The size of the Orthobiologics Market in Latin America was worth USD 621.98 million in 2023 and estimated to be growing at a CAGR of 5.42%, to reach USD 809.82 million by 2028.
Increased numbers of geriatrics and obese populations and higher rates of osteoarthritis and orthopedics are expected to impact the Latin American orthobiologics market positively. Factors such as population increase and urbanization also contribute to the growth. As a result, musculoskeletal disorders are more common in the aged and obese people. The market for orthobiologics is expected to grow as patient demand for less invasive procedures rises.
Growing rates of sports injuries, traffic accidents, and osteoarthritis, and increased acceptance of less invasive procedures are majorly driving the growth of the ortho biologics market during the forecast period. On the other hand, Obesity is on the rise, as is the frequency of sports and car accidents, both fuelling the growth of the ortho biologics sector.
Ortho biologics are utilized by orthopedic surgeons to aid in the faster healing of injuries. They're used to help broken bones and damaged muscles, tendons, and ligaments heal faster; these items are created from natural chemicals present in our bodies.
In Addition, improving one's financial condition allows for the pursuit of a high-quality lifestyle, and better healthcare encourages market expansion. Thus, by making fundamental efforts to produce breakthrough biomaterials, the industry's major players pay off handsomely in market growth. Moreover, government projects are also essential in fostering market expansion. For example, the growth of the senior population, which is more vulnerable to illnesses such as osteoarthritis and others, is propelling the ortho biologics market forward.
However, complex syncretization methods, industrial restrictions affect the market. Other major challenges impeding the market's growth are high costs and inadequate reimbursements for orthobiologics items and procedures with the orthobiologics- based therapies, which are expected to restrain the orthobiologics market's growth. Over the projected period, the market expansion is likely to be hampered by the high cost of hyaluronic acid products and the adverse effects of existing therapies.
This research report on the Latin American Orthobiologics Market has been segmented & sub-segmented into the following categories:
By End Users:
The Latin American orthobiologics market is anticipated to account for a considerable share in the global market during the forecast period. The market growth is expected to be driven by rising mechanical advancements in biomaterials, growing awareness towards long-term orthopedic diseases, and developing orthopedic ailment and musculoskeletal disease complexity. Osteoarthritis (OA) is a weakening disease that affects 20% of the World's population; in addition, about 80 percent of adults in Latin America, including Chile, Mexico, Brazil, and Argentina, have osteoarthritis, including 3040 participants with an average age of 62.5 years. There are several major players in the ortho biologics market, which is moderately competitive. In terms of market share, only a few major companies now dominate the sector.
The Brazilian orthobiologics market is projected to register a prominent share in the Latin American market during the forecast period due to the growing use of synthetic matrices and allografts in spine fusion surgeries. Also, due to an increase in sports injuries is rising the demand for orthobiologics for cartilage repair in the soft tissue repair segment is expected to drive the market growth.
The Mexican orthobiologics market is more likely to record a promising share in the Latin American market due to rising patient awareness, increasing healthcare spending, and high disease frequency.
KEY MARKET PLAYERS:
Companies such as Medtronic, DePuy Synthes, Zimmer Biomet, Bioventus, Stryker, Harvest Technologies, Globus, Orthofix International, RTI Surgical, K2M Group, and Kuros Biosciences are playing a significant role in the Latin American orthobiologics market.
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