Other Medical Devices - LATAM

LATAM

Highlights

The projected revenue in the Other Medical Devices market market in LATAM is estimated to reach US$12.21bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.70%, resulting in a market volume of US$15.37bn by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$58.90bn in 2024.
LATAM is experiencing a growing demand for innovative medical devices, particularly in the field of telemedicine and remote patient monitoring.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Medical Devices market in LATAM is experiencing significant growth and development due to several factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of this sector. Customer preferences in the LATAM region play a crucial role in driving the growth of the Other Medical Devices market. Customers are increasingly seeking innovative and technologically advanced medical devices that can improve patient outcomes and provide more efficient healthcare solutions. This preference for advanced medical devices is driving the demand for products such as diagnostic equipment, surgical instruments, and therapeutic devices. Trends in the market further contribute to the development of the Other Medical Devices sector in LATAM. One prominent trend is the increasing focus on telemedicine and remote patient monitoring. As healthcare systems in the region face challenges in providing accessible and affordable healthcare, telemedicine offers a solution by enabling remote consultations and monitoring of patients. This trend has led to a growing demand for medical devices that can facilitate telemedicine, such as remote monitoring devices and telehealth platforms. Another trend in the market is the rising demand for home healthcare devices. As the population ages and chronic diseases become more prevalent, there is a growing need for medical devices that can be used in the comfort of one's home. This includes devices such as glucose monitors, blood pressure monitors, and respiratory devices. The convenience and cost-effectiveness of home healthcare devices are driving their adoption in the region. Local special circumstances also contribute to the development of the Other Medical Devices market in LATAM. One such circumstance is the increasing investment in healthcare infrastructure by governments and private healthcare providers. This investment aims to improve healthcare access and quality, which in turn drives the demand for medical devices. Additionally, the region's large population and growing middle class contribute to the market expansion, as more individuals have the means to afford medical devices. Underlying macroeconomic factors also play a role in the growth of the Other Medical Devices market in LATAM. Economic growth and stability in the region create a favorable environment for healthcare investments and consumer spending. As the economy improves, individuals and healthcare providers have more resources to invest in medical devices, driving market growth. In conclusion, the Other Medical Devices market in LATAM is developing rapidly due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for advanced medical devices, the rise of telemedicine and home healthcare, investment in healthcare infrastructure, and economic growth all contribute to the expansion of this sector in the region.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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Medical technology industry - statistics & facts

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.