LatAm’s Best-Selling Medical Equipment
Below we break down some of the top sellers in the region, using a combination of market projections and in-house data from our HospiScope and ShareScope services. HospiScope tracks equipment and personnel counts for Latin American hospitals, while ShareScope analyzes market size and share of different medical device/equipment brands using import data. Here’s a look at the types of medical equipment and devices posting some of the top sales figures now and over the next few years.
1) Dialysis Equipment
Dialysis machines are used as a substitute for kidneys to help purify the blood. The market for this equipment in Latin America—which includes hemodialysis machines, dialyzers, peritoneal dialysis equipment, equipment for continuous ambulatory peritoneal dialysis and intermittent peritoneal dialysis and more—will reach a value of US$3.24 billion by 2021, growing at a CAGR of 7.8% between 2016 and 2021.
FURTHER DATA: This growth trend is similar to what GHI’s HospiScope data reflects. According to HospiScope, the amount of hemodialysis machines in several Latin American markets went up between 2016 and 2017, including Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Guatemala, Mexico, Panama, Peru and Puerto Rico.
#2 Respiratory Devices
Worth US$ 1.58 billion in 2016, the LatAm market respiratory devices market will grow at a CAGR of 8.74% between now and 2021 to reach a value of US$2.4 billion.
FURTHER DATA: GHI’s ShareScope tracks import data for medical equipment in Latin America. For 2017, GHI’s ShareScope indicates that import quantities for therapeutic respiration equipment went up by 4% in Colombia, by 1% in Argentina and by 73% in Chile.
#3 Infusion Pumps & Accessories
Infusion pumps are a critical accessory for hospitals and medical centers for the delivery of large amounts of fluids, nutrients or medications to chronically ill patients. And it’s one area that is showing major growth in various Latin American markets in recent years. Currently, the infusion pumps and accessories market is forecast to grow at a rate of 6.6% in Latin America through 2021. This will put the overall market at a value of $671.9 million by that year.
FURTHER DATA: GHI’s Hospiscope shows that between 2016 and 2017, infusion pump counts went up in hospitals in Argentina, Brazil, Colombia, Costa Rica, Dominican Republic, Mexico, Panama, Peru and Puerto Rico.
#4 Endoscopy Devices
Endoscopes, which are cutting-edge instruments that can diagnose or treat areas inside the body without invasive procedures, have been growing throughout the Western world for some time now. And now that growth is finally making its way to Latin American markets, as well. The endoscopy device market in LatAm is already substantial, at $1.87 billion in 2016. But it’s forecast to reach $2.48 billion by 2021. That’s a projected CAGR of 5.84%.
FURTHER DATA: GHI’s Hospiscope shows that between 2016 and 2017, endoscopy machine counts went up in hospitals in Argentina, Brazil, Chile Colombia, Costa Rica, Dominican Republic, Mexico, Panama, Peru and Puerto Rico.
#5 Prosthetic Heart Valves
The value of the Latin American prosthetic heart valves market is growing with a CAGR of 13.6% between now and 2021. The market’s value will be US$ .97 billion by 2021, compared to its 2016 value of US$ .51 billion.
#6 Cardiac Assist Devices
Cardiac assist devices, which are cutting-edge pumps that increase blood flow, are a potentially life-saving treatment for those with congestive heart failure. And data has shown that this growing device market will continue to see great increases throughout Latin America in the coming years. The market for these devices is currently forecast to grow at a rate of 7.45% through 2020. These projections put the forecast value of the cardiac assist devices market at $151.5 million by 2021.
#7 Electrosurgery Devices
The Latin American market for these devices—which include generators, instruments and accessories, as well as argon and smoke management systems—is expected to grow with a CAGR of 6.93% between now and 2021 to reach a value of US$ .75 billion by 2021, up from a market value of US$ 0.53 billion in 2016.
FURTHER DATA: GHI’s Hospiscope tracks counts for surgical generators in Latin American hospitals. Contact GHI for more information.
#8 Nuclear Medicine Radiopharmaceuticals
Radiopharmaceuticals are injected into the body to serve as either diagnostic or therapeutic agents. And it’s big business in Latin America now, where the forecast market growth is projected at 12.4% through 2021. This puts the overall market value at $1.06 billion by 2021.
FURTHER DATA: These radiopharmaceuticals are used in nuclear medicine systems. According to HospiScope data, nuclear medicine systems grew significantly between 2016 and 2017 in hospitals in Argentina, Brazil, Colombia, Dominican Republic, Peru and Puerto Rico.
For medical device and equipment manufacturers, exploring data from HospiScope and ShareScope may be helpful in parsing these larger growth trends in equipment categories so as to identify sales opportunities.
For hospital administrators, HospiScope data in particular may be helpful to understand how their hospitals compare to facilities within their countries—and throughout the region.
Contact GHI to learn more about these services and how they can help you scale up sales or get a deeper understanding of the market.