The size of the Orthopedic Devices Market in Latin America is forecasted to be growing from USD 4.63 billion in 2023 to USD 5.85 billion by 2028, growing at a CAGR of 4.81% from 2023 to 2028. Latin American population comprises the geriatric population to a large extent, which drives market growth for orthopedic devices by orthopedic treatments in large numbers.
The rapid increase in the aging population across the globe, rise in the prevalence of orthopedic injuries or diseases such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis are the factors that are driving the market. Also, increasing the incidence of road accidents and sports injuries and spurring demand for minimally invasive surgical procedures to stimulate global market growth. Emerging economies offer lucrative opportunities for the growth of the orthopedic devices market in the near future. In addition, the early onset of musculoskeletal conditions triggered by obesity and a sedentary lifestyle are expected to boost growth.
FDA has made strict supervision for orthopedic devices to pass through quality control and check. Another market challenge is the high cost of orthopedic devices. A cost-effective solution is yet to be provided by manufacturers.
This research report on the Latin American Orthopedic Devices Market has been segmented and sub-segmented into the following categories.
By Anatomical Location:
By Type Of Consumable:
Based on the region, the Latin America region is seeing all markets re-evaluate their health provision. Levels of service in the buoyant private health sector are among the best to be found, but the challenge is to provide better primary healthcare levels to the mass of the population. Opportunities for medical equipment manufacturers, orthopedic devices, and supplies do exist, but it knows where and how to develop them.
Mexico and Brazil accounted for the major share of the Latin American orthopedic devices market in 2022. Brazil is the largest medical market, followed by Mexico, Venezuela, Colombia, and Argentina. Except for Brazil and Mexico, the region's medical regulatory environment is erratic compared to developed countries. Trade-in medical devices and equipment is vital to the region's growth, with all markets reliant on imports, except for Brazil, which has a robust domestic market. Except for Brazil and Mexico, the medical regulatory environment in the region is less stable than in developed markets. These growing markets have not matured yet; therefore, their regulatory systems are being consolidated. Brazil and Mexico, however, have more sophisticated and mature regulatory systems.
Trade-in medical devices such as orthopedic devices are vital to the region's development, with all markets dependent on imports, except for Brazil, which has a strong local domestic industry. Brazil, Argentina, and Chile import more high specification medical technology products, while Peru, Mexico, and Venezuela import more consumables. Regional medical exports are low, except for Mexico, representing nearly 90% of the region's export capabilities. Continuing strong export growth in the country is almost entirely due to U.S manufacturer's activities. Brazil's exports are low compared to the size of its medical market, even though exports have more than doubled in the last eight years. The deficit in the balance of trade has increased in recent years, despite the weight of Mexico's exports. Cuba is one of the world's last unreformed communist countries. The healthcare sector is highly centralized and controlled by the government.
The Colombian orthopedic device market is heavily reliant on imports, especially in the more high-tech sectors.
KEY MARKET PLAYERS:
A few promising companies operating in the Latin American orthopedic devices market profiled in this report are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.
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