Rising Initiatives and Business Development Strategies by Market Players to Offer Opportunities for LATAM and Caribbean Respiratory Disposables Market During 2022–2030
During the COVID-19 pandemic in 2020, UNICEF increased the distribution of health and hygiene supplies across Latin America and the Caribbean countries—which included 220,000 face masks, 32,400 disposable face shields, and 65 oxygen concentrators. Similarly, in September 2020, a respiratory machine was developed by a member of the ProPymes program of Ternium in Argentina. A nuclear engineer from Instituto Balseiro led this project. It involved the contribution of several industrial entrepreneurs from Latin American companies such as Tecnoplast SRL, Tedeschi Sembradoras, and Semirremolques Vulcano with the purpose of reinforcing the healthcare equipment in their cities after the emergence of the COVID-19 pandemic.
Latin America is among the fastest-growing regions for the medical industry owing to the adoption of inorganic and organic activities by key players operating in the respiratory disposables market. For instance, in March 2020, Medtronic launched two new solutions—a Respiratory Infectious Disease Health Check for existing Medtronic Care Management Services (MCMS) customers.
Additionally, in October 2022, Medtronic announced the transfer of its Patient Monitoring and Respiratory Interventions businesses into a new company, NewCo. This step is expected to benefit both companies to focus on meeting the needs of their patients, physicians, customers, and stakeholders while advancing portfolio management and capital allocation strategies in higher growth markets to accelerate revenue.
Thus, rising government initiatives and business development strategies by market players are likely to fuel the growth of the LATAM and Caribbean respiratory disposables market in the coming years.
Increasing Incidences of Respiratory Diseases to Offer Lucrative Growth of the LATAM and Caribbean Respiratory Disposables Market in the Future
Governments of several countries in Latin America have increased the per capita consumption of disposable masks owing to the growing prevalence of infectious respiratory diseases in the region. Over the past few years, the number of patients suffering from respiratory disorders such as chronic pulmonary respiratory disease, asthma, and tuberculosis has increased. According to an article published by BMC Pulmonary Medicine in July 2022, a study was carried out to analyze the prevalence of chronic obstructive pulmonary disease (COPD) in Latin America and the Caribbean countries. The inclusion criteria were met by twenty studies (nineteen cross-sectional and one cohort), which concluded that COPD was found in 8.9% of the general population over the age of 35. Men had a prevalence of 13.7%, while women had a prevalence of 6.7%. The frequency was 24.3% among smokers and ex-smokers.
Similarly, asthma is a common respiratory disease in Latin America, which has a population of 603 million people. Per an article published by Taylor & Francis Online in 2021, the estimated average prevalence of asthma is 17%, varying widely across cities, with Costa Rica recording a prevalence of 30%. Furthermore, the risk of severe exacerbations seems to be higher in Latin America than in other regions. Disposable face masks are critical in reducing the spread of respiratory infections due to their ability to filter airborne pathogens. The article published by ScienceDirect in August 2023 stated that ~255 million masks per month were used in Latin American countries, including Brazil, Argentina, and Colombia.
Moreover, the medical industry’s growth escalated due to increasing medical tourism and the growing number of healthcare facility centers, leading to high demand for respiratory disposables. As a result, companies are witnessing regional growth opportunities and expanding their distribution network in Latin America. Thus, the growing prevalence of respiratory diseases is anticipated to create several opportunities for the LATAM and Caribbean respiratory disposables market during the forecast period.
LATAM and Caribbean Respiratory Disposables Market: Segmental Overview
The “LATAM and Caribbean Respiratory Disposables Market” is segmented on the basis of product, clinical indication, usage, and end user. Based on product, the LATAM and Caribbean respiratory disposables market is segmented into masks and respirators, resuscitators, nasal cannulas, nebulizers, laryngoscopes, and others. In terms of clinical indication, the LATAM and Caribbean respiratory disposables market is segmented into asthma, COPD, and others. The LATAM and Caribbean respiratory disposables market, by usage, is segmented into neonatal and pediatrics, adults, and geriatrics. Based on the end user, the LATAM and Caribbean respiratory disposables market is categorized into hospitals, clinics, and homecare.
