The Latin America general surgical devices market is expected to register a CAGR of nearly 7.9% during the forecast period. Rising incomes and growing government initiatives in the healthcare sector, particularly in Brazil, Mexico, Chile, and Argentina, will likely continue to fuel the expansion of healthcare markets in Latin America. This rise in the healthcare expenditure is anticipated to pace the medical infrastructural development, which is likely to fuel the growth of the surgical devices market in the region.
Additionally, growing demand for low-cost minimally invasive surgeries, growing medical tourism industry in Latin America, and rising number of surgeries in the region are anticipated to drive the market for general surgical devices in Latin America.
Key Market Trends
Handheld Surgical Devices are Expected to Witness a High Growth During the Forecast Period
The Handheld Surgical Devices are becoming increasingly advanced. The large-scale use of advanced surgical instruments in the recent years is driving the market for handheld devices in Latin America.
The development of advanced devices, like robotic hand-held surgical devices for laparoscopic interventions, enhance a surgeon’s dexterity. Many innovations have been made owing to the need for high reliability, accuracy and patient safety. The aging population, rise in obesity, and increase in chronic diseases are accelerating the demand for such advanced treatment approaches.
Therefore the handheld surgical instruments segment has been accounted for the largest share of the surgical devices market. Emerging economies across Latin America present great opportunities for handheld surgical equipment manufacturers.
Latin America General Surgical Devices market has rapidly evolved over the last few years. 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 Corporations, Stryker Corporation, and Johnson & Johnson, amongst others.
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