The 5 Biggest Healthcare Growth Markets in Latin America

Despite the recent economic downturn, a number of sectors in Latin America—particularly health—have strong projected growth in the coming years. Among the top healthcare market growth sectors for Latin America are:

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Overall, in 2016 the Latin American market for medical devices and equipment was worth an impressive US$29 billion.

Here are some of the specific LatAm healthcare markets that are the big contributors to the overall region’s growth.


Brazil has faced the unique situation in recent years of an economic downturn, coupled with a rising demand for cutting-edge healthcare equipment. However, the money just wasn’t there for institutions to purchase the needed supplies. That seems to be changing, however, as 2016 saw the Brazilian real gradually gain value against the dollar and we started seeing growth in 2017 in areas such as cars, smartphones and books. The same growth has happened with the healthcare sector in Brazil.

Some recent healthcare growth areas in Brazil include:

  • Medical Expenditure: The overall projection is CAGR of 5.8% between now and 2020
  • Biomaterials: Set to grow at a CAGR of 18.3% between now and 2022 to reach US$5.18 billion after having a value of US$1.89 billion in 2016
  • Pharmaceuticals: Projected to grow with a CGR of 3.5% between now and 2021, increasing in value from US$25.3 billion in 2016 to US$29.9 billion in 2021
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Mexico faced a similar economic downturn in 2015 and 2016, but the demand for medical equipment was so high that the market kept on chugging right through this downturn. The overall market grew from 2.0 billion units sold in 2014 to 2.4 billion units in 2016. This means that the medical equipment/devices and consumables market in Mexico grew by 8.8% YOY between 2014 and 2016. In addition, the value of Mexico’s medical device market expanded at 13% CAGR in this period: it went from US$46 billion in 2014 to US$60 billion in 2016. Taking an even longer view, Mexico’s medical devices market has grown by 15% annually over the past decade.

But medical devices is far from the only growth area in Mexico’s healthcare sector. To offer a couple of examples, the glucose monitoring devices market in Mexico is growing at a CAGR of 6.96% between now and 2021 and KPMG projects that the use of pharmaceutical products in Mexico will grow with an AAGR (average annual growth rate) of 5.5% between now and 2020.


Colombia’s overall economic downturn seems more severe than other Latin American countries, and it’s likely to continue throughout 2017. However, that doesn’t mean that manufacturers shouldn’t be ready to strike. Columbia is lagging behind the other countries on this list in high-tech equipment, so the market is certainly there. And despite the downturn, several of these markets have experienced continued growth, including ECGs, ultrasounds, MRIs, gas masks, gas meters and more.

In addition, it’s important to note that Colombia’s pharmaceutical market is projected to grow by 7.3% CAGR between now and 2020 to surpass US$7 billion in value at that time.

Download a fact sheet on Colombia’s healthcare market here to get even more details.


Argentina’s recent economic woes have been well-documented. Yet despite this volatility, the medical equipment market has seen only minor losses, and several sectors have seen continued growth throughout Argentina’s struggles. Some of the key medical equipment sectors posting growth in Argentina between 2014 and 2016 include:

  • Imports of massage and therapeutic respiration equipment: 9% increase in units and value
  • Imports of CT scanners, X-Ray machines, radiography/radiotherapy: 11% growth in units and 3% in value
  • Imports of orthopedic equipment, joints, hearing aids, heart valves, pacemakers: 5% increase in units and 15% increase in value

In addition, it’s projected that Argentina’s medical device market will grow at a CAGR of 13.3% between now and 2020. Learn more about specific growth areas for Argentina and review a detailed fact sheet for Argentina’s health market here.


Peru may be a smaller market than these other four countries, but it just might be the most promising. While the overall Latin American economic picture has been somewhat bleak in recent years, the medical equipment market in Peru has continued to chug along at a steady clip, growing 13 percent between 2014 and 2016. Manufacturers would be wise to tap this market while it continues to grow. Key growth sectors in Peru’s medical devices market between 2014 and 2016 include:

  • Imports of CT scanners, X-Ray machines, and radiotherapy equipment: 4% CAGR growth in units and 5% increase in value
  • Imports pf electrocardiographs, ultrasound machines and MRIs: 14% increase in units

Explore More

The comprehensive HospiScope database created by Global Health Intelligence (GHI) covers nearly 90% of the hospitals in the region.

Contact us for a demo. You’ll find you can access a deep level of detail for specific hot healthcare markets like these to identify sales opportunities, carry out propension analysis and populate your CRM. Find out how the database can help you spike your sales here.

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