The size of the general surgical devices market in Latin America was worth USD 1.34 billion in 2022 and is estimated to reach USD 2.19 billion by the end of 2027, growing at a CAGR of 10.4% from 2022 to 2027.
The surgical devices segment in the Latin American region is expected to see significant growth during the forecast period. In the recent past, the widespread use of improved surgical equipment has fuelled the demand for hand-held devices in Latin America. Advanced equipment, such as robotic hand-held surgical devices for laparoscopic procedures, improve a surgeon's dexterity. Many advancements have been developed because of the necessity for great dependability, precision, and patient safety. In addition, the demand for sophisticated treatment options increases as the population ages, obesity rates grow, and chronic diseases become more prevalent. New cordless portable gadgets are one example of an invention that has increased comfort and control for surgeons.
The general surgical devices market in the Latin American region is predicted to rise in response to the rising prevalence of chronic diseases and the development of novel medical therapies. In addition, the market is expected to develop due to the increasing demand for low-cost, minimally invasive surgeries and the growing medical tourism industry in the region. The general surgical devices market in Latin America is favored by the increasing number of surgeries performed in the region.
During the forecast period, rapid medical infrastructure development is expected to drive market expansion. In addition, emerging economies in Latin America are currently providing excellent opportunities for makers of general surgical devices.
However, surgical equipment in Latin America is at risk due to inadequate, unpredictable, and high-cost regulations in the United States. During the forecast period, the lengthy and stringent regulatory procedure and reduced reimbursement scenarios are projected to stifle the growth of the Latin American general surgical devices market. Many market participants were inhibited from entering the market due to cost regulation and payback difficulties. In addition, other variables, such as product recalls, government rules aimed at lowering total healthcare costs, and increased wholesale purchases, all pose obstacles to the market's growth rate.
This research report on the Latin America general surgical devices market has been segmented & sub-segmented into the following categories:
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Geographically, the Latin American general surgical devices market accounted for a moderate share in the global general surgical devices market in 2020. Favorable reimbursement regulations, the presence of significant companies, and supportive government programs that enable simple access to modern goods for general surgery and training sessions for physicians are contributing to the rise of the Latin American market. As a result, the Department of Surgery at Massachusetts General Hospital launched the Global Surgery Initiative (GSI) in 2015 to aid in forming international relationships and the advancement of medical technologies for more efficient surgery.
The Brazilian general surgical devices market dominates the Latin American market due to the region's increase in healthcare expenditure, and Brazil was the second-largest surgical intervention market in terms of volume in 2020. Brazil has approximately 6,910 public and private hospitals, 205,283 service units, and 625,000 hospital beds. Mexico is expected to be the fastest-growing market due to the increasing number of plastic and cosmetic surgeries in Mexico. Latin America devotes a more significant share of its GDP to health spending. For example, in 2020, Mexico's health expenditure as a percentage of GDP was 7.2%, Brazil 9.3%, Chile 9.4%, and Argentina 5.1%. Therefore, total health expenditure in Latin America is expected to increase over the forecast period. In 2020, total health spending in Mexico was € 72.63 billion, of which 49.8% was obtained privately, and 54.8% was obtained publicly.
High incomes and increasing government initiatives in the healthcare sector, particularly in Brazil, Mexico, Chile, and Argentina, are likely to propel the expansion of healthcare markets in Latin America. This increase in healthcare spending is expected to accelerate the development of medical infrastructure, which is expected to drive the growth of the surgical devices market in the region. Besides, the growing demand for low-cost minimally invasive surgeries, the ever-increasing medical tourism industry in Latin America, and an increasing number of surgeries in the region are expected to drive the general surgical devices market in Latin America.
On the other hand, Argentina is likely to fuel the healthcare market as the current GDP is 4.5% and is expected to propel the expansion of healthcare markets in Latin America. Furthermore, the increase in healthcare spending is expected to accelerate the development of medical infrastructure, which is expected to drive the growth of the surgical devices market in the region.
KEY MARKET PLAYERS:
Companies playing a leading role in the Latin American general surgical devices market profiled in this report are Medtronic Plc., Stryker Corporation, Johnsons And Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG, KLS Martin Group, Olympus Corporation, Applied Medical Resources Corporation, Microline Surgicals, Inc., Karl Storz GmbH & Co. Kg, Cook Medical Incorporated, and Teleflex Incorporated.
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