The Explosion of LatAm Healthcare Technology
Despite the challenges facing Latin American economies as they seek to recover from the COVID crisis, new data suggests that region is growing rapidly in terms of its healthcare technology markets. Here is a quick look at some of the areas with strong projected expansion:
#1 Telemedicine
According to IMARC Group, Latin America’s telehealth market should grow with a CAGR of 23% during 2021-2026. Statista recently reported that the forecasted value of Latin America’s telemedicine market will reach US$3.48 billion by 2025—an increase of 120% compared to 2020, when its value was US$1.57 billion. Contact GHI directly to obtain a customized study of telemedicine in Latin America for your company: this is one of the elements we regularly track among the 18,000 Latin American hospitals in our database. As such, we can help you understand the market and identify key prospects based on technology use.
#2 Robotic Surgery
Over the next five years (2021-2026), the medical robots market in Latin America will double in size, going from a market value of US$0.96 billion in 2021 to US$2.62 billion in 2026, with a compound adjusted growth rate (CAGR) of 22.1% during this five-year period. Click here to see GHI’s research on hospitals with robotic surgery systems in Latin America and contact us if you’re interested in a market landscape or sizing study to identify potential clients for these systems.
#3 Nanomedicine
This branch of nanotechnology uses materials created at a nanoscale for diagnosing, monitoring and treating diseases. According to Market Data Forecast, the Latin America nanomedicine market size is projected to grow with a CAGR of 14.1% between 2021 and 2026 to reach a value of US$37.4 billion, nearly double its 2021 value of US$19.3 billion.
#4 Implantable Medical Devices
These devices are placed inside the body for a variety of functions, including delivering medications, monitoring health conditions and replacing body parts. The Latin American implantable medical devices market is projected to grow with a CAGR of 6.8% between 2021 and 2026, according to IMACR Group. The research firm cites sports injuries, accidents, medical tourism and the rising demand for cosmetic surgeries as factors that will help drive this growth in Latin America.
#5 3D Printing of Medical Devices
According to Market Data Forecast, the rising demand in Latin America for customized orthopedic and maxillofacial surgery products is helping this market increase. The company forecasts that the 3D printing of medical devices market in Latin America will expand from US$187 million in 2021 to US$781 million by 2026, growing with a CAGR of 33% during the forecast period.
#6 Wearable Medical Devices
These devices are used to monitor patients to help them manage glucose or insulin levels, blood pressure, hydration and more. Market Data Forecast projects that the wearable medical devices market in Latin America will increase with a CAGR of 16.9% between 2021-2026, posting a value of US$1.7 billion by 2026.
#7 Remote Patient Monitoring System
According to Market Insights Reports, the South America remote patient monitoring systems market will grow with a CAGR of more than 38% between 2021 and 2026. However, it’s important to note that this projection only covers Brazil, Argentina and Colombia, not the rest of countries in South America, much less the other large hospital markets in Latin America, such as Mexico.
Next Steps
Contact GHI to explore a customized study covering the growth of specific healthcare technologies in Latin America. We track a number of healthcare technology types via our HospiScope database, and our team is well-versed in executing market demand and sizing studies to help companies create strategic sales plans or launch plans for specific products. In addition, our Latin America Hospital Monitoring Service provides monthly updates about developments in hospitals in all of the region’s largest markets.
