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

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.