healthcare in Brazil. For instance, the International Diabetes Federation (IDF) has estimated that the prevalence rate of diabetes in Brazil is expected to increase by 65% in the next two decades. Mexico contributed second largest share of the total market in 2013 and is expected to grow at the highest CAGR from 2014 to 2020. Introduction of technologically advanced devices by key players coupled with aging population will drive the growth of home healthcare in Mexico. In addition, factors such as increasing demand of home healthcare, increasing free trade agreement by government helps Argentina and Colombia market to grow consistently during the study period. Manufacturers are introducing cost-effective and innovative home healthcare devices and services to attract more number of consumers. The Latin American home healthcare market includes major companies namely Johnson & Johnson, Medtronic, Inc., GE Healthcare, The Linde Group and others.