Albany, NY -- (SBWIRE) -- 09/16/2016 -- The Latin America home healthcare market is fragmented in nature with stiff price competition among leading players, states a new research study by Transparency Market Research. Prominent companies, including Philips Healthcare, Johnson & Johnson, Bayer AG, F. Hoffmann-La Roche Ltd., and Abbott Laboratories collectively accounted for more than 80% of the in the Latin America home healthcare market in 2013. Key players in the market are making constant efforts to expand and enhance their product portfolio and establish a strong presence through mergers and acquisitions.

According to the study, the Latin America market opportunity in home healthcare is projected to reach a value of US$17.55 bn by the end of 2020. On the basis of devices type, the medical supplies segment is expected to retain the leading position in the Latin America home healthcare market, reaching a value of US$3.92 bn by the end of 2020. The rising incidence of malnutrition and premature births and growing preference for home enteral therapeutics are key factors that are projected to bolster the medical supplies segment in the near future.

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Technological Advancements to Bolster Home Healthcare Market in Brazil

The demand for home healthcare services is very high, especially in Brazil and Mexico. Among the key geographical segments, Brazil is estimated to lead the Latin America home healthcare market and account for a 35% share by the end of 2020. "The high growth of this region likely due to the rising number of disabled geriatric population and technological advancements in home healthcare devices," says a TMR analyst.

By service, the unskilled home healthcare services segment is projected to lead the market, reaching a value of US$2.69 bn by the end of 2020. The rising adoption of personalized care devices is one of the primary factors augmenting the growth of this segment in the Latin America home healthcare market.

Changing Demographics to Actuate Growth of Home Healthcare Market in Latin America

The Latin America home healthcare market is anticipated to witness noteworthy growth in the next few years, owing to the rising adoption rate of home healthcare services and devices and growing prevalence of chronic diseases in this region. The emergence of new and innovative devices is expected to contribute extensively towards the growth of the home healthcare market in Latin America.

Furthermore, the changing demographics in Latin America are encouraging high acceptance of medical devices and homecare services, thereby augmenting the growth of the home healthcare market in Latin America. Technological developments and emergence of innovative healthcare services are further expected to bolster the growth of the market in the near future, states a TMR analyst.

Economic Instability to Curb Growth of Latin America Home Healthcare Market

An increasing number of patients are preferring self-diagnosis in Latin America, thus making use of home healthcare devices. As a result, the risk of incorrect use of home healthcare devices is rising, leading to fatal health disorders. This is expected to curtail the growth of the overall market in the coming years. In addition, the economic disparity and immature and complex regulatory environment are projected to hamper the growth of the Latin America home healthcare market in the near future.

Nonetheless, leading players in the market are currently focusing on the underdeveloped regions in Latin America, such as Venezuela, Colombia, and Chile. The untapped opportunities in these countries are expected to drive the market in the next few years.

This information is based on the findings of a research report published by Transparency Market Research, titled "Latin America Home Healthcare Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020."

The Latin America home healthcare market has been segmented as below:

Device Types

Diagnostics and Monitoring Home Devices
Blood Glucose Monitors
Blood Pressure Monitors
Heart Rate Monitors
Temperature Monitors
Sleep Apnea Monitors
Coagulation Monitors
Pregnancy Test Kits
Pulse Oximeters
Pedometers
Therapeutics Home Healthcare Devices
Insulin Delivery Devices
Nebulizers
Ventilator and CPAP Devices
IV Equipments
Dialysis Equipment
Home Mobility Assist Devices
Wheelchairs
Cranes and Crutches
Other Home Mobility Assist Devices
Medical Supplies
Services

Rehabilitation Services
Telehealth and Telemedicine Services
Infusion Therapy Services
Respiratory Therapy Services
Unskilled Home Healthcare Services
Geography

Brazil
Mexico
Argentina
Colombia
Others

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