As per the research report, the size of Latin America Hemostats market size is valued at around USD 435.83 million in 2022. It is expected to grow at a CAGR of 6.3% and be worth USD 591.54 million by 2027. It captures 12% of the global market.
According to WHO estimations (2019), approximately 238 million surgeries were performed worldwide. The hemostats market growth in the Latin American region can be attributed to the growing prevalence of lifestyle diseases, the rising geriatric population, the increasing number of road traffic accidents, and the increasing popularity of using high-quality products to achieve quicker hemostats. The highest percentages of road traffic accidents correspond to the medium-high income level (48%), followed by the medium-low levels (43%), high (42%), and low (41%).
Other factors favoring the market's growth rate include the rise in the number of regulatory approvals, increasing incidence of sports-related injuries, and improved patient education, especially in people suffering from blood clot disorders such as thalassemia, sickle cell anemia, and leukemia, etc. Moreover, rising research and development activities in the market have given rise to several drugs that provide adequate blood loss management. This will also offer the emerging markets newer and better growth opportunities for the hemostats market in Latin America. Therefore, based on the current scenario, the cardiovascular sector is anticipated to drive the Latin American hemostats market during the forecast period.
Moreover, with technological advancements, leading manufacturers have resulted in various absorbable products, easy to use and quicker than conventional hemostats products. Currently, there is a growing demand for nano- and micro-materials for hemostats in internal bleeding.
However, several factors such as frequent product recall due to a consolidated market that contains cheaper products will obstruct the market growth in the region. In addition, decreased awareness about hemostats products is expected to retard the development of the Latin American hemostats market in the forecast period mentioned above.
This research report on the Latin American hemostats market has been segmented and sub-segmented into the following categories:
By Product Type:
By Distribution Channel:
In 2020, the Brazilian hemostats market accounted for the largest share of the Latin America market, followed by Mexico. The large share of Brazil is majorly due to the growing geriatric population and the increasing number of road traffic accidents in the region. According to the latest WHO data, the road traffic accidents deaths in Brazil had reached 43,800 or 4% of total deaths in the region. Thus, 28 per 100,000 deaths are due to road traffic accidents, making Brazil rank 77 in the world list.
In 2018, Brazil was the top Latin American country that performed the highest number of cosmetic surgery procedures, with around 2.30 million. Mexico ranked second with a grand total of nearly 1.14 million procedures completed that year. In addition, an increase in the investment for the healthcare sector will achieve a positive growth rate for the studied market in Latin America, especially in Puerto Rico, Chile, and Argentina. These countries are increasingly focused on developing well-equipped healthcare facilities. With more than 7,500 medical centers, Brazil was the Latin American country with the highest number of hospitals in 2020. Mexico ranked second, with 3,400 hospitals. These numbers are expected to increase with time, contributing to the market growth during the forecast period.
The hemostats market in Argentina is projected to register the highest growth rate during the forecast period. The high growth in this market is attributed to more people suffering from chronic diseases, increasing healthcare expenses, growing healthcare awareness, and rising medical tourism.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Latin America hemostats market profiled in the report are 3M, ADCO Latin America, Inc., Abbott Laboratories. Other players in the market include Advanced Medical Solutions Group, Plc. and Dymax Corporation.
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