South America Durable Medical Equipment Market
South America Durable Medical Equipment Market Size, Share & Industry Analysis, By Product Type (Personal Mobility Devices, Bathroom Safety Devices, Monitoring and Therapeutic Devices), By End-User (Hospitals, Home Healthcare, Ambulatory Surgical Centers), By Function (Therapeutic, Diagnostic, Patient Monitoring), By Distribution Channel (Online Retailers, Offline Retailers), By Country (Brazil, Argentina, Colombia, Chile, Peru, Rest of South America) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The South America Durable Medical Equipment Market is projected to grow at a CAGR of XX% from 2024 to 2031, with the market value expected to reach USD YY by 2031 from USD XX in 2024. Brazil currently dominates the market, driven by its large population, growing healthcare infrastructure, and increasing prevalence of chronic diseases. Key metrics include rising healthcare expenditure, aging population, and technological advancements in medical devices.
The South American durable medical equipment market is rapidly expanding as a result of increased awareness of home healthcare, government attempts to promote healthcare access, and the rising prevalence of chronic diseases. The industry also benefits from the adoption of new medical technology and the growth of e-commerce platforms for medical equipment sales.
Market Dynamics:
Market Trend: Increasing adoption of home healthcare solutions
The home healthcare movement is having a huge impact on South America's durable medical equipment sector. Home-based care is growing more common, particularly among the elderly and people with chronic illnesses. This tendency is motivated by financial savings, comfort, and a desire to shorten hospital stays. For example, the Brazilian Association of Home Care (ABHHC) expects the home care market in Brazil to grow by 30% by 2020. This trend has resulted in an increase in demand for portable, user-friendly durable medical equipment designed for home use, such as oxygen concentrators, mobility aids, and patient monitoring systems. Major market players are concentrating on developing novel, networked gadgets that enable remote patient monitoring and telemedicine integration.
Market Driver: Rising prevalence of chronic diseases and aging population
The durable medical equipment market is primarily driven by the increased prevalence of chronic diseases and a growing senior population in South America. According to the Pan American Health Organisation (PAHO), chronic diseases account for 81% of all fatalities in Latin America and the Caribbean. Furthermore, the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) predicts that the South American population aged 60 and up would grow from 13.6% in 2020 to 25% in 2050. This demographic transition is pushing up demand for a wide range of durable medical equipment, such as mobility aids, respiratory devices, and home monitoring systems. According to Mordor Intelligence, the Brazilian mobility aids market is predicted to expand at a 7.2% CAGR between 2021 and 2026.
Market Restraint: Economic challenges and healthcare disparities
Economic insecurity and healthcare inequities in many South American countries pose significant impediments to the growth of the durable medical equipment industry. Many countries in the region experience issues with healthcare finance and infrastructure development, resulting in unequal access to cutting-edge medical technology. According to an Inter-American Development Bank research, Latin America's out-of-pocket healthcare expenditure accounts for 34% of overall health spending, substantially exceeding the OECD average of 21%. This financial load may limit the affordability of durable medical equipment for a large percentage of the population. Furthermore, the COVID-19 outbreak has compounded the region's economic problems, potentially reducing hospital budgets and consumer spending on medical gadgets.
Segment Overview:
Personal Mobility Devices dominate the South America Durable Medical Equipment market
Personal Mobility Devices now dominate the South American Durable Medical Equipment market. This dominance is due to an ageing population, a higher prevalence of infirmities, and a greater awareness of other forms of transportation.
According to major manufacturing firms, wheelchairs, walkers, and mobility scooters are the most common types of personal mobility equipment in the region. According to a survey done by the Brazilian Association of the Medical, Dental, Hospital, and Laboratory Equipment Industry (ABIMO), the mobility aids market in Brazil, South America's largest, is estimated to be worth $500 million in 2020, growing at a 6.5% annual rate.
The sector is also experiencing technical developments, such as the incorporation of IoT and AI into power wheelchairs, as well as the creation of lightweight, foldable mobility aids for greater portability. In response to increased demand for linked healthcare gadgets, a major Brazilian medical equipment manufacturer has introduced a line of smart wheelchairs that have GPS tracking and remote monitoring features.
Regional Outlook:
Brazil leads the South America Durable Medical Equipment market with robust healthcare infrastructure
Brazil presently leads the South American Durable Medical Equipment market due to its huge population, rising healthcare expenditure, and increased usage of novel medical technologies. Government initiatives to expand healthcare access, as well as the presence of major medical equipment manufacturers, help to cement the country's leadership position.
According to the Brazilian Health Devices Manufacturers Association (ABIMO), the Brazilian medical device industry, which includes durable medical equipment, is estimated to be worth $5.6 billion in 2020, with a 5.2% annual growth rate. The Sistema Único de Saúde (SUS) promotes durable medical equipment through public procurement.
Brazil's geriatric population is a significant driver of industry growth. The Brazilian Institute of Geography and Statistics (IBGE) predicts that the population aged 65 and up would grow from 9.8% in 2020 to 25.5% by 2060, resulting in a steady demand for various types of durable medical equipment.
The Brazilian market is driven by innovation, with local businesses focussing on developing low-cost, technologically advanced medical products. To meet the growing need for connected healthcare solutions, a well-known Brazilian medical equipment manufacturer has created a line of IoT-enabled home care gadgets, such as smart blood pressure monitors and glucose meters.
Competitive Intelligence:
The South American durable medical equipment market is differentiated by a mix of global and domestic manufacturers. Market leaders' key aims include product innovation, strategic collaborations with healthcare providers, and expansion of their distribution networks.
