Market Trends of Latin America General Surgical Devices Industry
This section covers the major market trends shaping the Latin America General Surgical Devices Market according to our research experts:
Handheld Surgical Devices are Expected to Witness a High Growth During the Forecast Period
Handheld surgical devices are becoming increasingly advanced. The large-scale use of advanced surgical instruments in recent years has driven the market for handheld devices in Latin America.
Surgical operations demand surgeons to frequently engage in hand-intensive activities, including suturing. The market is growing due to the rise in minimally invasive surgical procedures and an increase in outpatient surgeries. For instance, according to WHO updates from June 2021, cesarean section use continues to rise globally, accounting for more than 1 in 5 (21%) childbirths. If this trend continues, by 2030, the highest rates are likely to be in Eastern Asia (63%), Latin America, and the Caribbean (54%). Thus, due to the increasing cases of cesarean section in the region, the segment is expected to witness significant growth during the forecast period.
Furthermore, according to the ISAPS 2020 report, 112,186 abdominoplasties were performed in 2020 in Mexico which was 8.6% of total surgical procedures performed in the world. Therefore, the increasing number of surgeries leads to an increase in the demand for handheld surgical devices, thereby boosting segmental growth.
Moreover, the development of advanced devices, like robotic hand-held surgical devices for laparoscopic interventions, enhances a surgeon's dexterity. Many innovations have been made owing to the need for high reliability, accuracy, and patient safety. For instance, in May 2022, CMR Surgical launched its Versius Surgical Robotic System in Brazil, marking the launch of CMR Surgical in Latin America. Furthermore, emerging economies across Latin America present great opportunities for handheld surgical equipment manufacturers. Therefore, all the factors cited above contribute to market growth.
Brazil is Expected to Dominate the Latin America General Surgical Devices Market During the Forecast Period
Brazil is expected to dominate the overall market throughout the forecast period due to the increasing obesity and rise in chronic illnesses like hypertension, and stroke, among others. These illnesses require surgical interventions.
According to the World Obesity Atlas 2022, published by the World Obesity Federation, obesity is expected to account for approximately 30% (1 in 3) of Brazil's adult population by 2030. The National Health Survey published in 2020 showed that 1 in 4 Brazilians was obese in 2020, accounting for a total of more than 41 million people. As per WHO data released in June 2021, 9.1 million adults were already diagnosed as overweight, and more than 4 million with obesity in 2021. Thus, with the increasing prevalence of obesity in Brazil, the demand for surgical devices is expected to rise, which is expected to boost the growth of the market in the country during the forecast period.
Moreover, key activities by market players, such as mergers and acquisitions, partnerships, and product launches, are expected to boost the growth of the market. For instance, in October 2021, SpineGuard received clearance from ANVISA (Agência Nacional de Vigilância Sanitária), the government regulatory authority, for authorization to sell its Dynamic Surgical Guidance (DSG) Connect products in Brazil. Similarly, in October 2020, Ovesco received market approval from the Brazilian Health Regulatory Agency (Anvisa) for a colonic and diagnostic Full-Thickness Resection Device (FTRD).
Thus, all the aforementioned factors are expected to boost the growth of the market in the country.
