LATAM Fracture Management Market To Generate Revenue Worth $1,002.9 Million by 2030
- Published: October 2020
The increasing prevalence of osteoporosis, increasing healthcare spending, growing number of road injury cases, and surging number of hip and knee replacement surgeries are the major growth drivers for the Latin American (LATAM) fracture management market. As a result, the industry revenue stood at $592.0 million in 2019, and it is set to rise to $1,002.9 million by 2030, exhibiting a CAGR of 5.1% during the forecast period (2020–2030).
The COVID-19 pandemic has negatively impacted the regional market, mainly due to the reduced movement of people, declining import and export activities, and decreasing demand from end users. However, with the lifting of the imposed bans, the market in the region is expected to revive in the coming months.
Metallic Category Generated Highest Revenue during Historical Period (2014–2019)
The metallic category generated the highest revenue during the historical period in the fracture management market. It was majorly due to the fact that most of the products, such as plating systems, nails, and rods, that are used for fracture management, are made of metals, such as steel and titanium.
Further, the hospitals category generates the highest revenue for the market players in the region, under segmentation by end user. Moreover, the category is expected to witness the fastest growth in the regional fracture management market during the forecast period, owing to the high-quality trauma treatment facilities at major hospitals in countries including Brazil and Mexico, high footfall of patients at these healthcare settings, and availability of advanced fracture management products at both public and private hospitals in the region.
Regionally, Brazil held the largest share in the LATAM fracture management market in 2019. It is further expected to dominate the regional market during the forecast period. The country’s market is primarily driven by the improving healthcare infrastructure, cost-effectiveness of hip and knee replacement surgeries, and rising number of sports and accident-related injuries. According to the International Osteoporosis Foundation and National Osteoporosis Foundation, there were approximately 80,640 hip fractures in Brazil in 2015, of which 23,422 were in men and 57,218 in women. Further, these numbers are expected to increase to 55,844 in men and 141,925 in women by 2040. Therefore, the increasing number of fractures in the country is resulting in the growth of the market.
Key Players Are Enhancing Their Portfolio by Launching New Products
Players in the fracture management market are consistently focusing on product launches and approvals to increase their offerings for the end users in the industry. For instance, in September 2019, Zimmer Biomet Holdings Inc. launched the Persona Revision knee system for knee replacement procedures.
Similarly, in September 2019, DePuy Synthes, part of Johnson & Johnson, announced the launch of 3D-printed implants for spine surgery. With this launch, the company has further expanded its spine treatment product portfolio.
Some of the major players operating in the LATAM fracture management market are Johnson & Johnson, Smith & Nephew PLC, 3M Company, Essity AB, Integra LifeSciences Holdings Corporation, Wright Medical Group N.V., Becker Orthopedic, Ottobock SE & Co. KGaA, Stryker Corporation, Zimmer Biomet Holdings Inc., THAUSNE, medi GmbH & Co. KG, Bauerfeind AG, and Acumed LLC.