LATAM Fracture Management Market To Generate $1,002.9 Million Revenue by 2030
The Latin American (LATAM) fracture management market will progress at a CAGR of 5.1% during the forecast period (2020–2030), on account of the surging prevalence of osteoporosis, burgeoning aging population, increasing incidence of road crashes, and soaring number of knee and hip replacement surgeries, in the region. Additionally, the mounting healthcare expenditure and escalating awareness about fracture management products will also aid the market size to grow from $592.0 million in 2019 to $1,002.9 million by 2030.
The rising prevalence of osteoporosis will augment the demand for fracture management products in LATAM in coming years, as this bone disease leads to the loss of bone density. According to the International Osteoporosis Foundation (IOF), 655,648 cases of hip fractures will be recorded by 2050. Furthermore, the foundation states that 2.62 million women will be diagnosed with osteoporosis in Argentina by 2050. Also, the IOF estimates that 1 in 3 patients with hip fractures are diagnosed with osteoporosis in Brazil.
In recent years, the rising public focus on advanced healthcare products has become a prominent trend in the LATAM fracture management market. For instance, rapid advancements in polymer science have resulted in the production of bioabsorbable implants with the mechanical strength required during surgical procedures. Additionally, market players in LATAM are currently focusing on installing advanced technologies, such as cast bracing and artificial intelligence (AI), in fracture management products. For example, Ottobock SE & Co. KGaA offers a Bebionic hand, a hand prosthesis; and C-Leg, a leg prosthesis, which can be controlled by microprocessors.
According to P&S Intelligence, Brazil held the largest share in the LATAM fracture management market in 2019. The country market is also expected to demonstrate the fastest growth throughout the forecast period. This can be ascribed to the increasing prevalence of osteoporosis and other orthopedic ailments, escalating healthcare expenditure, soaring cases of sports injuries, and burgeoning geriatric population, in the country. For instance, the Organization for Economic Co-operation and Development (OECD) forecasts that the population of people aged 65 years and over will reach 30,448,865 by 2030 in Brazil.