Latin American medical equipment market has great potential

Recently, the United States report on the potential valuation of the global medical equipment market, pointing out that the potential of Latin American medical equipment market reached 10.5 billion US dollars.

The medical equipment market in Latin America mainly includes Brazil, Mexico, Colombia, and Venezuela. As the economic growth in Latin America tends to be stable, the level of medical care will increase accordingly. Despite the high level of service in the private health sector in Latin America, the level of basic health care needs to be improved. This undoubtedly shows great potential for development.

The medical equipment market in Latin America mostly depends on imports, but the scale of exports is very backward. Medical equipment is a key factor in the economic development of the region. Brazil, Argentina, and Chile are more import-oriented than medical high-tech products, while imports from Peru, Mexico, and Venezuela are more biased towards consumables.

At present, there are still destabilizing factors in the medical regulatory environment in Latin America. MERCOSUR members tend to follow the medical management system established in Brazil, while Mexico and North American allies follow the US FDA regulation. This has made the regulatory environment in Latin America less stable.