According to the latest report by IMARC Group, titled "Latin America Implantable Medical Devices Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Latin America implantable medical devices market size reached US$ 6.9 Billion in 2022. Implantable medical devices (IMDs) are designed to be surgically implanted into the human body to diagnose, monitor, or treat various medical conditions. They comprise coronary stents, implantable cardiac defibrillators (ICDs), hip implants, insulin pumps, interocular lenses, and pacemakers. They are made of biocompatible materials and intended to interact with the issues, organs, or physiological processes of the body. They are biocompatible and corrosion resistant and used for orthopedics, pacemakers, cardiovascular stents, defibrillators, and neural prosthetics.
Latin America Implantable Medical Devices Market Trends:
The surging prevalence of severe medical conditions, such as heart failure, arrhythmias, Parkinson's disease, essential tremor, and dystonia, represents one of the key factors driving the demand for IMDs in Latin America. Moreover, the increasing aging population, which is more prone to such ailments like cancer and diabetes, is augmenting the market growth in the region. In addition, the rising awareness among patients and healthcare providers about the benefits and potential applications of IMDs is favoring the growth of the market in the region. Apart from this, the growing cases of heart failure due to sedentary lifestyles, unhealthy dietary patterns, high-stress levels, and obesity among the masses are influencing the market positively in the region. Furthermore, the increasing preferences for minimally invasive surgeries (MIS) among healthcare professionals and patients on account of their associated benefits are strengthening the growth of the market in the region. Looking forward, the market is value is projected to reach US$ 10.4 Billion by 2028, expanding at a CAGR of 6.8% during 2023-2028.
- On the basis of the product, the market has been segmented into orthopedic, dental, facial, breast, cardiovascular, and other implants. Presently, orthopedic implants hold the largest market share.
- Based on the material, the market has been classified into polymers, metals, ceramics, and biologics. Polymers currently account for the biggest market share.
- On the basis of the end-user, the market has been segregated into hospitals, ambulatory surgery centers (ASCS), and clinics. At present, hospitals dominate the market.
- Based on the country, the market has been divided into Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others. Amongst these, Brazil enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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