USD 22.26 billion
Latin American Home Healthcare Market Size, Share, Growth Analysis, By Product(Home tests and Patient monitoring equipment), By Services(Rehabilitation services, Infusion services, Skilled care or nursing services, Unskilled care services), By Region - Industry Forecast 2024-2031
Report ID:
SQMIR35G2277 |
Region:
Regional |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
78
Latin American Home Healthcare Market Insights
Latin American Home Healthcare Market size was valued at USD 23.03 billion in 2022 and is poised to grow from USD 25.24 billion in 2023 to USD 52.55 billion by 2031, growing at a CAGR of 9.60% in the forecast period (2024-2031).
Home healthcare refers to the use of medical equipment and community-based services to help patients with chronic illnesses. Home-based medical devices and services play an important role in providing personalised care to patients suffering from diseases such as diabetes, chronic obstructive pulmonary disease, and high blood pressure. In Latin America, an increasing patient population with chronic diseases such as diabetes, high blood pressure, cardiovascular conditions, and respiratory diseases would drive demand for home-based medical devices and services. These diseases require constant monitoring and therefore involve high costs with frequent visits to health care centres increasing medical costs. Home health care and services are rapidly being adopted by consumers to measure parameters regularly and reduce medical expenses. According to estimates, the market will grow rapidly because more patients’ wants health care at home. The patient-centric approach of the home healthcare market with other benefits such as improved patient outcomes, long-term care, cost efficiency, end of unnecessary hospitalizations and increasing trend towards using home healthcare services is predicted to show positive market growth.
In Latin America, decreasing fertility rates, increasing overall life expectancy, rising infectious diseases, demand for elderly care are some of the factors driving the growth of the market. Diabetes, high blood pressure, sleep apnea, arthritis, and cardiovascular disease are all common among older people. As a result, the growing ageing population and fact that roughly 70% of home health patients are 65 and older, is expected to drive market demand for home healthcare products and services during the forecast period, in Latin America. Rising awareness of the convenience and cost-effectiveness of home healthcare products and services, technological advancements such as wearable devices, mobile health applications, and government initiatives to promote home healthcare, are all driving the growth of home healthcare market in the North America.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Home tests
Fastest Growth
Home tests
Growth Rate
9.6% CAGR
Latin American home healthcare market, 2022-2030 ($ Bn)
Country Share for Latin America Region- 2022 (%)
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Latin American Home Healthcare Market Segmental Analysis
Latin American home healthcare market is mainly segmented into products, services, and region. On the basis of products, the market is segmented into home tests and patient monitoring equipment. On the basis of services, the market is segmented into Rehabilitation services, infusion services, skilled care/nursing services, unskilled care services, tele-health services, and respiratory therapy services. On the basis of region, the market is divided into Brazil, Mexico, Argentina, Colombia, and Rest of Latin America.
Analysis by Products
On the basis of products, Latin American home healthcare market is segmented into home tests and patient monitoring equipment. Home tests are further divided into fertility tests, pregnancy tests, DNA & parental tests, drug tests, alcohol tests, cholesterol tests, HIV test, blood pressure monitors, oximeters, heart rate monitors, thermometers, stethoscopes, defibrillators, pedometers, scales & body fat monitors, peak flow meters, apnea monitors, baby monitors, coagulation monitors and diabetes management devices. Patient monitoring equipment further divided into home respiratory therapy equipment, home dialysis equipment, and patient support equipment.
The home tests product segment is considered to be the largest segment and is estimated to grow at the highest CAGR during the forecast period. This growth is mainly due to high acceptance of medical devices with technological advancements like introduction of automated and portable devices to fuel the growth of the home healthcare devices market in Latin America. The market of patient monitoring equipment products including, oxygen delivery equipment, nebulizers & accessories, and ventilators & accessories segment is estimated to grow at the highest CAGR of 9.4% from 2022 to 2028. The patients support equipment product segment is further categorized into manual wheelchairs and powered wheelchairs.
Analysis by Services
On the basis of services, Latin American home healthcare market is segmented into rehabilitation services, infusion services, skilled care or nursing services, unskilled care services, tele-health services, and respiratory therapy services. The unskilled care services accounted for the largest market share that is more than 45% of total Latin American home healthcare services market in 2021. The telehealth and telemedicine services segment is estimated to grow at the highest growth rate during forecast period 2022 to 2028.
