6 Growth Areas in Latin America’s Healthcare Market for 2021
As medical equipment/device companies look to properly time their product launches for 2021 and maximize opportunities, having projections for the near term can be helpful. To that end, below we have compiled some projections from other companies and have integrated our own calculations based on the direct data we compile from hospitals in 15 countries in Latin America.
Below we highlight some of the product types/categories that seem to offer the best potential for expansion in the coming years.
#1 MRI Machines
According to Market Data Forecast, Latin America’s MRI market will grow with a CAGR of 6.5% between 2020 and 2025, increasing in volume from US$1.12 billion to $1.53 billion. This jibes with 2019 growth figures we shared in another recent article and with projections we made in our HospiRank 2020. In the latter report, we indicated that MRI machines will grow by 8% in Argentine hospitals in 2021, by 1% in Brazilian hospitals and grow impressively in hospitals in other markets, including, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Peru and Puerto Rico. You can purchase the HospiRank 2020 report at a 30% discount by using the code DSC30 at checkout. This code will be available until December 24, 2020. Please visit HospiRank.com to purchase the report.
#2 Infusion Pumps
Between 2018 and 2025, the Latin American infusion pumps market will grow with a CAGR of 7.31% to reach a value of US$1.562 million, according to Research Cosmos. This is greater than the CAGR projected for the global infusion pump market during the same period, which is 6.63%. Our Medical Equipment Market Report Latin America 2020 notes that infusion pumps are growing significantly in Argentina, Brazil and Mexico, while our HospiRank 2020 report indicates the exact amounts on hand in the top 10 best-equipped hospitals in 10 different countries. This report also indicates the overall amounts of infusion pumps in hospitals in 10 countries, the 2021 projected increases and the CAGR for infusion pumps in each country for 2019-2023. HospiRank 2020 features data on hospitals in Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Peru and Puerto Rico.
#3 Oncology Devices
The market for oncology devices in Latin America will grow with a CAGR of 5.5% between 2020 and 2027, according to a report from Coherent Market Insights. It will increase from a value of US31.08 million in 2020 to US$45.14 million by 2027. This study defines oncology devices as consisting of: devices, sets and accessories for gravity chemotherapy administration, syringe chemotherapy administration, pump chemotherapy administration and infusion sets (including catheters, needleless connectors, syringe filters), as well as software.
#4 General Surgical Devices
According to Mordor Intelligence, the Latin American market for general surgical devices will grow by 7.9% between now and 2025. These projections define general surgical devices as including handheld devices, laparoscopic devices, electro surgical devices, wound closure devices, trocars and access devices and other products.
GHI specifically tracks laparoscopic surgery equipment in Latin America and projects the following growth in key markets:
- Argentina: 10% CAGR in laparoscopic surgery equipment 2019-2023
- Brazil: 6% CAGR in laparoscopic surgery equipment 2019-2023
- Chile: 6% CAGR in laparoscopic surgery equipment 2019-2023
- Colombia: 5% CAGR in laparoscopic surgery equipment 2019-2023
- Costa Rica: 19% CAGR in laparoscopic surgery equipment 2019-2023
- Dominican Republic: 9% CAGR in laparoscopic surgery equipment 2019-2023
Data for more countries is available in the HospiRank 2020 report. You can purchase the HospiRank 2020 report at a 30% discount by using the code DSC30 at checkout. This code will be available until December 24, 2020. Please visit HospiRank.com to purchase the report.
#5 Home Healthcare
Market Data Forecast indicates that the 2020 value of the home healthcare market in Latin America is US$32.4 billion and it will increase to US$51.9 billion by 2025 with a CAGR of 9.87% during this period. GHI’s Medical Equipment Market Report Latin America 2020 indicates home healthcare penetration for hospitals in a variety of markets, including Argentina, Brazil, Mexico, Chile, Colombia and more.
#6 Diagnostic Imaging
While above we shared results about the MRI market growth in Latin America, it’s helpful to note that the overall diagnostic imaging market in Latin America is also projected to grow significantly over the next few years. For the purposes of its projection, the company Market Data Forecast analyzed the growth rate in Latin America for the following types of diagnostic imaging equipment: x ray, nuclear medicine, ultrasound, MRI, tomography, photoacoustic imaging, thermography, tactile imaging, elastrography and ecocardiography, among others.
According to Market Data Forecast, the diagnostic imaging market in Latin America will grow with a CAGR of 6.3% between 2020 and 2025, expanding in value from US$2.2 billion in 2020 to US$2.99 billion by 2025.
You can find more data about specific recent growth for imaging equipment in this other FGHI story: The Top 10 Medical Equipment Growth Categories in Latin America.
Contact us to take opportunity benchmarking a bit further. Our team can craft a custom study to help you understand opportunities with specific market segments in different countries to help you forecast demand more accurately, find new clients and more.