Home healthcare represents use of medical devices and community based services to support patients suffering from chronic diseases. Currently, the home healthcare market is moving towards a precision-based model of personal care. Home-based medical devices and services play an important role in providing personal care to patients in managing variety of disease conditions such as diabetes, chronic obstructive pulmonary disease and blood pressure. Increasing patient population with chronic diseases such as diabetes, blood pressure, cardiovascular conditions and respiratory diseases globally (including Latin America) would drive the demand for home-based medical devices and services. These diseases require continuous monitoring, and thus involve high cost due to repeated visits to healthcare centers that inflate medical expenses. Thus, home healthcare devices and services are being rapidly adopted by consumers to measure parameters on a regular basis and to cut down medical costs. The Latin America home healthcare market is estimated to be USD 9,796.8 million in 2013 and is expected to reach USD 17,550.0 million by 2020, growing at a CAGR of 8.7% from 2014 to 2020.
Latin America home healthcare market is mainly segmented into device types and services. Latin America home healthcare device segment is considered to be the largest segment and is estimated to grow at the highest CAGR during the forecast period from 2014 to 2020. This growth was mainly attributed to high acceptance of medical devices coupled with technological advancements (introduction of automated and portable devices) to fuel the growth of the home healthcare devices market in Latin America. The market of ventilators and CPAP devices segment is estimated to grow at the highest CAGR of 11.4% from 2014 to 2020. The mobility assist devices segment is further categorized into wheelchairs, cranes and crutches and other home mobility assist devices.
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Latin America home healthcare market, by services is segmented as rehabilitation services, intuition therapy services, telehealth and telemedicine services, respiratory therapy services and unskilled home healthcare services. The Latin American market of unskilled home healthcare services accounted for the largest market share i.e. more than 45% of total Latin American home healthcare services market in 2013.
The telehealth and telemedicine services segment is estimated to grow at the highest growth rate from 2014 to 2020.
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Latin America home healthcare market, by geography is segmented as Brazil, Mexico, Colombia, Argentina and others. Brazil contributed for the largest share, i.e. around 35%, in 2013 of the Latin America home healthcare market. Increasing healthcare awareness and rising healthcare expenditure on chronic diseases in Brazil drive the market of home healthcare in Brazil. Mexico contributed the second largest share i.e. over 25% of the total market in 2013 and is expected to witness fastest growth during the study period. High prevalence of diabetes and cardiovascular diseases and increasing healthcare investment by the Government of Mexico will support the growth of home healthcare in Mexico. The growth of home healthcare market in Argentina and Colombia is mainly attributed to the introduction of new technologies coupled with new product launch by key companies.
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