Latin America General Surgical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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 Market Trends

Handheld Surgical Devices are Expected to Witness a High Growth During the Forecast Period

Handheld surgical devices are becoming increasingly advanced. The large-scale use of advanced surgical instruments in recent years has driven the market for handheld devices in Latin America.

Surgical operations demand surgeons to frequently engage in hand-intensive activities, including suturing. The market is growing due to the rise in minimally invasive surgical procedures and an increase in outpatient surgeries. For instance, according to WHO updates from June 2021, cesarean section use continues to rise globally, accounting for more than 1 in 5 (21%) childbirths. If this trend continues, by 2030, the highest rates are likely to be in Eastern Asia (63%), Latin America, and the Caribbean (54%). Thus, due to the increasing cases of cesarean section in the region, the segment is expected to witness significant growth during the forecast period.

Furthermore, according to the ISAPS 2020 report, 112,186 abdominoplasties were performed in 2020 in Mexico which was 8.6% of total surgical procedures performed in the world. Therefore, the increasing number of surgeries leads to an increase in the demand for handheld surgical devices, thereby boosting segmental growth.

Moreover, the development of advanced devices, like robotic hand-held surgical devices for laparoscopic interventions, enhances a surgeon’s dexterity. Many innovations have been made owing to the need for high reliability, accuracy, and patient safety. For instance, in May 2022, CMR Surgical launched its Versius Surgical Robotic System in Brazil, marking the launch of CMR Surgical in Latin America. Furthermore, emerging economies across Latin America present great opportunities for handheld surgical equipment manufacturers. Therefore, all the factors cited above contribute to market growth.

Brazil is Expected to Dominate the Latin America General Surgical Devices Market During the Forecast Period

Brazil is expected to dominate the overall market throughout the forecast period due to the increasing obesity and rise in chronic illnesses like hypertension, and stroke, among others. These illnesses require surgical interventions.

According to the World Obesity Atlas 2022, published by the World Obesity Federation, obesity is expected to account for approximately 30% (1 in 3) of Brazil’s adult population by 2030. The National Health Survey published in 2020 showed that 1 in 4 Brazilians was obese in 2020, accounting for a total of more than 41 million people. As per WHO data released in June 2021, 9.1 million adults were already diagnosed as overweight, and more than 4 million with obesity in 2021. Thus, with the increasing prevalence of obesity in Brazil, the demand for surgical devices is expected to rise, which is expected to boost the growth of the market in the country during the forecast period.

Moreover, key activities by market players, such as mergers and acquisitions, partnerships, and product launches, are expected to boost the growth of the market. For instance, in October 2021, SpineGuard received clearance from ANVISA (Agência Nacional de Vigilância Sanitária), the government regulatory authority, for authorization to sell its Dynamic Surgical Guidance (DSG) Connect products in Brazil. Similarly, in October 2020, Ovesco received market approval from the Brazilian Health Regulatory Agency (Anvisa) for a colonic and diagnostic Full-Thickness Resection Device (FTRD).

Thus, all the aforementioned factors are expected to boost the growth of the market in the country.

Latin America General Surgical Devices Market Competitor Analysis

The Latin America general surgical devices market is fragmented in nature due to the presence of several companies operating in the region. Industry observed significant changes in adopting market strategies such as product developments, mergers, and acquisitions in recent years. Thus, the market has become competitive. Major companies in the market are B. Braun Melsungen AG, Teleflex Incorporated., Boston Scientific Corporation, Integer Holdings Corporation, Medtronic, Conmed Corporation, Olympus Corporation, Stryker Corporation, and Johnson & Johnson, among others.

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