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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
