South America Durable Medical Equipment Market - 2022-2029

South America Durable Medical Equipment Market - 2022-2029

Market Overview

South America Durable Medical Equipment Market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 5.7% during the forecast period (2022-2029).

Durable medical equipment manages various medical conditions and illnesses and offers convenience and therapeutic benefits to patients.

Market Dynamics

The key drivers of the growth of the durable medical equipment market are the increasing prevalence of chronic diseases, technological advancements, increasing government initiatives and a rapidly increasing aging population that is highly susceptible to chronic diseases further propels the market.

The better healthcare services and growing geriatric population are fueling the durable medical equipment market growth.

The better healthcare system in South America with the growing geriatric population is fueling the durable medical equipment market growth. For instance, healthcare services are much cheaper in South American countries than in many other parts of the world. Universal public healthcare is available in major countries such as Argentina, Columbia, and Chile, making them an attractive destinations for healthcare services. South America has over 18,000 hospitals; Argentina’s public healthcare system offers inpatient and outpatient care to its citizens free of charge. In Argentina, foreign nationals can receive emergency treatment for free. Furthermore, the growing geriatric population is prone to different chronic diseases, driving the market growth; for instance, the population of Brazil in 2022 is around 215,876,387, and in 2020, over 8,323,344 were males, and around 11,176,018 were females aged 65 and above and a major percentage of the chronic diseases suffering patients is the geriatric population.

The high cost of the equipment is expected to hinder South America Durable Medical Equipment market growth.

However, the high cost of durable medical equipment burdens the patient and the treatment cost. It is not covered by insurance in the countries of South America. The average price of manual wheelchairs varies between $1,000 and $2,000. Power wheelchairs are more expensive than manual ones costing $1,500 to $4,000, and can go up over $15,000. Equipment maintenance is another factor that adds to the financial burden of the end-users.

Industry analysis

The South America durable medical equipment market report will provide an in-depth analysis of the market based on various industry factors such as porter`s five forces, innovations, new product launches, pricing analysis, Etc.

Segment Analysis

Wheelchairs and scooters are expected to dominate the durable medical equipments market throughout the forecast period (2022-2029).

Wheelchairs and scooters held a large market share in 2021 and are expected to continue throughout the forecast period (2022-2029) for South America's durable medical equipment market by type. Wheelchairs and scooters are devices that provide wheeled mobility and seating support for people with walking disabilities. The market growth is driven by several factors, such as the rising elderly population, growing post-treatment services, and increasing technological development. The regional market is fast growing due to the rising demand for powered wheelchairs, such as electric wheelchairs and mobility scooters. The mobility scooter is a mobility aid equivalent to a wheelchair but configured like a motor scooter. On the other hand, manual wheelchairs are affordable with simple design and hence easily accessible wheelchairs in developing economies in South America.

Also, the increasing technological advancement in powered wheelchairs and innovative product launches by local players are boosting the market and raising the adoption rate. For instance, in August 2021, Invacare Corporation launched the Invacare AVIVA STORM RX, a Next Generation Rear Wheel Drive Power Wheelchair.

Geographical Analysis

Brazil holds the largest market share of South America durable medical equipment.

The largest share of the South American durable medical equipment market is contributed to Brazil, which held most of the market share in 2021. Brazil's durable medical equipment market is estimated to grow at a high CAGR over the forecast period (2022-2029). Brazil is among the 10 greatest economies in the world. The market in Brazil is growing due to the large target population base, universal health coverage, the large number of hospitals and clinics, prevalence of disability in the country, rising cases of cancer and other chronic diseases along with the presence of some of the major market players in the region. For instance, the current population of Brazil is over 215,876,387 people. According to the data retrieved from the Brazilian Information Technology Department of the Public Health Care System, in 2020, there were around 35,682 ICU beds, 426,388 hospital beds, and 65,411 ventilators in Brazil. Moreover, according to the Global Cancer Observatory, in 2020, Brazil had 592212 new cancer cases and 259949 deaths due to cancer.

Competitive Landscape

The South America durable medical equipment market is fairly consolidated, with selected key players accounting for the predominant market share. The major players with significant market share include Cardinal Health, Invacare, Pride Mobility, GF Health Products, Inc, Ottobock, Hill-Rom Holdings Inc, Drive DeVilbiss Healthcare and Stryker. The key players focus on R&D, product innovation, and strengthening product outreach through distribution through local suppliers and distributors in the South American countries. For instance, on March 6, 2020, Invacare Corporation launched Invacare AVIVA FX Power. Also, on March 29, 2021, FourKites announced a partnership with Cardinal Health to build a cognitive supply chain.

Cardinal Health

Overview:

Cardinal Health, Inc. is a leading health care services company. Cardinal Health, Inc. was founded in 1971 and is headquartered in Ohio and Dublin, Ireland. The company deals with distributing pharmaceuticals and medical products to over 100,000 locations; it also manufactures medical and surgical products such as gloves, surgical apparel, and fluid management products. Around 75% of United States hospitals get medical products from Cardinal Health.

Product Portfolio:

Cardinal Health’s product portfolio of durable medical products has bath accessories and safety products (Commodes and Accessories, Shower Chairs and Accessories, Toilet seats and Accessories), mobility products (Canes and replacement parts, Crutches and Replacement Parts, Oxygen Tank Cart, Wheelchairs and Accessories) and exam room equipment.

The South America durable medical equipment market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.