2019 Growth Markets for LatAm Healthcare

Despite the ups and downs in the region in recent years, the time to be excited about the opportunities in LatAm healthcare may have arrived. According to recent data from CHEManager International, the overall healthcare market in Latin America is projected to grow from USD $364.5 billion to $525.3 billion by 2021. That’s a compound annual growth rate (CAGR) of 7.9%. [1]

Optimism is certainly the name of the game for LatAm healthcare, and it pays to know which specific markets are worth keeping a closer eye on. Here are the areas we pinpointed as having major growth potential in 2019.

#1 Pharmaceuticals

We already told you that you can expect 7.9% annual growth for LatAm healthcare as a whole through 2021. When it comes to the Latin American pharmaceuticals market specifically, the news is even better, with a projected annual growth rate of 9.3% through 2028. Hand in hand with this growth is the LatAm market for pharmaceutical packaging, which Mordor Intelligence is projecting to grow from USD $5.5 billion in 2016 to $10.8 billion in 2021. That’s a compound annual growth rate of 11.87%. [2, 3]

#2 Ostomy Bags

As LatAm’s population continues to age —the population of seniors is projected by ECLAC to grow by 300% between 2015 and 2055 — ostomy bags are an important component in the fight against chronic diseases that typically affect older people, such as colorectal cancer, urinary incontinence, bladder cancer and others. Along those lines, the ostomy bag market in Latin America is projected to post 6.6% annual gains from now through 2025. [4]

#3 Wound Care Products

Another offshoot of the aging population in LatAm with an increasing incidence of chronic diseases is a rise in sales of wound care products such as dressings, wound care devices and others. The result is a projected annual growth of 6.4% in the LatAm wound care market between 2018 and 2023, for a value of USD $2.4 billion by 2023. [5]

#4 Infusion Pumps

Infusion pumps are vital equipment for elderly patients with chronic conditions, and the LatAm market is reflecting this need. The infusion pump market in Latin America is projected to grow by 6.6% annually through 2021, for a total value of USD $671.9 million by then. [6] In GHI’s report, 5 Mega-Trends in Latin American Healthcare, we noted recent growth in infusion pumps in several Latin American markets, including:

  • 67% growth in infusion pumps in Guatemala
  • 50% growth in infusion pumps in Puerto Rico
  • 50% growth in infusion pumps in Colombia
  • 36% growth in infusion pumps in Dominican Republic
  • 12% growth in infusion pumps in Panama
  • 11% growth in infusion pumps in Brazil
  • 5% growth in infusion pumps in Mexico

#5 Clinical Laboratory Services

When diagnostic tests are performed, clinical laboratory services are utilized to process and analyze the results of these tests. And this is yet another market in LatAm that has shown growth as the LatAm population ages and the LatAm healthcare market becomes increasingly technological and sophisticated. The projected annual growth of the clinical laboratory services market in Latin America is 7.5% from 2018 through 2025. [7]

#6 Diabetes Medications

Type 2 diabetes is a major problem in LatAm that continues to grow in prevalence. The World Bank estimated that 10% of LatAm had diabetes in 2017. Overall, the World Health Organization expects the total amount of diabetics in LatAm to increase from 25 million to 40 million by 2030. In North America and the English-speaking Caribbean as a whole, the numbers should increase from 38 million to 51 million.

From this problem comes an opportunity for companies to help through medication and equipment, and that is certainly the case in the. The overall diabetes medication market in Latin America is projected to grow 6.3% annually from 2018 through 2023. [8, 9]

#7 OTC Meds

With all other forms of pharmaceutical sales on the rise in the region, it makes sense that the over-the-counter medications (OTC) market in Latin America would follow suit. Statista estimates that this market, which was worth US $8.94 billion in 2016, will shoot up to $14.7 billion by 2022. [10]

#8 Respiratory Monitoring

A final market to keep an eye on for 2019 is often overlooked, and that’s the respiratory monitoring market. With rising rates of asthma, tuberculosis and chronic obstructive pulmonary disease (COPD) in Latin America, the need for this equipment will be vital in the years ahead. Mordor Intelligence projects 10.5% annual growth in the respiratory monitoring market in Latin America through 2023. [11]

Next Steps

Contact us if you need to deepen your understanding of the healthcare growth markets in Latin America. Our In-Scope service offers customized market research for companies that need to evaluate specific sectors, obtain competitive intelligence about their rivals, explore companies that could be good partners or acquisition targets and many other aspects necessary for being successful in LatAm’s healthcare sector.

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