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.
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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.
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.
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.