South and Central America Medical Devices Additives Manufacturing Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Technology ; Product, and Application, and Country
NEW YORK, Nov. 24, 2020 /PRNewswire/ -- The South and Central America medical device additives manufacturing market is expected to reach US$ 337.03 million by 2027 from US$ 109.59 million in 2019; it is anticipated to grow at a CAGR of 15.2% during 2019–2027. The medical device additives manufacturing market is growing primarily due to high investments and expenditure on healthcare, advancing technologies in manufacturing medical devices, strong presence of key market players, and the increasing demand for implants of orthopedic, dental and cochlear applications. Factors such high costs associated to medical device additives manufacturing process hamper the growth of the market. Additionally, increasing financial contributions by government and private sector in medical device industries is likely to fuel the growth of the medical device additives manufacturing market during the forecast period.
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Additive manufacturing is a technique used for manufacturing rapid prototypes as well as functional end use parts.The use of additive manufacturing in the medical industry has witnessed an accelerating adoption in the recent years owing to various technological advancements such as custom-made medical devices.
With additive manufacturing being implied in the healthcare industry, the scope for customization and innovation of medical devices has increased considerably over the last few years.
Additive manufacturing is majorly beneficial in medical fields such as production of new orthopedic products, fabrication of customized maxillofacial prostheses, and casting of dental implants.Further, it is also receiving attention as a method used in biomedical modelling and organ printing.
The increase in demand for additive manufacturing has encouraged medical device manufacturing companies to invest significantly in the development of commercial models and reduction of the modeling cost.Leading medical device market players have uniquely positioned themselves to gain benefit from the advances offered by additive manufacturing.
For instance, in September 2020, Sartori, a Brazil-based manufacturer of orthopedic implants and instruments has invested in development of new Laser Beam Powder Bed Fusion (PBF-LB) technology called as SLM 280 which is expected to offer medical device additive solutions with affordable costs. Thus, the increasing demand for the additive manufacturing technology in healthcare, leading to rising investments by market players for its advancement, fuels the growth of the medical device additive manufacturing market.
According to the 2018 factsheet by the WHO, musculoskeletal conditions are the second-largest contributor to overall disabilities registered worldwide, with lower back pain being the single leading cause of disability globally. Moreover, according to the National Health Surveillance Agency of Brazil the prevalence of musculoskeletal disorders such as rheumatic diseases and osteoporosis is constantly increasing and lower back pain and knee osteoarthritis are the most common musculoskeletal diseases in population.
Moreover, according to the many studies conducted by Latin American oral health association on South American demographics, incidences of dental disorders are most common and expected to increase in near future.Further, tooth loss, as a result of poor oral care, has been one of the prime concerns in the South America in recent years, leading to increasing need for dental implants.
According to the FDI figures, there are around 48,000 to 50,000 dentists in Argentina, mostly consolidated in private clinics and demand for dental implants and dental material has increasing since last decade owing to increasing prevalence of cavity and tooth decay.
In terms of technology, the laser sintering segment accounted for the largest share of the South and Central America medical device additives manufacturing market in 2019.The growth of the market for this segment is attributed to the factors such as advantageous over Stereolithography and other methods and Laser sintering can develop medical devices and its parts with high-precision and geometries that are almost impossible to achieve by other methods.
Moreover, the same segment is also likely to register the highest CAGR in the market during the forecast period.
In terms of product, the surgical instruments product segment held the largest share of the market, whereas the implants and prosthetics segment is estimated to register the highest CAGR in the market during the forecast period.The growth of this segment can be attributed to minimum practical barriers, and ease of manufacturing these surgical instruments.
Moreover, Additives manufacturing technologies enables manufacturers to develop more personalized, surgeon-specific instruments with significant cost-effectiveness, which is expected to gain major market share for the surgical instruments segment.
In terms of application segment, the orthopedic segment held the largest share of the market in 2019 and is estimated to register the highest CAGR of in the market during the forecast period. Factors such as development of customized orthopedic devices and implants and reduced overall treatment cost are responsible for the growth of this segment.
The outbreak of coronavirus in the South America is going to create many issues for the region owing to lack of awareness, short supplies of hospital resources, and poor healthcare infrastructure.The region already lags behind in the healthcare infrastructure.
However, the limited capacity of manufactures and supplier is going to be impacted by this crisis.
A few of the significant secondary sources associated with the South and Central America medical device additives manufacturing market report are the World Health Organization (WHO), South and Central America Centers of Disease Control and Prevention (CDC), among others.
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