Latin America Surgical Equipment Market

Market Overview

The Latin America surgical equipment market size witnessed significant growth in the past and is expected to grow at a CAGR of 0.75% during the forecast period (2023-2030).

Surgical equipment refers to tools that modify biological tissue or gain access to the internal body. The market for these tools is primarily driven by the introduction of modern electronic technologies, such as minimally invasive surgery equipment and robotic and power-assisted systems.

The market’s growth is also supported by factors like the increasing preference for robotic-assisted surgery and the rise in the elderly population, who are more prone to ocular disorders, gastric disorders, intestinal disorders, and other health conditions. Robotic-assisted surgery gives surgeons better control, access, and precision during procedures while minimizing invasiveness.

Highlights

• Reusable dominated the market by product.
• Others dominated the market by application in disposable and reusable products.
• Hospitals and Clinics dominated the market by end-user in disposable and reusable products.
• Surgical sutures and staplers dominated the market by product in disposable products.
• Handheld Surgical Devices dominated the market by product in reusable products.
• The Rest of Latin America dominated the market by region.

Market Dynamics

Latin America Surgical Equipment Market Drivers

Large Pool of Geriatric Population and Related Rise in Chronic Diseases

In Latin America, the aging population has grown substantially and is vulnerable to various disorders, including ocular conditions, cardiovascular diseases, strokes, cancer, diabetes, gastric diseases, and intestinal illnesses. For instance, cardiovascular diseases are a primary cause of death worldwide, with the United States recording 655,000 cardiovascular disease-related deaths per year, as reported by the Centers for Disease Control and Prevention. Likewise, strokes contribute significantly to mortality, accounting for 11.13% of deaths.

Growth in Demand for Minimally Invasive Surgeries

In Latin America, the market for surgical equipment has undergone a significant transformation from traditional surgical procedures to minimally invasive surgeries. These advanced techniques incorporate robotic technology, enabling surgeons to achieve precise control during surgery. This advancement has resulted in improved success rates, driving the expansion of the market. Minimally invasive surgeries involve smaller incisions, leading to less scarring and preserving the organ's original structure without compromising its cellular integrity.

Moreover, these surgeries offer reduced post-operative pain and faster recovery, leading to many surgeons performing them in outpatient settings. This shift has given rise to physician-owned ambulatory surgical centers (ASCs), further contributing to market growth. ASCs have shortened hospital stays for patients and decreased overall operation costs.

Latin America Surgical Equipment Market Restraints

High Price Competition

Leading manufacturers in the surgical equipment market face competition from local manufacturers who offer similar equipment at lower prices. This has affected the market share of major manufacturers, as they are compelled to reassess their pricing strategies due to the availability of more affordable alternatives. The intense competition among prominent players has resulted in price reductions for surgical equipment, limiting market growth and impacting overall revenue. The medical excise taxes have decreased manufacturers' profitability, leading to heightened competition based on pricing among key players.

Latin America Surgical Equipment Market Opportunities

Various Growth Opportunities from Emerging Economies

The growth of the surgical equipment market is expected to be driven by opportunities in untapped emerging markets that show promising potential. These markets possess improved healthcare infrastructure, unmet healthcare needs, a growing prevalence of chronic diseases, and a rising demand for minimally invasive surgical procedures. Emerging economies are witnessing significant advancements in their healthcare sectors, fueled by increasing demands for better healthcare services, substantial government investments in healthcare infrastructure, and the thriving medical tourism industry.

Advanced Technology

The healthcare industry is heavily influenced by technology, and advancements in technology have led to the development of high-quality surgical products with ergonomic design, robotic surgery capabilities, minimally invasive surgery techniques, and power-assisted surgical instruments. As a result, manufacturers specializing in these technologies have secured the largest market share by offering innovative solutions for improved surgical procedures. Key players have invested substantially in research and development (R&D) to introduce advanced surgical products and gain a competitive advantage.

Segmental Analysis

The Latin American surgical equipment market is segmented into type, application, end-user, and products.

The market is segmented by type into disposable and reusable. Reusable dominated the market and are expected to register a CAGR of 6.6% over the forecast period.

Disposable types of equipment are further segmented into application, end-user, and product.

It is further segmented by application into neurosurgery, plastic and reconstructive surgery, wound closure, obstetrics, gynecology, cardiovascular, trauma, orthopedic, ophthalmic, and others.

Others dominated the market and are expected to register a CAGR of 7.6% over the forecast period.

It is further segmented by end-user into hospitals, clinics, ambulatory centers, and others.

Hospitals and Clinics dominated the market and are expected to register a CAGR of 8.9% over the forecast period.

It is further segmented by product into surgical sutures and staplers, handheld surgical devices, electrosurgical devices, and surgical kits.

Surgical sutures and staplers dominated the market and are expected to register a CAGR of 8.6% over the forecast period.

Reusable types of equipment are further segmented into application, end-user, and product.

It is further segmented by application into neurosurgery, plastic and reconstructive surgery, wound closure, obstetrics, gynecology, cardiovascular, trauma, orthopedic, ophthalmic, and others.

Others dominated the market and are expected to register a CAGR of 7.7% over the forecast period.

It is further segmented by end-user into hospitals, clinics, ambulatory centers, and others.

Hospitals and Clinics dominated the market and are expected to register a CAGR of 7.4% over the forecast period.

It is further segmented by product into surgical sutures and staplers, handheld surgical devices, electrosurgical devices, and surgical kits.

Handheld Surgical Devices dominated the market and are expected to register a CAGR of 7.0% over the forecast period.

Regional Analysis

The Latin American surgical equipment market is segmented by country: Brazil, Mexico, Argentina, Rest of Latin America. The Rest of Latin America dominated the market with a CAGR of 0.68% during the forecast period.

The Latin American surgical equipment market is witnessing significant growth due to various factors. The region has a growing population and an increasing prevalence of chronic diseases, driving the demand for surgical procedures. Additionally, improving healthcare infrastructure, rising healthcare expenditure and advancements in medical technology are further contributing to market growth. Brazil and Mexico are the key markets in the region, with Brazil accounting for the largest market share. The market in Latin America is expected to experience continued growth in the forecast period.

Recent Developments

• May 2022- Zimmer Biomet Holdings, Inc. launched new AI capabilities within Omni Suite, an intelligent OR designed to increase surgical workflow and procedural efficiency by automating manual operations and reducing superfluous technology and redundant hardware. The new AI function automatically recognizes and timestamps important OR workflow milestones, including patient arrival and exit, door count, anesthetic start and stop, surgery, and cleaning. Real-time workflow indicators direct surgical teams to optimize OR workflow.
• May 2022- Alcon, a leader in eye care who is committed to enabling people to see clearly, has announced that it has reached an agreement to purchase Kala Pharmaceuticals, Inc.’s EYSUVIS (loteprednol etabonate solution) 0.25 percent will enhance Alcon’s current offering in the sizable and quickly expanding dry eye segment.