Philips Healthcare has maintained a strong market position with its comprehensive line of home healthcare and respiratory equipment. The corporation has been working to expand its position in South America through strategic relationships and localised product development.
GE Healthcare has focused on developing novel diagnostic and monitoring devices for use both in hospitals and at home. To increase its market share in South America, the corporation has invested in digital health solutions and AI-powered gadgets.
Medtronic plc plans to grow its presence in the region through acquisitions and collaborations with local distributors. The company's extensive line of patient monitoring and respiratory care devices has helped it develop a strong market position in South America.
Emerging indigenous firms, such as Baumer S.A. (Brazil) and Silfab (Argentina), are gaining traction by creating low-cost medical equipment adapted to local market needs. These companies compete with international corporations by using local expertise of regional healthcare systems and consumer preferences.
Analyst Opinion:
The South American Durable Medical Equipment market is expected to grow fast due to demographic shifts, improved healthcare awareness, and technology improvements. The sector is expected to transition to more connected and data-driven medical equipment, enabling for improved patient monitoring and management.
The growing emphasis on local production of durable medical equipment in South American countries is an intriguing trend to follow. This trend, driven by supply chain interruptions during the COVID-19 pandemic, is projected to result in the creation of more cheap and region-specific medical equipment.
As remote healthcare services become more popular in the region, medical equipment manufacturers and telehealth providers will likely collaborate more. Companies who can provide integrated solutions that combine durable medical equipment and telemedicine capabilities are expected to have a competitive advantage in this changing market landscape.
Major Players:
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Philips Healthcare
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GE Healthcare
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Medtronic plc
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Invacare Corporation
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Sunrise Medical
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Hill-Rom Holdings, Inc.
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Baumer S.A.
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Silfab
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Ottobock
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Drive DeVilbiss Healthcare
Key Developments:
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In June 2023, Philips Healthcare announced a new range of linked home respiratory equipment in Brazil, aiming to capitalise on the burgeoning home healthcare market.
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In April 2023, GE Healthcare announced a deal with a major Brazilian telemedicine provider to integrate patient monitoring technology and remote healthcare services.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Country Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Philips Healthcare
5.2. GE Healthcare
5.3. Medtronic plc
5.4. Invacare Corporation
5.5. Sunrise Medical
5.6. Hill-Rom Holdings, Inc.
5.7. Baumer S.A.
5.8. Silfab
5.9. Ottobock
5.10. Drive DeVilbiss Healthcare (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Increasing adoption of home healthcare solutions
6.1.2. Integration of IoT and AI in medical devices
6.1.3. Growing focus on telemedicine-compatible equipment
6.2. Market Drivers
6.2.1. Rising prevalence of chronic diseases and aging population
6.2.2. Increasing healthcare expenditure in South American countries
6.2.3. Technological advancements in durable medical equipment
6.3. Market Restraints
6.3.1. Economic challenges and healthcare disparities
6.3.2. Regulatory hurdles and lengthy approval processes
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Personal Mobility Devices
7.1.1. Wheelchairs
7.1.2. Mobility Scooters
7.1.3. Walking Aids
7.2. Bathroom Safety Devices
7.2.1. Commodes
7.2.2. Toilet Safety Rails
7.2.3. Shower Chairs
7.3. Monitoring and Therapeutic Devices
7.3.1. Blood Glucose Monitors
7.3.2. Oxygen Equipment
7.3.3. Infusion Pumps
8. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Hospitals
8.1.1. Public Hospitals
8.1.2. Private Hospitals
8.2. Home Healthcare
8.2.1. Elderly Care
8.2.2. Chronic Disease Management
8.3. Ambulatory Surgical Centers
8.3.1. Independent Centers
8.3.2. Hospital-affiliated Centers
9. BY FUNCTION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Therapeutic
9.1.1. Pain Management Devices
9.1.2. Respiratory Therapy Devices
9.2. Diagnostic
9.2.1. Blood Glucose Monitors
9.2.2. Blood Pressure Monitors
9.3. Patient Monitoring
9.3.1. Cardiac Monitoring Devices
9.3.2. Sleep Apnea Monitors
10. BY DISTRIBUTION CHANNEL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Online Retailers
10.1.1. E-commerce Platforms
10.1.2. Company Websites
10.2. Offline Retailers
10.2.1. Pharmacies
10.2.2. Medical Equipment Stores
11. COUNTRY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. Brazil
11.1.1. By Product Type
11.1.2. By End-User
11.1.3. By Function
11.1.4. By Distribution Channel
11.2. Argentina
11.2.1. By Product Type
11.2.2. By End-User
11.2.3. By Function
11.2.4. By Distribution Channel
11.3. Colombia
11.3.1. By Product Type
11.3.2. By End-User
11.3.3. By Function
11.3.4. By Distribution Channel
11.4. Chile
11.4.1. By Product Type
11.4.2. By End-User
11.4.3. By Function
11.4.4. By Distribution Channel
11.5. Peru
11.5.1. By Product Type
11.5.2. By End-User
11.5.3. By Function
11.5.4. By Distribution Channel
11.6. Rest of South America
11.6.1. By Product Type
11.6.2. By End-User
11.6.3. By Function
11.6.4. By Distribution Channel
*NOTE: All the countries mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Product Type:
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Personal Mobility Devices
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Bathroom Safety Devices
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Monitoring and Therapeutic Devices
By End-User:
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Hospitals
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Home Healthcare
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Ambulatory Surgical Centers
By Function:
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Therapeutic
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Diagnostic
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Patient Monitoring
By Distribution Channel:
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Online Retailers
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Offline Retailers
By Country:
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Brazil
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Argentina
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Colombia
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Chile
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Peru
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Rest of South America
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