Latin America Fracture Management Market Research Report: By Type (External, Internal), Material (Metallic, Bioabsorbable, Plaster of Paris, Synthetic), Gender (Men, Women), End User (Hospitals, Clinics and Orthopedic Centers, Ambulatory Surgery Centers) - Industry Analysis and Growth Forecast to 2030

Latin America Fracture Management Market Overview

The Latin American (LATAM) fracture management market size stood at $592.0 million in 2019, and it is expected to reach $1,002.9 million by 2030, advancing at a CAGR of 5.1% during the forecast period (2020–2030). The growth of the market is mainly attributed to the high prevalence of osteoporosis in the region, surging geriatric population, high incidence of road accidents, and rising number of hip and knee replacement surgeries.

The ongoing COVID-19 pandemic has decreased the demand from end users and reduced the production of these products, mainly due to the smaller workforces with manufacturing firms, government mandates for lockdowns, and lower-scale movement of people and goods across the region.

Internal Category Is Expected To Witness Faster Growth in Regional Market

Based on type, the internal category is expected to witness the faster growth in the regional fracture management market during the forecast period. This would mainly be due to the high incidence of severe bone fractures and road injuries. Moreover, the significantly higher cost of internal fracture management products, such as plates and screws, supports the category’s domination on the regional market.

Metallic Material Occupies Largest Share in Industry

On the basis of material, the metallic category occupied the largest share in 2019 in the regional fracture management market. This was mainly owing to the fact that screws, plating systems, hip plates, and other plating system accessories are majorly made of stainless steel or surgical steel or other metals. Owing to their high importance in the management of fractures, as they return the lost rigidness and physical strength to the body, they cost more as compared to non-metallic devices.

Men Generated Higher Revenue for Players in 2019

Based on gender, the men category generated the higher revenue for the LATAM fracture management market players in 2019. The category is further expected to continue the trend during the forecast period, owing to the growing number of males in the region coming in with serious road accident injuries.

Hospitals Category To Grow Fastest in Region

Among all the end users, hospitals dominate the regional fracture management market, and this category is also expected to witness the highest growth rate during the forecast period. It is majorly due to the fact that trauma management facilities are best provided at hospitals, as these places have a 24/7 availability of staff and the medical devices that are required to treat such patients.

Brazil – Highest-Revenue-Contributing Country in Region

Regionally, Brazil contributed the highest revenue to the LATAM fracture management market in 2019, and it is also projected to witness the fastest growth during the forecast period. The growing geriatric population and rising number of osteoporosis and other orthopedic disease cases are the major factors behind the dominance of the country on the industry.

Penetration of Advanced Products Is Key Trend in Market

The use of bioabsorbable implants in surgical procedures is gaining traction in the fracture management market, with an increasing focus on the adoption of technologically advanced healthcare products. Advancements in polymer science have led to the production of implants with the mechanical strength necessary for such procedures.

Moreover, market players in the region are focusing on leveraging advanced technologies, such as artificial intelligence (AI) and cast bracing, in fracture management products. For instance, Ottobock SE & Co. KGaA introduced C-Leg, a leg prosthesis, and Bebionic hand, a hand prosthesis, which can be controlled by microprocessors.

High Prevalence of Osteoporosis Is Driving Industry Growth

Osteoporosis is a bone disease that causes a loss of bone density, which further increases the risk of fractures in the human body. Osteoporosis is one of the major diseases responsible for the high incidence of fractures in the region. As per the International Osteoporosis Foundation (IOF), Latin Americans would suffer from 655,648 hip fractures by 2050. Thus, the high prevalence of osteoporosis and bone fractures in the region is driving the LATAM fracture management market.

Surging Geriatric Population Is Supporting Market Growth

The high risk of fractures has been viewed as a serious concern among the elderly. As people grow older, their bones’ mineral density decreases. This is particularly problematic in post-menopausal women. When combined with the prevalent issues of unsteady balance and vision problems among older people, the risk of fractures further increases in this section of the population. Moreover, the reduced bone mass in old age increases the risk of osteoporosis. Thus, the demand for fracture management products is substantially high among the geriatric population in the region.

Rising Healthcare Expenditure Is Fueling Market Growth

The rising healthcare expenditure has enabled healthcare facilities in the region to adopt technologically advanced and patient-friendly products, to improve clinical outcomes. This, in turn, has positively impacted the fracture management market in the region. According to the World Bank, the healthcare expenditure of Brazil was 8.3% of its gross domestic product (GDP) in 2000, which increased to 9.5% in 2017. The growth in the healthcare expenditure of other countries, such as Mexico, Argentina, and Colombia, has also been significant in recent years. Thus, the increasing healthcare expenditure of these countries is bolstering the growth of the fracture management market in the region.

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Surging Number of Hip and Knee Replacement Surgeries Propelling Demand for Fracture Management Products

The surge in the number of hip and knee replacement surgeries in the region is mainly due to the cost-effectiveness of these procedures, and this factor is expected to continue driving the fracture management market in the region during the forecast period. According to the statistics released by the Medical Tourism Association, in 2019, the cost of a hip replacement surgery in Colombia and Mexico was as low as $8,400 and $13,500, respectively. Besides, the cost of a knee replacement surgery stood at $7,200 in Colombia and $12,900 in Mexico in 2019. In contrast, the costs of hip replacement and knee replacement surgeries in the U.S. in 2019 stood at around $40,364 and $35,000, respectively, which are much higher than those in LATAM countries.

Mergers and Acquisitions Are Strongest Measures Taken by Market Players

The LATAM fracture management market comprises many giant players, who are involved in mergers and acquisitions in order to enhance their market position. For instance, in July 2018, CNF Medical, a subsidiary of Carolina Narrow Fabric Company, acquired the splinting and casting assets of Parker Medical Associates of Charlotte. Similarly, in June 2020, Össur hf closed the acquisition of College Park Industries, which provides prosthetic devices and supporting services.

Key Players in LATAM Fracture Management Market include:

LATAM Fracture Management Market Size Breakdown by Segment

The Latin American fracture management market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Type

• External
  • Casts
  • Splints
  • Paddings and stockinettes
  • Cast saw
• Internal
  • Plates and screws
  • Hip screws

Based on Material

• Metallic
• Bioabsorbable
• Plaster of Paris (POP)
• Synthetic

Based on Gender

• Men
• Women

Based on End User

• Hospitals
• Clinics and Orthopedic Centers
• Ambulatory Surgery Centers (ASCs)

Geographical Analysis

• Brazil
• Mexico
• Colombia
• Argentina
• Chile
• Peru
• Ecuador