The size of the biomaterials market in Latin America was worth USD 9188.58 Million in 2023 and is estimated to be growing at a CAGR of 12.30%, to reach USD 16411.47 Million by 2028.
Advancements in medical technology have taken a hefty toll on plastic materials used in medical applications, which are predominantly affected by biocompatibility concerns and the demand for superior implant mechanical performance.
With the increase in Latin America's aging population, the demand for biomaterials in cardiology, neurology, wound healing, and plastic surgery is also on the rise. Further, the tremendous research on advancements in medical technology for the efficient functionality of medical implants, new techniques such as hydrogen scaffolding and decellularized dermal matrixes for grafting, and increase in government grants, investment, and funding are factors driving the growth of the Latin American biomaterials market.
However, adverse reactions to biomaterial implants, inflammation and fracture issues, and high cost associated with manufacturing are the major factors affecting the growth of the Latin American biomaterials market.
This research report on the Latin American biomaterials market has been segmented and sub-segmented the European biomaterials market into the following categories:
By Material Type:
The Latin American biomaterials market is estimated to rise significantly in the upcoming years. The growing demand contributes to the market growth for biomaterials in cardiology, enormous research advancements in medical technology, and increasing investments by the government. In addition, Brazil, Mexico, and other countries are among the fastest-growing economies, and these emerging economies account for a huge portion of the global healthcare expenditure. As a result, the Wound Healing application category is projected to expand the most. Market expansion will be fueled by factors such as expanding healthcare infrastructure, an aging population, a large population pool, and rising healthcare spending with the increase in the competition between the market players Evonik Industries AG, Wright Medical Technology, Berkeley Advanced Biomaterials, CAM Bioceramics BV, and Collagen Matrix, Inc and many more.
The Brazilian biomaterials market is estimated to dominate the Latin American market during the forecast period. The market growth is attributed to the increasing chronic illnesses like cancer, diabetes, and other diseases, and sports injuries are on the rise in the use of biomaterial implants. In addition, the plastic surgery demand is increasing, as is the incidence of cancer and the prevalence of cardiovascular illnesses. High market shares of orthopedic and cardiovascular biomaterial goods are due to increased orthopedic operations, dental surgeries, and cardiovascular surgeries.
On the other hand, the Mexican biomaterials market is more likely to witness a considerable share in the Latin American market. This is because of the addition, increase in inventions in biomaterials, growing capital expenditure, and the presence of the geriatric population.
Furthermore, Argentina is witnessing the fastest growth in the biomaterial market due to increasing investment and funding.
KEY MARKET PLAYERS:
A few of the significant companies operating in the Latin American biomaterials market profiled in this report are Royal DSM, Zimmer Biomet Holdings, Inc., Evonik Industries AG, Wright Medical Technology, Inc., Corbion N.V., Berkeley Advanced Biomaterials, Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., BASF SE, Invibio Ltd., Inc., CAM Bioceramics BV, and Collagen Matrix, Inc.
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