Latin America Hip Replacement Devices Market Research Report – Segmented By End User, Product, Material and Country (Brazil, Argentina, Chile, Mexico and Rest of Latin America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029)

Updated On: January, 2024
ID: 4086
Pages: 145

Latin America Hip Replacement Devices Market Size (2023 to 2028)

The size of the Hip replacement devices Market in Latin America was worth USD 0.56 billion in 2023 and estimated to be growing at a CAGR of 3%, to reach USD 0.64 million by 2028.

Hip replacement is a surgical procedure that replaces a hip joint with a prosthetic implant. The treatment can be carried out as a total or hemi (half) replacement. The surgery is commonly used to alleviate pain caused by arthritis or a hip fracture. In recent years, osteoarthritis has become more widespread. It's also more common among the aging population, which has been increasing in recent years.

The increased prevalence of osteoarthritis is the primary factor driving the hip replacement devices market in Latin America. However, other factors, such as an increase in the number of injuries and an increase in the obese population in Latin America, also contribute to the market's growth. The market is further expected to be expanding due to the increased prevalence of orthopedic illnesses, the existence of prominent physiotherapists in the region, the accessibility and affordability of products, and the growing elderly population.

During the forecast period, the hip replacement implants market in Latin America is expected to grow due to an increase in the number of surgical procedures for hip replacement implants, a strong presence of key players, and technical improvements leading to product innovation and offers.

However, high costs associated with the surgeries may put financial pressure on patients, which is expected to impact the market negatively. Price pressure, the danger of problems after surgery, and the time it takes to get surgery at a hospital are some of the biggest roadblocks. Aside from the growing senior population, the hip replacement devices market also benefits from recent technological breakthroughs that have enhanced the quality of artificial hips while also making surgery more accessible for the general public. Another constraint in Latin America is a lack of competent professionals for hip replacement and surgeons in distant places.

This research report on the Latin America Hip Replacement Devices Market has been segmented and sub-segmented into the following categories:

By product:

  • Total Procedure
  • Fixed
  • Mobile-Bearing
  • Partial Hip Replacement
  • Hip Resurfacing
  • Revision Hip Replacement

By Material:

  • Metal
  • Metal on Polyethylene
  • Ceramic on Metal
  • Ceramic on Polyethylene
  • Ceramic on Ceramic

By End-user:

  • Ambulatory Surgical Centres
  • Hospitals
  • Orthopedic Clinics

By Country:

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

Geographically, the Latin American hip replacement devices market had a moderate share in the global market in 2022. However, during the forecast period, the hip replacement implants market in Latin America is expected to grow due to an increase in the number of surgical procedures for hip replacement implants, a strong presence of key players, and technical improvements leading to product innovation and offers.

The expanding pool of hip fractures, hip osteoarthritis, attractive reimbursement scenario, and technical improvements are the primary drivers driving this market's growth in Mexico, Brazil, and Argentina. Furthermore, rising health awareness among the general public and an increase in the population's spending capacity are moving the industry forward.

KEY MARKET PLAYERS:

Companies playing a promising role in the Latin America hip replacement devices market profiled in this report are B. Braun Melsungen AG, Exactech, Inc., DJO Global, Inc., Johnson & Johnson, MicroPort Scientific Corporation, OMNIlife science, Inc., Smith & Nephew, Zimmer Biomet Holdings, Inc., and Stryker Corporation.

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