South & Central America Procedure Trays Market Forecast to 2030 - Regional Analysis - By Application (Operating Room, Angiography, Ophthalmology, and Others) and End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others)

The South & Central America procedure trays market was valued at US$ 1,106.98 million in 2022 and is expected to reach US$ 2,227.45 million by 2030; it is estimated to grow at a CAGR of 9.1% from 2022 to 2030.

Surge in Medical Tourism Fuel the South & Central America Procedure Trays Market

Many countries are becoming popular destinations for health seekers. According to the Medical Tourism Association (MTA), ~14 million people travel to other countries for medical care yearly. The advancements in medical devices and non-invasive surgical procedures are the major factors responsible for the increasing medical tourism. According to the Centers for Disease Control and Prevention (CDC), millions of Americans travel abroad yearly for medical care. Medical tourism destinations for US citizens include Argentina, Brazil, Canada, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Germany, India, Malaysia, Mexico, Nicaragua, Peru, Singapore, and Thailand. Brazil is one of the top medical tourism destinations that travelers choose amidst a rising worldwide medical tourism industry. Brazil is home to internationally renowned hospitals and clinics with highly skilled medical personnel. In the field of medical tourism, Brazil has recently become well-known worldwide for a wide range of medical operations and treatments. At still-competitive pricing, patients can also take advantage of an amazing recuperation stay in Brazil. The most popular treatments include constructive and cosmetic surgery. Thus, with developments in healthcare services leads to an increase in medical tourism, thereby bolstering the number of surgical procedures carried out which, in turn, boosts the growth of the procedure trays market.

South & Central America Procedure Trays Market Overview

The South & Central America procedure trays market is categorized into Brazil, Argentina, and the Rest of South & Central America. The market in the region is expected to experience growth opportunities due to increasing prevalence of chronic disease, rising number of surgical procedures, and growing medical tourism industry for surgeries.

According to the International Society of Aesthetic Plastic Surgery report, Brazil conducts maximum non-surgical procedures globally. Obesity is one of the key factors boosting the market growth. Like Brazil, Argentina is one of the leading economies in the region. The healthcare sector in South & Central America witnesses continuous innovations, benefiting patients without compromising their safety or the quality of their care. Minimally invasive surgery has become increasingly important in South & Central American hospital centers. According to the International Trade Administration, Brazil is the largest healthcare market in South & Central America and spends 9.1% of its GDP on healthcare. Brazil is among the developing countries and is known among the best destination for medical tourism. Most people from the US and other countries of North America visit Brazil to avail low-cost medical treatment under the medical tourism plan. Due to the increasing medical tourism in Argentina, almost any medical service is available at up to 30% cheaper prices than in other countries in the region. The country has become a cosmetic and plastic surgery center due to a rise in domestic and international demand. Therefore, medical tourism in Argentina mainly focuses on cosmetic and plastic surgery. According to publications.iadb.org, in 2020, 15.7% of Argentina's population was over age 60, i.e., nearly 7.1 million people. This percentage is expected to continue rising to 22% by 2050, at a point which will be equivalent to around 12.5 million people, and to 34% by 2100, or around 20 million individuals. Thus, the growing aging population is susceptible to acquiring chronic diseases and thus increasing the number of surgeries in the country.

Therefore, the factors such as growing geriatric population, increasing surgeries, and rise in medical tourism are expected to promote the South & Central America procedure trays market growth in the region.

South & Central America Procedure Trays Market Segmentation

The South & Central America procedure trays market is segmented based on application, end user, and country.

Based on application, the South & Central America procedure trays market is segmented into operating room, angiography, ophthalmology, and others. The operating room segment held the largest share in 2022.

By end user, the South & Central America procedure trays market is segmented into hospitals & clinics, ambulatory surgical centers, and others. The hospitals & clinics segment held the largest share in 2022.

Based on country, the South & Central America procedure trays market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America procedure trays market in 2022.

Biometrix, 3M Co, BD, Molnlycke Health Care AB, Nelipak Corporation, Teleflex Incorporated, Cardinal Health Inc, and ICU Medical Inc are some of the leading companies operating in the South & Central America procedure trays market.