South America Surgical Stapling Devices Market
Published On: Jul 2023
Published On: Jul 2023
According to Business Market Insights’ research, the South America surgical stapling devices market was valued at US$ 428.75 million in 2022 and is expected to reach US$ 648.43 million by 2028, registering an annual growth rate of 7.1% from 2022 to 2028. Increase in wounds and surgical procedures and new product launches and strategic collaborations are the critical factors attributed to the South America surgical stapling devices market expansion.
Poor working conditions are the leading cause of chronic wounds among people. According to the International Labor Organization, ~2.3 million people yearly suffer from work-related accidents. These wounds affect their health and quality of life. The burden of chronic wounds eventually underlines the need for advanced wound care management. Various countries spend significant amounts on treating injuries and avoiding associated risks. The number of cardiovascular, general, orthopedic, gynecological, and cancer surgeries performed in hospitals is increasing across region. The geriatric population is prone to severe health conditions, which may require surgeries as a treatment option. Surgeries for hernias, cataracts, and joint replacement are more common among these people. Further, aesthetic surgical procedures are more common among people working in the entertainment industry. These surgeries are performed on patients who require the replacement of a body part due to an injury or a deformity. Therefore, a rise in the number of surgeries performed at hospitals or similar healthcare centers drives the demand for surgical stapling devices for the closure of incision sites.
On the contrary, increase in product recalls and high cost of surgical stapling devices hurdles the growth of South America surgical stapling devices market.
Based on product, the South America surgical stapling devices market is segmented into powered surgical staplers and manual surgical staplers. The powered surgical staplers segment held 53.7% market share in 2022, amassing US$ 230.13 million. It is projected to garner US$ 359.74 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on type, the South America surgical stapling devices market is segmented into disposable surgical staplers and reusable surgical staplers. The disposable surgical staplers segment held 58.9% market share in 2022, amassing US$ 252.60 million. It is projected to garner US$ 389.40 million by 2028 to expand at 7.5% CAGR during 2022–2028.
Based on application, the South America surgical stapling devices market is segmented into orthopedic surgery, endoscopic surgery, cardiac and thoracic surgery, abdominal and pelvic surgery, and others. The orthopedic surgery segment held 33.5% market share in 2022, amassing US$ 143.77 million. It is projected to garner US$ 229.59 million by 2028 to expand at 8.1% CAGR during 2022–2028.
Based on end user, the South America surgical stapling devices market is segmented into hospitals and ambulatory surgical centers. The hospitals segment held 71.0% market share in 2022, amassing US$ 304.41 million. It is projected to garner US$ 467.18 million by 2028 to expand at 7.4% CAGR during 2022–2028.
Based on country, the South America surgical stapling devices market is segmented into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 61.4% market share in 2022. It was assessed at US$ 263.27 million in 2022 and is likely to hit US$ 400.19 million by 2028, exhibiting a CAGR of 7.2% during the forecast period.
Key players dominating the South America surgical stapling devices market are 3M Co, B. Braun SE, Conmed Corp, Intutive Surgical Inc, and Medtronic Plc among others.
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