While interest is high in health care-related products across the board, some are certainly stronger performers than others. Here’s what the latest projections show to be the most in-demand health products in Latin America.

Capnography Equipment

Capnography devices are used to monitor breathing during medical procedures in hospitals and medical centers. And as Latin American facilities strive to modernize, this type of equipment is in major demand. Currently, sales of the devices in Latin America are around $10 million annually, but this is projected to grow to over $30 million by 2021.

Insulin Delivery Devices

There’s no question that diabetes is a problem in Latin America, and many facilities are struggling to keep up with the demand for insulin delivery equipment. The result is a rapidly evolving market, with sales projected to grow to almost $1.2 billion in 2020 from just $760 million in 2015.

Ultrasound

Ultrasound is another critical imaging device that many Latin American markets have major need for. And this one could be a major boon for sales representative with ultrasound equipment to offer. This market is projected to grow to an astounding $804 billion by 2021.

MRI Machines

Like ultrasound, magnetic resonance imaging (MRI), is another cutting edge diagnostic tool that is seeing big gains in the Latin American market. By 2021, the MRI market should reach $1.3 billion according to recent projections.

Radiopharmaceuticals

Radiopharmaceuticals, also known as nuclear medicine, represents a category of cutting-edge treatments for cancer, heart disease and other illnesses that offer advantages when traditional methods of treatment fail. And there is certainly strong demand for the advancements in the Latin American market. Radiopharmaceutical growth is projected to almost double in the next 5 years to over $1 billion by 2020.

Sales Opportunities

If you’re interested in seeing how to strategize your Latin American sales opportunities, get in touch with Global Health Intelligence. Their comprehensive LatAm hospitals database provides specifically targeted data to help you find precise needs and market directly to the hospitals first.

• Build personal contacts
• Pitch prospects one by one
• Be active in trade shows to increase brand awareness
• Keep at it

That’s pretty much been it. Different approaches, particularly those involving data to drive targeting, just weren’t possible. The available data for Latin America on capital equipment, medical devices, consumables, PACs, RIS and other categories was either unavailable, incomplete or extremely out of date. So the typical push made perfect sense.

Now it makes a lot less sense.

Global Health Intelligence (GHI) built a team to do all the important digging as far as purchases and imports of different types of medical supplies and equipment in LatAm for nearly 90% of the hospitals in the region, not to mention quantifying the market share of different companies in different categories. This means you can take a much more strategic, informed approach to spiking sales. While it’s great to see medical devices sales going up 8% YOY in Mexico and sales surging with infusion pumps and capnography equipment, that general data isn’t as helpful when you don’t know who has the greatest need—and how to reach them. With this in mind, here’s how to increase your sales of medical equipment in LatAm using a data-driven approach.

#1: Drill Down to Find Opportunities

Your sales team obviously knows who they want to target based on previous experience—they bought product A before so they’ll probably need more soon. But what if casual touching base with your clients doesn’t reveal a need in another area—simply because your client doesn’t handle that area and doesn’t know? Yet if you could call up a hospital’s equipment purchases in the past year with a few quick clicks, you could see opportunities that you never even thought of…because they never came up in client conversations before.

#2: Plan Strategically with Greater Precision

When it comes time to map out strategy for next year and how much to commit to different parts of the budget, many sales and marketing teams know what they’ll do…and at the same time, they don’t know. They don’t often have hard data on what’s happening in different areas that can help them figure out how much to allocate in marketing/sales or which areas they should target more in the coming year because there’s a need. Instead, they rely on feel—their impression of what’s happening based on what they’re seeing and what their clients say. This could be valid when you have an experienced team in place—but why not add objective data to be sure that your team’s feel for the market is solid?

#3: Strengthen Your CRM

There no question that a good CRM software like Salesforce can streamline your customer relationships and strengthen marketing campaigns. But why limit yourself to ONLY your data? By integrating your CRM with GHI’s hospitals database, you synchronize your contacts and their buying habits with identified sales needs based on real-world equipment counts so you can further increase the efficiency of your targeting and cross-selling via CRM, not to mention making your marketing efforts more targeted by basing them on real-world needs from rock-solid data.

#4: Power Your Propensity Analysis

This approach tries to predict customer behavior by using variables and isolating out who among your customer base is most likely to buy. While there are a number of great tools out there for running a propensity analysis, the strength of your results are only as good as your data. As with CRM, why base your analysis on just your internal data? If you can incorporate real-world sales results from real-world behaviors for dozens of categories, you’ll be able to identify many more prospects with proven needs you can meet.

NEXT STEPS

Contact GHI for a 30-minute demo to see how our tool can help you get started with these 4 approaches and jump-start your numbers ASAP. Just tell us where you want to improve and the challenges you have. We’ll show you how easy it is to get your answers and then apply them to your sales strategies. While tried-and-true is fine for an approach, there’s always value in trying a new approach based on a true picture of the market—and that’s what we can give you.