Rising incomes and growing government initiatives in the healthcare sector, particularly in Brazil, Mexico, Chile, and Argentina, will likely continue to fuel the expansion of healthcare markets in Latin America. This rise in the healthcare expenditure is anticipated to pace the medical infrastructural development, which is likely to fuel the growth of the surgical devices market in the region. Additionally, growing demand for low-cost minimally invasive surgeries, growing medical tourism industry in Latin America, and rising number of surgeries in the region are anticipated to drive the market for general surgical devices in Latin America.

However, the lack of physician and surgeons and the high cost of new and technologically advanced surgical procedures are the factors restraining the growth of general surgical devices market in Latin America.

Key Market Trends

Handheld Surgical Devices are expected to witness healthy growth over the forecast period

Handheld Surgical Devices are becoming increasingly advanced. The large-scale use of advanced surgical instruments in the recent years is driving the market for handheld devices in Latin America. The development of advanced devices, like robotic hand-held surgical devices for laparoscopic interventions, enhance a surgeon’s dexterity. Many innovations have been made owing to the need for high reliability, accuracy and patient safety. The aging population, rise in obesity, and increase in chronic diseases are accelerating the demand for such advanced treatment approaches. New cordless handheld devices are one such innovation that has added a level of comfort and control for surgeons. Covidien’s Lapro-ClipTM clip applier is another handheld medical device used to ligate blood vessels during laparoscopic surgery. The handheld surgical instruments segment accounted for the largest share of the surgical devices market. Emerging economies across Latin America present great opportunities for handheld surgical equipment manufacturers.

Competitive Landscape

Latin America General Surgical Devices market has rapidly evolved over the last few years. Industry observed significant changes in adopting market strategies such as product developments, mergers and acquisitions in recent years. Thus, the market has become competitive. Major companies in the market are B. Braun Melsungen AG, Teleflex Incorporated., Boston Scientific Corporation, Integer Holdings Corporation, Medtronic, Conmed Corporation, Olympus Corporations, Stryker Corporation, and Johnson & Johnson, amongst others.

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