As per our report, the Latin American Spinal Implants Market size is valued at USD 1167.00 Million in 2023 and is expected to grow at a CAGR of 4.57% to reach USD 1459.17 Million by 2028.
Most surgeries are not needed in spinal conditions/disorders; however, there are times when they cannot be avoided. When that happens, these deformities are corrected using specially designed spinal instruments that strengthen and stabilize the spine and facilitate fusion. Stainless steel or titanium alloy is generally used to make spinal implants. However, sometimes non-metallic compounds are also used.
Augmenting the geriatric and obese population, technological advancements in spine surgery devices, rising incidence and prevalence of spinal disorders, and growing demand for minimally invasive spine surgery are the primary factors driving this market's growth.
Cumbersome and stringent processes and regulatory frameworks in developed countries for the approval of products, uncertainty in reimbursement, and the high cost of treatment procedures are a few of the inhibitor's market growth. Further, secondary factors like a lack of patient awareness about the newly developed spine treatment procedures and the paucity of adequate physician education and government cost-containment measures to restrain the market growth.
This research report on the Latin American Spinal Implants Market has been segmented and sub-segmented into the following categories:
Based on the region, it is the second to last in terms of market share. Brazil is the leading market in this region. The Latin American spinal implant market will record a moderate share during the forecast period. However, due to the increase in the continuous developments and advancements in the region, it is expected to gain benefits in spine surgery technologies and spinal implants in the coming future. Further, this market is driven by the growing demand for less invasive surgical procedures, the aging population, and improving healthcare facilities.
The spinal implants market in Brazil and Mexico is projected to account for a prominent share of the Latin American market during the forecast period. The market growth in these countries is attributed to the rising prevalence of obesity, associated spine issues, rise in market competition, and favorable government policies.
On the other hand, Chile is undergoing advanced demographic change. Compared to the developed nations, 22.3 percent of the entire population is between the ages of 0 and 14, 68.1 percent is between the ages of 15 and 64, and 9.6 percent is 65 or older, with 28 percent of the obesity rate. It results from reduced birth rates, higher life spans, and a rapidly aging population. In an aging population, a high incidence of neck and low back pain is linked to an increase in spinal diseases because spinal implantation helps patients with fractures, deformities, and degenerative disorders of the spine to be more stable.
KEY MARKET PLAYERS:
A few of the promising companies dominating the Latin American spinal implants market profiled in the report are Medtronic, plc (Ireland), DePuy Synthes (U.S.), Stryker Corporation (U.S.), NuVasive, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Globus Medical, Inc. (U.S.), Alphatec Holdings, Inc. (U.S.), Orthofix International N.V. (Netherlands), K2M Group Holdings, Inc. (U.S.), and RTI Surgical, Inc. (U.S.).
The Latin America spinal implants market is expected to grow at a CAGR of 4.57% from 2023 to 2028.
Factors such as increasing prevalence of spinal disorders, rising demand for minimally invasive surgeries, and a growing elderly population in the region are majorly propelling the Latin American spinal implants market.
Medtronic, Johnson & Johnson, Zimmer Biomet, Stryker Corporation, and Globus Medical are some of the noteworthy companies in the Latin America spinal implants market.
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