Press release
Latin America Home Healthcare Market Projected to Surpass $37.15 Billion by 2030
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Home healthcare, encompassing equipment and services, caters to the healthcare needs of patients within the comfort of their homes, particularly when extended care or facility stays are required. The report zooms in on the Latin American region, meticulously analyzing key companies offering home healthcare equipment and services.
Driving Forces: Rising Geriatric Population
A significant driving force behind the growth of the Latin America Home Healthcare Market is the increasing geriatric population. This demographic utilizes home healthcare equipment and services to manage various medical conditions, including heart disease, diabetes, and bone & joint-related disorders. Notably, the World Bank Group reported substantial numbers of individuals aged 65 years and above in the top 5 Latin American countries, with Brazil, Mexico, Argentina, Colombia, and Chile leading the statistics.
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As per the Pan American Health Organization (PAHO), Brazil, in particular, is witnessing a surge in the aging population, with an estimated 50 million individuals aged 60 years and above expected by 2030. Notably, a significant proportion of this demographic grapples with chronic diseases, making home healthcare a crucial component of their healthcare regimen. With 76.3% of Brazilians aged 60 and above facing at least one chronic disease, and 53.6% contending with multiple chronic conditions, the demand for home healthcare is anticipated to intensify, propelling market growth.
Market Segmentation and Future Outlook
The Latin America home healthcare market is thoughtfully segmented based on Offering (Equipment and Services), Application (Cardiovascular Diseases & Hypertension, Diabetes, Respiratory Diseases, Pregnancy, Mobility Disorders, Cancer, Wound Care, and Other Conditions), and Country (Brazil, Mexico, Argentina, Colombia, and Rest of Latin America). The report not only scrutinizes industry competitors but also delves into their market share at the country level.
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In terms of Offering, the Equipment segment is poised to dominate the market in 2023. Factors contributing to this dominance include the burgeoning geriatric population, the high cost of hospitalization, technological advancements in home healthcare equipment, and the escalating prevalence of diseases necessitating frequent usage of home healthcare equipment.
The Application segment reveals that, in 2023, Diabetes is expected to command the largest share of the market. The increasing prevalence of diabetes across Latin America, coupled with a growing need for continuous glucose level monitoring and advancements in diabetes technology, is steering the demand for diabetes homecare equipment.
Country-wise, Brazil is projected to lead the Latin America home healthcare market in 2023. This dominance is attributed to the country's high prevalence of chronic diseases, a burgeoning geriatric population, and substantial healthcare expenditure in comparison to other Latin American nations. Notably, diabetes ranks as the third leading cause of death in Brazil, with cardiovascular diseases and cancer securing the top two positions.
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Key Companies in the Spotlight
Leading the charge in the Latin America home healthcare market are prominent companies such as Abbott Laboratories (U.S.), Koninklijke Philips N.V. (Netherlands), Boston Scientific Corporation (U.S.), GE Healthcare Technologies Inc. (U.S.), Siemens Healthineers AG (Germany), and others. These companies play a pivotal role in shaping the landscape of home healthcare in the region.
Mr. Khushal Bombe
Meticulous Market Research Inc.
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