Market Size of Latin America General Surgical Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.90 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America General Surgical Devices Market Analysis
The Latin American general surgical devices market is expected to register a CAGR of nearly 7.9% during the forecast period.
The pandemic has had ramifications on the ways of working in various surgical procedures. There were strict guidelines specific to each specialty that had to be implemented and followed by all surgeons to be able to provide safe and effective care to their patients during the COVID-19 pandemic. The volume of surgeries had significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries. As per the May 2022 published study by NCBI, 95% of practitioners in Brazil reported a decrease in surgical skills learning. In addition, 91.8% reported a decrease in clinical exposure in 2020. Thus, the general surgical devices market has been significantly impacted by COVID-19.
The key factors propelling the market's growth include the increase in the number of surgeries, rising chronic diseases, and increasing healthcare expenditure. As per the study published in July 2022 by NCBI, 1,255,451 oncological surgical procedures were done in public health facilities in Brazil between January 2016, and July 2021. This corresponds to an annual average of 50,218 surgeries. An increase of 22% was observed from 2016 (124,807 oncological surgeries) to 2021 (152,470 surgeries). The mean ratio of oncological surgeries was 9.98 procedures per 10,000 inhabitants per year. This shows an increase in the demand for surgical devices, which is contributing to the growth of the market during the forecast period.
In addition, the majority of them are elderly people between the ages of 15-64 years who are at risk of developing chronic diseases like cardiovascular disease and neurological diseases. Hence, this will lead to an increase in demand for surgery, which is expected to boost the growth of general surgical devices during the forecast period.
In a UNFPA article from 2021, the percentage of people between 15 and 64 years of age was 68.3% in Chile, 62.6% in Bolivia, 68.7% in Colombia, 65% in Ecuador, 64.4% in Paraguay, 66.4% in Peru, 64.5% in Uruguay, and 65.3% in Venezuela. Thus, the increasing elderly population is likely to increase the demand for surgeries as they are more prone to chronic diseases, thereby contributing to the market growth.
Thus, the above-mentioned factors are expected to boost the market growth. However, stringent government regulations and improper reimbursement for surgical devices are expected to hinder the market growth.
Latin America General Surgical Devices Industry Segmentation
Surgical devices serve a specific purpose during surgery. Typically, surgical devices have a generic use, while some specific tools are designed for particular procedures or surgeries.
The Latin American general surgical devices market is expected to register a CAGR of 7.9% during the forecast period. The Latin American general surgical devices market is segmented by products (handheld devices, laparoscopic devices, electrosurgical devices, wound closure devices, trocars and access devices, and other products), applications (gynecology and urology, cardiology, orthopedic, neurology, and other applications), and geography (Mexico, Brazil, Argentina, and Rest of Latin America). The report offers the value (in USD million) for the above segments.
| By Products | |
| Handheld Devices | |
| Laproscopic Devices | |
| Electro Surgical Devices | |
| Wound Closure Devices | |
| Trocars and Access Devices | |
| Other Products |
| By Applications | |
| Gynecology and Urology | |
| Cardiology | |
| Orthopaedic | |
| Neurology | |
| Other Applications |
| Geography | |
| Mexico | |
| Brazil | |
| Argentina | |
| Rest of Latin America |
Latin America General Surgical Devices Market Size Summary
The Latin America general surgical devices market is poised for significant growth, driven by an increasing number of surgeries and rising healthcare expenditure. The market is experiencing a resurgence following the COVID-19 pandemic, which had previously led to a decline in surgical procedures due to stringent guidelines. The demand for surgical devices is bolstered by the rising prevalence of chronic diseases, particularly among the elderly population, who are more susceptible to conditions requiring surgical intervention. This demographic trend is expected to further fuel the market's expansion as the need for surgeries increases. Additionally, advancements in handheld surgical devices and the growing popularity of minimally invasive procedures are contributing to the market's growth trajectory.
Brazil is anticipated to lead the market, supported by a rising obesity rate and associated chronic illnesses that necessitate surgical treatments. The market is characterized by its fragmented nature, with numerous companies competing through product innovations, mergers, and acquisitions. Key players such as B. Braun Melsungen AG, Teleflex Incorporated, and Medtronic are actively involved in the region, enhancing the competitive landscape. Regulatory approvals for new devices and technologies, such as robotic surgical systems, are further propelling market growth. Despite challenges like stringent government regulations and reimbursement issues, the overall outlook for the Latin America general surgical devices market remains positive, with promising opportunities for expansion and development.
Latin America General Surgical Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Number of Surgeries
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1.2.2 Growing Cases of Injuries and Accidents
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1.2.3 Growing Demand for Minimally Invasive Devices
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1.3 Market Restraints
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1.3.1 Stringent Government Regulations
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1.3.2 Improper Reimbursement for Surgical Devices
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Products
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2.1.1 Handheld Devices
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2.1.2 Laproscopic Devices
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2.1.3 Electro Surgical Devices
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2.1.4 Wound Closure Devices
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2.1.5 Trocars and Access Devices
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2.1.6 Other Products
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2.2 By Applications
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2.2.1 Gynecology and Urology
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2.2.2 Cardiology
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2.2.3 Orthopaedic
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2.2.4 Neurology
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2.2.5 Other Applications
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2.3 Geography
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2.3.1 Mexico
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2.3.2 Brazil
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2.3.3 Argentina
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2.3.4 Rest of Latin America
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Latin America General Surgical Devices Market Size FAQs
What is the current Latin America General Surgical Devices Market size?
The Latin America General Surgical Devices Market is projected to register a CAGR of 7.90% during the forecast period (2024-2029)
Who are the key players in Latin America General Surgical Devices Market?
Boston Scientific Corporation, Johnson & Johnson, Getinge AB., Medtronic PLC and Olympus Corporations are the major companies operating in the Latin America General Surgical Devices Market.