Latin American home healthcare market size by product, 2022 (%)
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Latin American Home Healthcare Market Regional Insights
On the basis of region, Latin American home healthcare market is divided into Brazil, Mexico, Argentina, Colombia, and Rest of Latin America. Brazil accounted for the largest share in the Latin American home medical equipment market in 2022 and is expected to grow at highest CAGR during forecast period. Approximately, Brazil contributed more than 35% of market, in Latin America home healthcare market. Increasing healthcare awareness and rising healthcare expenditure on chronic diseases in Brazil drive the market growth. Mexico contributed the second largest share, over 25% of the total market in 2021 and is expected to grow at fastest growth during the forecast period. High prevalence of diabetes & cardiovascular diseases and increasing healthcare investment by the Government of Mexico will support the growth of home healthcare in Mexico. The introduction of new technologies, with the launch of new products by key companies, is primarily responsible for the growth of the home healthcare market in Argentina and Colombia.
Latin American home healthcare market size by geography, 2022-2030
- Largest
- Fastest
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Latin American Home Healthcare Market Dynamics
Driver
Continued growth in the elderly population in Latin America
- Latin America's population aged 65 or above is growing continuously on year and year basis. So the demand of elderly care is expected to rise. This aging population has different sickness such as diabetes, joint pain, cardiovascular disease and circulatory strain. Growing elderly population with increasing demand for home healthcare devices and services fuel the market growth in Latin America. Also raising awareness of the convenience and cost-effectiveness of home healthcare products and services, technological advancements such as, wearable devices, mobile health applications, and government initiatives to promote home healthcare services and devices are driving the Latin America home health care market.
Restraint
Lack of skilled persons
- Lack of skilled persons in monitoring the operational systems is hampering the growth of Latin America home healthcare market. Also lack of standardization and few insurance coverage are challenging factor for growth of Latin America home healthcare market.
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Latin American Home Healthcare Market Competitive Landscape
The Latin America home healthcare market is moderately competitive with the presence of many well-known international and regional market players operating in the country. Major players in the market are highly implementing several growth strategies including new technology development, partnerships and collaborations to expand their product portfolio and strengthen their market position.
Top Player's Company Profiles
- Fresenius SE & Co. KGaA
- Linde plc
- Almost Family Inc. (LHC Group)
- Amedisys Inc.
- Kinnser Software
- Medline Industries Inc.
- Sunrise Medical (US) LLC
- Arkray Inc.
- ConvaTec Group PLC
- B. Braun Melsungen AG
- Abbott Laboratories
- Roche Holding AG
- Medtronic plc
- Becton, Dickinson and Company
- Cardinal Health Inc.
- Coloplast A/S
- Hill-Rom Holdings Inc.
- Invacare Corporation
- ResMed Inc.
- Stryker Corporation
Recent Developments
- In August 2021, the Brazilian digital health company, VivaBem, announced the acquisition of Populo Serviços Médicos, a home care services provider. This acquisition allows VivaBem to expand its home health services and further integrate its telemedicine platform with home care.
- In June 2021, the Colombian telemedicine and home health company, MiDoctor, secured $25 million in funding to expand its operations and services. MiDoctor provides virtual consultations, telemonitoring, and home health services in several Latin American countries.
- In March 2021, the Chilean home health care provider, Nidmi, announced a partnership with the digital health platform, SaludOnNet. The partnership aims to improve access to home health services through SaludOnNet's platform, which connects patients with healthcare providers in several Latin American countries.
Latin American Home Healthcare Key Market Trends
- The Latin American home health market will heavily depend on technology. One of the major trend driving market expansion is the increase in the usage of digital devices for home health monitoring. Big data, AI, and automation are being used by home healthcare providers to create unique customer experiences. Big data can be used to identify patient patterns that will help in more effective therapy and diagnosis. Data analytics have been used to manage the flu epidemic and identify the strains to include in the flu vaccine. There are now technologies and software options available for remote health monitoring.
Latin American Home Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our Latin America home healthcare market analysis, rising awareness of the convenience and cost-effectiveness of home healthcare products and services, technological advancements such as, wearable devices, mobile health applications, and government initiatives to promote home healthcare, are all driving the growth of home healthcare market. Home tests segment is considered to be the largest segment and is estimated to grow at the highest CAGR during the forecast period. The increase in the usage of digital devices for home health monitoring is key market trend for driving the growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 23.03 billion |
| Market size value in 2031 | USD 52.55 billion |
| Growth Rate | 9.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Latin American Home Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Latin American Home Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Latin American Home Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Latin American Home Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Latin American Home Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Latin American Home Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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