Based on product, the LATAM and Caribbean respiratory disposables market is segmented into masks and respirators, resuscitators, nasal cannulas, nebulizers, laryngoscopes, and others. The masks and respirators segment held the largest market share in 2022. However, the laryngoscope segment is anticipated to register the highest CAGR of 8.29% from 2022 to 2030. Masks and respirators are used to protect the wearer from droplets, airborne particles, and body fluids that might potentially be harmful to the skin. They are loose-fitting and disposable, which makes breathing easy and comfortable. In the masks, the filter material combines various high-performance filter media to achieve excellent filter performance. The various filter layers retain the coarse and fine particles effectively. At the same time, the breathing resistance remains extremely low so that the user can work easily and without fatigue, even for longer periods. Odor-stopping versions of the masks and respirators use an additional layer of internal activated carbon to combat unpleasant odors. Ventilators are also used in a variety of healthcare settings, such as hospitals and emergency facilities, for patient ventilation and oxygen therapy. The increase in the geriatric population and the rise in the prevalence of respiratory diseases are expected to boost the demand for masks and respirators. A few of the commonly available respirators are N95, N99, N100, P95, P99, P100, R95, R99, and R100.
LATAM and Caribbean Respiratory Disposables Market, by Product – 2022 and 2030
The LATAM and Caribbean respiratory disposables market, by clinical indication, is segmented into asthma, COPD, and others. The COPD segment held the largest market share in 2022, and the same segment is anticipated to register the highest CAGR of 4.56% from 2022 to 2030. Chronic obstructive pulmonary disease (COPD) is considered to be a progressive lung disease that makes breathing highly difficult. Patients suffering from COPD might use inhalers to deliver medication directly into their airways. Types of COPD inhalers include long-term and control medications, as well as quick relief and rescue medications. These also include corticosteroids, beta-agonists, anticholinergics, and combination inhalers. Ventilators can help deliver oxygen to the lungs, which can help with symptoms such as shortness of breath and fatigue. COPD patients are increasingly relying on respiratory disposables for effective management. Thus, the rise in COPD incidence fuels the growth of the segment.
LATAM and Caribbean Respiratory Disposables Market, by Clinical Application – 2022 and 2030
3M, Fisher & Paykel Healthcare, Medtronic, Drägerwerk AG & Co. KGaA, GE HealthCare, Masimo Corporation, Koninklijke Philips NV, ResMed, Intersurgical Ltd.; and Ambu A/S are among the leading companies operating in the France stretchers market. These players are focusing on expanding their market presence and acquiring a novel customer base, thus tapping noticeable business opportunities prevailing in the LATAM and Caribbean respiratory disposables market.
The COVID-19 pandemic affected economies and industries in various countries across the globe. In late February 2020, over 124,000 COVID-19 cases were reported in Latin America and the Caribbean, and South America registered more than 97,000 cases. Brazil reported over 45,000 cases. During the COVID-19 pandemic, the demand for respiratory disposables grew significantly, and the available masks and respirators were used as protective gear to protect healthcare workers and the public against the transmission of SARS-CoV-2. To combat the spread of SARS-CoV-2 in LATAM and Caribbean countries, 2,420 medical consumables were imported into the region, which amounted to ~US$ 30.3 billion. The pandemic also increased the local production of respiratory disposable in the region, and a few global manufacturers began setting up production units in the region.
The COVID-19 pandemic offered various growth opportunities to the medical industry. Also, there was an increase in the distribution network in the region, which enhanced the market for respiratory disposables. Post-COVID-19 pandemic, the rise in awareness about the importance of disposable masks and respirators increased their demand for the prevention of chronic respiratory diseases. These factors are expected to boost the LATAM and Caribbean respiratory disposables market during the forecast period.