Unexploited opportunities in less developed countries in LATAM region to improve home healthcare devices demand
The Latin American home healthcare devices market is projected to reach a value of USD 17.55 billion by the end of 2020. On the basis of devices type, the medical supplies segment is likely to retain the leading position in the Latin America home healthcare market, reaching a value of USD 3.92 billion by the end of 2020. The rising cases of malnutrition and premature births and growing preference for home enteral therapeutics are key factors that are projected to boost the medical supplies segment in the near future.The demand for home healthcare services is high in Brazil and Mexico. Brazil is expected to lead the Latin America home healthcare market and account for a 35% share by the end of 2020. The high growth of this market in the region is likely due to the rising number of disabled geriatric population and technological advancements in home healthcare devices. The changing statistics in Latin America are encouraging high acceptance of medical devices and homecare services, thereby promoting the growth of the home healthcare market in Latin America. The leading players in the market are currently focusing on the underdeveloped regions in Latin America, such as Venezuela, Colombia, and Chile.