As the various economies of Latin America continue to grow, the health care market in the region presents a number of interesting opportunities. The needs of Latin American hospitals and medical centers are great, and many are looking for the products and resources to keep pace with their neighbors to the North. The result is a market with a lot of opportunities for those in the field of health care sales.
While interest is high in health care-related products across the board, some are certainly stronger performers than others. Here’s what the latest projections show to be the most in-demand health products in Latin America.
Capnography devices are used to monitor breathing during medical procedures in hospitals and medical centers. And as Latin American facilities strive to modernize, this type of equipment is in major demand. Currently, sales of capnography devices in Latin America are around $10 million annually, but this is projected to grow to over $30 million by 2021.
There’s no question that diabetes is a problem in Latin America, and many facilities are struggling to keep up with the demand for insulin delivery equipment. The result is a rapidly evolving market, with sales projected to grow to almost $1.2 billion in 2020 from just $760 million in 2015.
Ultrasound is another critical imaging device that many Latin American markets have major need for. And this one could be a major boon for sales representative with ultrasound equipment to offer. This market is projected to grow to an astounding $804 billion by 2021.
Like ultrasound, magnetic resonance imaging (MRI), is another cutting edge diagnostic tool that is seeing big gains in the Latin American market. By 2021, the MRI market should reach $1.3 billion according to recent projections.
Radiopharmaceuticals, also known as nuclear medicine, represents a category of cutting-edge treatments for cancer, heart disease and other illnesses that offer advantages when traditional methods of treatment fail. And there is certainly strong demand for the advancements in the Latin American market. Radiopharmaceutical growth is projected to almost double in the next 5 years to over $1 billion by 2020.
Contact Americas Market Intelligence to explore how to leverage this growth in medical device sales in Latin America via a detailed hospitals database or custom research services.