Why Latin America Is One of the World’s Hottest Hospital Markets
As global marketing and business development executives for pharmaceuticals, medical equipment and medical devices look to expand their footprints — and sales — on a worldwide level, emerging hospital markets like Latin America and Asia make sense to target aggressively.
It comes down to numbers: Latin America has more than 20,000 hospitals, compared to 5,754 for the United States, for example. By itself, Brazil is #4 in the world in terms of amount of hospitals, with 7,878, behind Japan (8,565), India (8,652) and China (23,170).
In fact, Brazil and Mexico are both in the top 10 of countries with the most hospitals: the amount of hospitals in Mexico is 3,658, more than Germany or France and more than 5 times the amount of hospitals in Canada (725).
Beyond Brazil and Mexico, other key hospital markets in Latin America are Colombia (with 2,554 hospitals), Argentina (2,306 hospitals) and Chile (383 hospitals). While Chile’s amount of hospitals may seem relatively small, keep in mind that it has more hospitals than Switzerland (298), the Netherlands (259) and Belgium (191), among other markets.
Of course, the greater opportunity for global medical equipment or device brands is not just in the sheer number of hospitals: it’s about the rapidly growing demand that Latin American hospitals have for this equipment.
- Mexican hospitals increased nuclear medicine systems by more than 50%, MRI machines by 24% and gamma cameras by 17%
- Brazilian hospitals increased their EKG machine counts by 34%, their MRI machines by 9% and their CAT scanners by 7%
- Argentine hospitals increased their counts MRI machines, EKG machines, endoscopy towers, ventilators and EEG machines by more than 50%
- Chilean hospitals increased their stereotactic mammography machine counts by 34% in 2017, while also increasing their counts of MRI machines (20%), ultrasound machines (14%), CAT scanners (10%) and EKG machines (3%)
- Colombian hospitals increased their counts of ultrasound machines by 44% in 2017, while also elevating their counts of X-ray machines (42%), EKG machines (40%), MRI machines (37%) and EEG machines (25%)
And that’s just the bigger markets. HospiScope also tracked strong 2017 growth in equipment counts for hospitals in Costa Rica, Panama, Peru, Guatemala and other smaller markets.
The figures from HospiScope jibe well with a different set of numbers for 2017: the amounts of different equipment types imported into Latin American countries. We’ve already noted significant growth in Brazil, Chile, Peru and Argentina, among other markets.
Contact us to find out more about how we can give your a deeper understanding of LatAm’s healthcare market and take advantage of its significant growth in sectors like pharmaceuticals, medical devices and more.