|By PR Newswire||
|September 3, 2014 11:00 AM EDT|
BURLINGTON, Mass., Sept. 3, 2014 /PRNewswire/ -- Decision Resources Group finds that the Latin American region will see rapid adoption of spinal implants and bone graft substitutes (BGS), as the market for these devices will reach $530 million in 2022. In addition to an aging population, the significant market for medical tourism in Latin America will drive strong uptake of these products. In an effort to cater to tourists, some facilities are purchasing high-end products, which will further support market expansion. In addition, more local manufacturers will enter the market through 2022 with low-cost products, enabling a greater portion of the Latin American population to access spinal implant and BGS procedures.
Other key findings from Decision Resources Group's coverage of the Latin American spinal implant and BGS market:
- Prevalence of motor vehicle collisions: High motor vehicle accident rates in Latin America—and particularly in Colombia—will fuel procedures volumes. The prevalence of road congestion and the rising use of motorbikes will exacerbate this trend. Although some initiatives to reduce the frequency of collisions are being put into effect, motor vehicle accidents will remain a significant contributor to procedure volumes through 2022.
- Success of cervical artificial discs: Cervical artificial discs will represent the largest and fastest-growing segment in the Latin American spinal nonfusion market through 2022. This can be attributed to their highly successful clinical outcomes and increasing surgeon confidence in these devices.
- Importance of local knowledge: Local companies are present to varying degrees across all four countries. To compete with the local knowledge held by these companies, international players generally use distributors. This will be a particularly important strategy to access rural areas.
Comments from Decision Resources Group Analyst Hamza Sajjad:
- "On a country level, Argentina's poor economic state will lead to a lower market value and slower growth rate than the other countries. Market growth will be further hindered by the presence of many low-cost manufacturers, which will place pressure on device prices."
- "Brazil currently has the most stringent regulatory approval process, which will present challenges both for new entrants and existing competitors trying to launch new and novel devices."
- Hamza Sajjad has written a Medtech 360 report on this subject entitled Latin American Markets for Spinal Implants and Bone Graft Substitutes 2014.
About Decision Resources Group
Decision Resources Group offers best-in-class, high-value information and insights on critical issues within the healthcare industry. Clients rely on this analysis and data to make informed decisions. Find out more at www.DecisionResourcesGroup.com.
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SOURCE Decision Resources Group
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