Market Size of Argentina General Surgical Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.20 % |
Market Concentration | Medium |
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?
Argentina General Surgical Devices Market Analysis
The Argentina's general surgical devices market is expected to register a CAGR of 5.2% over the forecast period.
The pandemic has had ramifications on the methods of performing various surgical procedures. There were strict guidelines specific to each specialty that were 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 study published in October 2021 titled "Concerns and reflections on the second wave of COVID-19 in Argentina: A perspective by general surgery residents", in Argentina, the occupancy of beds in intensive care by patients with COVID-19 was higher, so some institutions opted to operate only low-risk patients and surgeries of medium and low complexity, with the aim that hospital discharge was the same day of the procedure. Thus, the ideal time for elective surgeries remained controversial and depended on each case and the hospital center. Thus, owing to such circumstances, the market for general surgical devices was greatly hampered amid the outbreak, however, the resumption of elective procedures and growing complications associated with COVID-19 patients in the latter phase of the pandemic augmented the growth of the market, in turn boosting it to attain its pre-pandemic levels.
The key factors propelling the growth of the market include the rising use of minimally invasive devices; a surge in chronic diseases; and increasing healthcare expenditure. For instance, as per the study published in April 2021, titled "Impact, incidence and prevalence of musculoskeletal injuries in senior amateur male rugby: an epidemiological study", in the National Library of Medicine, 250 players, and 180 injuries were assessed in the study in Argentina. The study concluded that the injury prevalence was 52.4%. The incidence rate per match and training was 30.9/1000 player-match-hours and 0.77/1000 player-training-hours, respectively. Such an increased prevalence of musculoskeletal injuries may further lead to surgical procedures, ultimately boosting the demand for surgical devices.
Moreover, several factors may potentially explain the rapid rise of services obtained by the elderly as hospital inpatients; changes in demographic composition; an increased physician-to-population ratio; technological changes; increased post-discharge complications as a consequence of decreased length-of-stay; and changes in insurance coverage.
Likewise, as per the World Data Atlas 2021, the population aged 65 years and above for Argentina was 11.5%. The population aged 65 years and above in Argentina increased from 7.2% in 1972 to 11.5% in 2021, growing at an average annual rate of 0.95% in 2021. This increase in the geriatric population is likely to propel the demand for general surgery devices as this age group is more prone to chronic and lifestyle diseases.
Thus, the aforementioned factors are altogether contributing to the growth of the market. However, stringent government regulations and improper reimbursement for surgical devices are expected to hinder the growth of the market over the forecast period.
Argentina General Surgical Devices Industry Segmentation
As per the scope of the report, surgical devices serve a specific purpose during surgery. Typically, surgical devices have generic use, while some specific tools are designed for specific procedures or surgeries. Argentina's general surgical devices market is segmented by Product (Handheld Devices, Laparoscopic Devices, Electro Surgical Devices, Wound Closure Devices, Trocars and Access Devices, and Other Products), Application (Gynecology and Urology, Cardiology, Orthopaedic, Neurology, and Other Applications). The report offers the value (in USD million) for the above segments.
By Product | |
Handheld Devices | |
Laproscopic Devices | |
Electro Surgical Devices | |
Wound Closure Devices | |
Trocars and Access Devices | |
Other Products |
By Application | |
Gynecology and Urology | |
Cardiology | |
Orthopedic | |
Neurology | |
Other Applications |
Argentina General Surgical Devices Market Size Summary
The Argentina general surgical devices market is poised for growth, driven by several key factors. The market experienced a temporary setback during the COVID-19 pandemic due to stringent guidelines that limited non-emergent surgeries. However, the resumption of elective procedures and the increasing complications associated with COVID-19 patients helped the market recover to pre-pandemic levels. The rising adoption of minimally invasive devices, a surge in chronic diseases, and increased healthcare expenditure are significant contributors to market expansion. The growing prevalence of musculoskeletal injuries and the expanding geriatric population, which is more susceptible to chronic and lifestyle diseases, further bolster the demand for surgical devices. Despite these positive trends, challenges such as stringent government regulations and inadequate reimbursement for surgical devices may impede market growth.
The market is characterized by a competitive landscape with numerous international and domestic players, including prominent companies like B. Braun Melsungen AG, Boston Scientific Corporation, Cadence Inc., Conmed Corporation, and Johnson & Johnson. The development of advanced surgical devices, such as robotic handheld devices for laparoscopic interventions, is enhancing surgical precision and patient safety. The increasing popularity of minimally invasive and outpatient surgeries, along with the rising cesarean section rates, is expected to drive significant growth in the market segment. Strategic partnerships, mergers, and acquisitions among key players aim to introduce innovative and technologically advanced products, further fueling market demand. Overall, these factors collectively indicate a positive outlook for the Argentina general surgical devices market over the forecast period.
Argentina General Surgical Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Demand for Minimally Invasive Devices
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1.2.2 Growing Cases of Injuries and Accidents
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1.2.3 Increasing Healthcare Expenditures in Emerging Economies
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1.3 Market Restraints
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1.3.1 Stringent Government Regulations
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1.3.2 Improper Reimbursement for Surgical Devices
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1.4 Portere's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Handheld Devices
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2.1.2 Laproscopic Devices
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2.1.3 Electro Surgical Devices
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2.1.4 Wound Closure Devices
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2.1.5 Trocars and Access Devices
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2.1.6 Other Products
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2.2 By Application
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2.2.1 Gynecology and Urology
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2.2.2 Cardiology
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2.2.3 Orthopedic
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2.2.4 Neurology
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2.2.5 Other Applications
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Argentina General Surgical Devices Market Size FAQs
What is the current Argentina General Surgical Devices Market size?
The Argentina General Surgical Devices Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in Argentina General Surgical Devices Market?
Johnson & Johnson, Conmed Corporation, Cadence Inc., Boston Scientific and B. Braun Melsungen AG are the major companies operating in the Argentina General Surgical Devices Market.