South & Central America Critical Care Equipment Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product (Ventilators, Patient Monitor Systems, Infusion Pumps, and Others); Application (Cardiology, Pulmonology, Orthopedics, Neurology, and Others); End-User (Hospitals, Ambulatory Care Centers, Home Care, and Others) and Country
The South & Central America critical care equipment market is expected to reach US$ 3,721.83 million by 2027 from US$ 1,822.27 million in 2019. The market is estimated to grow with a CAGR of 8.6% from 2020 to 2027.
The growth of the market is attributed to the key driving factors such as strengthening the healthcare sector across South & Central America and a high rise in COVID-19 cases across South & Central America. However, the rigorous government rules and policies post COVID-19 is expected to obstruct the growth of the market to a certain extent during the forecast period.
Critical care equipment includes cardiac support, patient monitoring, respiratory support, emergency resuscitation devices, pain management, and other life support equipment designed to care for critically ill patients or those who have undergone a major surgical procedure. These devices help in preventing any serious injury or death of the patient. They are essential in all healthcare facilities such as hospitals and clinics.
The growing prevalence of COVID-19 in South & Central America will buoy critical care equipment demand. As per the International Journal Cardiovascular Science in 2017, coronary artery disease accounted for ~ 250,000 hospitalizations. Similarly, a rise in COVID-19 cases in the region is propelling the demand for ventilators. For instance, in 2019, the total number of ventilators in Argentina hospitals accounted to more than 7 thousand. Thus, the high number of patients admitted for respiratory conditions is forcing hospitals to spend more on these systems, resulting in a rise in ventilators' revenue. According to Worldometers, Argentina recorded about 824,468 confirmed COVID-19 cases in October 2020. Moreover, due to the rising number of COVID-19 cases, there is a rise in need for critical care equipment. For instance, Brazil is the third country with the highest number of COVID-19 cases in the world. According to Worldometers, Brazil recorded 4,970,953 confirmed COVID-19 cases and 21,633 deaths in October 2020. Even if ventilators are available in the hospitals, the pandemic situation is expected to create stress on the system due to overcrowding. As there is significant need for ventilators in COVID-19 pandemic, the countries are starting the production of ventilators. For instance, according to a report of AGÊNCIA NACIONAL DE VIGILÂNCIA SANITÁRIA (National Health Surveillance Agency) of April 2020, the Agency has carried on exceptional actions to expand the production capacity of equipment that are essential to fight the COVID-19 pandemic.
Based on product, the critical care equipment market is segmented into patient monitor systems, ventilators, infusion pumps, and others. The patient monitor systems segment held the largest share of the market in 2019; whereas, the ventilators segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the critical care equipment market is segmented into cardiology, pulmonology, neurology, orthopedic, and others. The cardiology segment held the largest share of the market in 2019; whereas, the pulmonology segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on end-user, the critical care equipment market, is segmented into hospitals, ambulatory care centers, home care, and others. The hospitals segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR in the market during the forecast period.
Some of the major primary and secondary sources for critical care equipment market included in the report are Worldometers, Brazil Statistical Institute and Brazilian Institute of Geography and Statistics, among others.
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