The Latin America Orthopedic Devices Market was worth $3.82 billion in 2016 and estimated to be growing at a CAGR of 4.81%, to reach $4.83 billion by 2021.
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An orthopedic device is utilized to assist or substitute the missing bone or joint. It aids in rebuilding or reinforcing the damaged configuration. In order to acquire a biocompatible tool, several properties of musco-skeletal tissues such as tendon, bone, ligament, and cartilage need to be properly comprehended. The materials utilized in the devices must be adjustable to the body in order to prevent rejection. This data helps us in creating materials and plans that are specificially custom-made for each type of tissue defect.
The growth of the Latin America Orthopedic Devices Market is mainly driven by factors such as rise in geriatric population, growing frequency of osteoarthritis and osteoporosis, and rise in sports injuries and road accidents. However, factors such as costly procedures & equipment, recurrent product recalls, and unfavorable economic conditions are hindering the growth of the market in this region.
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The Latin America Orthopedic Devices market is segmented based on anatomical location and type of consumables. The market for orthopedic devices, on the basis of anatomical location is segmented into knee, shoulder, foot and ankle, hip, spine, elbow, craniomaxillofacial, and others. The knee segment is the largest segment, by anatomical location, whereas the hip segment is projected to be the fastest growing segment. This is due to various factors such as rise in geriatric populace, increase in frequency of hip fractures, and mounting demand for hip replacement surgeries. On the basis of type of consumables, the orthopedic devices market is segmented into orthopedic staples and orthopedic suture anchors. Orthopedic suture anchors are further segmented into resorbable suture anchors and metallic suture anchors. The orthopedic suture anchors segment dominates the market under this segment with a share of around 75%. Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America. Brazil is the largest market for Orthopedic Devices, followed by Mexico, Colombia, and Argentina. With the exception of Brazil and Mexico, the medical regulatory environment in the region is erratic when compared to developed countries.
Trade in medical devices and equipment is vital to the region’s growth with all markets reliant on imports, with the exception of Brazil, which has a robust domestic market. The market is categorized by the existence of diversified international and national companies, where the global players lead the market and are predicted to grow exponentially by securing regional or local companies. The major companies dominating the Orthopedic Devices market in this region are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.
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