This article examines the 15 countries in Latin America with the lowest healthcare standards. If you’re interested, you can skip our analysis and head directly to the top 5 unhealthiest countries in the region.
Global and Latin American Trends in Healthcare Market
The global healthcare market is projected to grow at a compound annual growth rate (CAGR) of 6.3% from $9.8 trillion by 2027. The market is divided into several segments, including hospitals, digital health, and healthcare services. The hospital market alone is expected to grow by 4.18% per year between 2024 and 2029.
According to the World Health Organization (WHO), at least half of the world’s population lacks access to basic medical care. In the United States, patient care accounts for around 20% of the country’s GDP. However, the COVID-19 pandemic has caused a significant financial downturn in the US healthcare system, with revenues plummeting by almost 50% in 2020.
Latin America’s Healthcare Market
The Latin American healthcare market is experiencing substantial growth driven by demographic shifts and increasing demand for healthcare services. Brazil and Mexico are leading the region in terms of current healthcare spending. In 2023, the home healthcare market in Latin America was valued at $28.08 billion and is projected to reach $46.12 billion by 2029, registering a CAGR of 10.43%.
Accessibility and Affordability
A significant portion of healthcare costs in Latin America are borne out-of-pocket, averaging around 24% of total healthcare costs. Accessibility and affordability remain major barriers, with 62% of surveyed individuals deferring medical care due to these issues.
Key Players in the Global Healthcare Market
Some key players in the global healthcare market include AbbVie Inc., Humana Inc., UnitedHealth Group Incorporated, among others. For example, AbbVie Inc. has received approval from the European Commission for SKYRIZI to treat adult patients with moderately to severely active ulcerative colitis.
Recent Developments
In August 2024, AbbVie acquired Cerevel Therapeutics, a biotechnology and pharmaceutical company. UnitedHealth Group Incorporated reported total revenues of $98.9 billion in Q2 2024, marking a 6.4% increase year-over-year.
AUNA, a Latin American Health Company, Makes its Debut in Global Equity Market
In March 2024, Auna S.A. became the first Latin American health company to be listed in the US stock exchange. Auna operates in Mexico, Colombia, and Peru, and raised $300 million in gross proceeds after issuing 30 million Class-A shares.
Source: Yahoo News
