Latin America Catheters Market

Latin America Catheters Market Size (2023 to 2028)

The size of the Latin American catheters market is forecasted to be growing at 5.2 CAGR during the forecast period.

The catheterization market is booming with the emergence of new applications and technologies.

Y-O-Y growth in the number of patients diagnosing with various chronic diseases in Latin American countries is one of the significant factors promoting the growth rate of the Latin American Catheters market. In addition, the increasing tendency of manufacturers of young catheters to acquire a greater part of the market share and an increase in funding from various government agencies for the R&D activities is expected to accelerate the development of the market during the forecast period. Chronic disorders that include cardiovascular, neurological, and urological diseases have been the leading cause of death and morbidity in the Latin American region for the past three decades. The progress of the geriatric population leads to an increase in cardiovascular and neurological diseases, which contributes to the need for catheters in Latin America.

Additionally, the increase in cases of peripheral artery disease, occlusions of blood vessels, and awareness of minimally invasive surgeries are expanding the use of catheters in Latin American countries. Supportive government policies, product launches, approvals, and innovations in the field are forecasted to boost the market's growth rate. Continuous improvements in the design of catheters to simplify use and performance and the safest and most effective play a vital role in the growth of the market. Furthermore, artificial intelligence in radiology for discovering genomic markers is stimulating the culture of walking in the years to come.

Lack of skilled labor and the availability of substitutes with lower standards or lower prices may hamper the market’s growth rate. Reuse of disposable diagnostic catheters, adverse reimbursement scenario, and frequent product recalls, extensive data requirements for new technology launch, high product costs, and presence of substitutes are other significant factors expected to inhibit the growth rate of the Latin American catheters market.

Impact of COVID-19 on the Latin America Catheters Market:

Latin American countries face economic and humanitarian challenges due to the growing incidence of COVID-19. They have responded to the epidemic by closing borders, ordering quarantines, avoiding alternative surgeries, and imposing a series of restrictions to keep people confined to their homes. Increased support from governments and various companies can help fight this highly contagious disease.

Preventive measures such as social distancing and confinement drastically reduce people's visits to health facilities which, in turn, hamper the growth of the catheter market in Latin America. However, the impact of these factors is expected to slow down with the slowing impact of COVID-19, and the market is expected to perform well during the forecast period.

This research report on the Latin American catheters market has been segmented and sub-segmented into the following categories.

By Product:

• Cardiovascular
• Urology
• Intravenous
• Neurovascular
• Specialty

By Distribution Channel:

• Hospital Stores
• Retail Stores
• Others (online Stores)

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

The Mexican catheters market is one of the most lucrative regional markets in the Latin American market and is predicted to showcase a significant CAGR during the forecast period. Mexico is an emerging market for catheters. It is one of the favorite destinations for the major players in this industry due to the growth of medical tourism, population growth, and government initiatives to improve the health infrastructure of the country. In addition, the favorable regulatory environment and the growing burden of cardiovascular, neurological, and urological diseases, among others, are driving demand in the region.

In Latin America, the majority of the share in the Latin American market was accounted for by the Brazilian catheters market, with a share of 33.05% in 2022. This can be attributed to factors such as the increasing prevalence of chronic disorders, supportive government policies, increased awareness, availability of highly skilled physicians, efficient workers, and the presence of health facilities. In addition, the increase in private research funding for the R&D of innovative devices positively influences the growth of the market in this region.

KEY MARKET PLAYERS:

Boston Scientific Corporation, Medtronic, Becton, Dickinson and Company, Abbott, B. Braun Melsungen AG, ConvaTec Group PLC, Coloplast Group, Cook Medical, Edwards Lifesciences Corporation, Johnson & Johnson Services, Merit Medical Systems, Stryker Corporation, Terumo Corporation, Teleflex Incorporated, Hollister Incorporated, AMG International GmbH, Simeks Tibbi Ürünler, Alvimedica, Medinol Ltd and Amsino International, Inc. are a few of the notable players in the Latin American Catheters Market.