Latin America Surgical Equipment Market

Market Overview

There has been a substantial expansion in the Latin American surgical equipment market, which is anticipated to continue at a CAGR of 0.75% during the forecast period (2023-2030).

Surgical instruments are tools used to create incisions in tissue to remove or relocate organs. Minimally invasive surgery equipment, robotic and power-assisted systems, and other cutting-edge electronic technology are largely responsible for the booming surgical equipment industry. Surgical equipment comprises objects that have undergone years of invention and testing to help surgeons with certain tasks. 

The surgical equipment market in Latin America is fragmented due to numerous regional companies. In recent years, the adoption of market strategies such as product development, mergers, and acquisitions has undergone significant shifts. Consequently, the market is now competitive. B. Braun Melsungen AG, Teleflex Incorporated., Boston Scientific Corporation, Integer Holdings Corporation, Medtronic, Conmed Corporation, Olympus Corporation, Stryker Corporation, and Johnson & Johnson are among the market's leading companies.

Market Dynamics

Latin America Surgical Equipment Market Drivers:

Increasing Disposable Income

The growth of the middle class and the increase in disposable income in Latin America positively affect the demand for healthcare services, including surgical procedures. Growing middle-class access to healthcare and willingness to invest in sophisticated surgical procedures drives demand for surgical apparatus. Significant growth of the middle class and an increase in disposable income have occurred in Chile. The expanding middle class in Chile has increased access to surgical procedures and other healthcare services. This fuels the nation's demand for surgical apparatus. According to a report by the Economic Commission for Latin America and the Caribbean (ECLAC), between 2000 and 2017, the middle class in Chile grew by 25%. The rise in discretionary income and the expansion of the middle class contribute to increased healthcare expenditures and the demand for surgical interventions, thereby supporting the expansion of the surgical apparatus market.

Latin America Surgical Equipment Market Restraints:

Economic Challenges

Due to economic difficulties, surgical equipment may be prohibitively expensive in some Latin American nations. Limited healthcare budgets, economic instability, and low per capita income can impede the procurement and use of sophisticated surgical equipment, impeding market expansion. The International Monetary Fund (IMF) estimates that Venezuela's economy experienced hyperinflation in 2020, with an inflation rate of over 5,000%. This economic instability has resulted in declining healthcare expenditures, affecting the affordability of surgical apparatus and impeding the country's market growth. In addition, according to World Bank data, several Latin American nations, including Bolivia, Honduras, and Guatemala, have relatively low per capita incomes. These economic disparities can hinder the capacity of healthcare facilities and individuals to invest in costly surgical instruments. 

Latin America Surgical Equipment Market Opportunities:

Government Initiatives

Governments in Latin America are implementing initiatives to enhance infrastructure and access to quality healthcare services. These government initiatives drive the demand for surgical equipment and generate market expansion opportunities. The "Colombia Healthcare 2030" strategy, which seeks to improve the country's healthcare infrastructure and services, has been implemented by the Colombian government. The plan involves investments in constructing new hospitals, clinics, and surgical centers specializing in specialized procedures. These initiatives promote the use of surgical apparatus and expand access to surgical procedures nationwide. In 2021 and 2022, Colombia's healthcare expenditures as a percentage of GDP were 8.1% and 9.0%, respectively, according to the World Bank. This demonstrates the Colombian government's commitment to investing in healthcare and enhancing healthcare infrastructure, thereby establishing market opportunities for surgical equipment.

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. 

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 led the market and is expected to register a CAGR of 6.6% over the forecast period.

Reusable surgical equipment

Devices that can be cleaned, sanitized, and used again are reusable surgical equipment. Stainless steel or high-quality polymers are common materials for these devices. Forceps, scissors, retractors, surgical tools, and laparoscopic instruments are all examples of reusable surgical equipment.

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

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

Others

The disposable Surgical equipment for "others" covers surgical specialties and methods for "others." It includes treatments in ENT, urinary, general, GI, gastric, oral, maxillofacial, and chest surgery. Due to the many ways this part can be used, each treatment needs disposable tools, drapes, and supplies.

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

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

Hospitals and clinics

Hospitals and medical clinics are the last consumers of disposable surgical equipment. Healthcare settings include large hospitals, walk-in clinics, private practices, and specialist centers. Using disposable surgical equipment to guarantee sterility and safe surgical interventions, they provide various surgical treatments in several specialties.

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

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

Sutures and staplers

Wound closure in surgery is not possible without surgical sutures and staplers. Absorbable and nonabsorbable sutures are examples of disposable sutures used to close surgical wounds and sew together tissues. Disposable staplers allow for the rapid application of sterile staples to seal wounds or connect tissues.

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

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

Others

In the "others" category, reusable surgical equipment utilized in various surgical specialties may be found. It covers equipment and devices adapted to certain operations such as urology, general surgery, oral and maxillofacial surgery, and ENT (ear, nose, and throat) surgery.

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

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

Hospitals and clinics

Hospitals and clinics utilize the most reusable surgical equipment. These facilities include hospitals, outpatient clinics, private offices, and specialty clinics. They perform a variety of surgical operations using sanitized, reusable surgical equipment. Surgical tools, drapes, and other devices ensure sterility and cost-effective healthcare delivery.

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

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

Handheld surgical devices

Surgeons frequently use handheld surgical devices and reusable equipment during operations. Surgical instruments, including forceps, scissors, retractors, clamps, and scalpels, are examples of such devices. The materials used to create portable, reusable surgical devices are normally strong enough to resist the sterilizing processes required to be used more than once.

Recent Developments

• May 2023- Using Stryker's Q Guidance System with Cranial Guidance Software, surgeons could perform the first surgical procedures effectively.
• May 2023- Through AI-driven planning software and a data visualization platform, Smith+Nephew contributes to the individualization of surgical procedures allowed by robotics.
• June 2023 - BD Announces the Launch of a New Robotic System to Automate Clinical Flow Cytometry.