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Eugene Ramirez | March 2020
To project medical device demands in Latin America for the next several years, just look to its aging, ailing population. ‘Latin America is getting older, heavier and sicker’ says a report by Global Health Intelligence which compares growth in 2018 to forecast demand for medical devices. Among the medical devices in highest demand are ultrasound, endoscopy, MRI, EXG and X-Ray machines.
With a compounded annual growth rate of 6.93% through 2023, Ultrasound machines saw a more than 33% growth in 2018 in Puerto Rico, more than in any other Latin American market. For Endoscopy machines, Paraguay led in growth in 2018 with an astonishing 47.4%. The projected growth for endoscopy machines in Latin America through 2023 is 5.84%. As for broadest growth throughout the region, EKG machines grew in 2018 in more Latin American markets (11 in total) than any other medical device. Argentina, Bolivia, Brazil, Colombia, Costa Rica, Dominican Republic, Mexico, Panama, Paraguay, Peru and Puerto Rico all saw electrocardiograph machine growth.
However, the biggest opportunity in the coming years could be in the portable X-Ray machine business. The report, citing Market Data Forecast, shows a compounded annual growth rate of 15.1% for South America. Puerto Rico, 33.3%, and Paraguay, 18.1%, led the pack in X-Ray machine growth in 2018.
About Global Health Intelligence (GHI)
Global Health Intelligence (GHI) gathers market intelligence and performs market research to deliver clients strategic data on healthcare infrastructure in emerging markets, specifically in Latin America and Asia. For the first time, GHI is partnering with FIME to offer more value to FIME exhibitors and attendees as we work together to share insights and keep our extended FIME family in a leading position in the medical device industry.