Impact Assessment of COVID-19 Outbreak on Latin America Home Healthcare Market
The Latin America home health care market is led by various small and large players. Prominent players operating in the Latin America home health care market include: Phillips Healthcare, Abbott Laboratories, Omron Healthcare, Inc., Medtronic, Inc., GE Healthcare, Praxair Technologies, Inc., F. Hoffmann-La Roche Ltd, Teleflex Corporation, ResMed, Inc., Cardinal Health, Invacare Corporation, Gentiva Health Services, Inc., Johnson & Johnson, and Bayer Healthcare, states Transparency Market Research (TMR)
According to the report Latin America Home Health Care Market is estimated to reach US$17.5 bn in 2020. On the basis of device type, the market for ventilators as well as CPP devices is expected to witness the fastest growth. On the basis of services, the Latin America home health care market is segmented into telehealth and telemedicine services, intuition therapy services, respiratory therapy services, rehabilitation services, and unskilled home health care services. Of these the telehealth and telemedicine services segment is growing had the fastest pace.
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Brazil to be Key Market for Home Healthcare
From a regional perspective, the Latin America home healthcare market is segmented into Mexico, Argentina, Brazil, Colombia, and others. Of these the growing awareness and increasing expenditure towards healthcare will result in Brazil emerging as the leading market in Latin America for home health care. The increasing incidences of chronic diseases in Brazil will also be reason for the growth of this market in the country. Mexico is anticipated to expand at the fastest space within the Latin America home health care market increasing incidences of diabetes and CVDs. In addition to this, the rising investments done by the government of Mexico towards healthcare will also push the growth of the home healthcare market in Mexico. Introduction of new technologies as well as new product launches are expected to drive the home healthcare market in Colombia and Argentina.
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Increasing Pool of Geriatric Population and Need to Reduce Cost to Drive Demand for Home Health Care
According to the lead author of this report, the home healthcare market in Latin America has been shifting to a more precision based model of personal care. Home Health Care is the use of medical devices and various community based services in order to support those patients who are suffering from chronic diseases. In Latin America, home-based medical devices and services are playing an important role in managing the patients suffering from various conditions such as chronic obstructive pulmonary disease, diabetes, and blood pressure. In Latin America as with other regions in the world the growing pool of patients suffering from blood pressure, cardiovascular diseases, diabetes, respiratory diseases have been increasing with each passing year. This in turn, is expected to bode well for the home-based medical devices and services, as all of the aforementioned diseases require continuous monitoring which can incur high costs. As Latin America is a cost sensitive region, patients are opting for routinely monitoring and measuring parameters in a cost effective manner through home healthcare.
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Limited Insurance Coverage Challenge Growth of Latin America Home Health Care Market
With increasing geriatric population, home health care is increasingly in demand as it helps the elderly people to recover from their illness and be able to live independently for a longer period of time. On the other hand, it is expected that limited insurance coverage will pose a challenge to the growth of the Latin America home health care market. Unfavourable reimbursement policies will also impact the market negatively. However, the home health care market offers job opportunities for many and this is expected to widen the growth opportunities of this market in the coming years.
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This review of the global bunker fuel market is based on a recent Transparency Market Research report, titled “Latin America Home Healthcare Market (By Device Types: Diagnostics and Monitoring Devices, Therapeutic Home Healthcare Devices, Mobility Assist Devices and Medical Supplies; By Services: Rehabilitation, Telehealth and Telemedicine, Respiratory Therapy, Infusion Therapy and Unskilled Home Healthcare Services) – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”
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