The prevalence of osteoporosis in Latin America (LATAM) has been growing at a rapid pace. The bone diseases causes the loss of bone density, which, in turn, raises the risk of fractures in the body. In LATAM, osteoporosis is among the key causes for the growing incidence of fractures. According to the International Osteoporosis Foundation, people in the region are projected to suffer from about 655,648 hip fractures by 2050.
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This growing prevalence of osteoporosis and rising incidence of fractures are leading to the increasing need for fracture management in the region. According to a research conducted by P&S Intelligence, the LATAM fracture management market is projected to generate a revenue of $1,002.9 million by 2030, rising from $592.0 million in 2019, progressing at a 5.1% CAGR during the forecast period (2020–2030). The major function of fracture management is to decrease the open or closed fracture in a way that will result in the restoration of normal anatomy.
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The material used for fracture management are synthetic, plaster of Paris (POP), bioabsorbable, and metallic. Most of the plating systems, screws, hip plates, and other types of plating system accessories are primarily made up of surgical steel, stainless steel, or other kinds of metals, owing to which, the demand for metallic material has been high in the region. They are crucial elements when it comes to fracture management, since they return the lost physical strength and rigidness to the body.
Fracture management products and materials are used at ambulatory surgery centers, clinics & orthopedic centers, and hospitals, out of which, hospitals are expected to create high demand for them in the coming years. These medical settings offer the best trauma management facilities, which can be ascribed to the fact that they have a 24/7 availability of staff and medical devices which are needed to treat such patients.
Within the region, Brazil emerged as the major LATAM fracture management market in 2019, and the country is further predicted to create the highest demand for fracture management materials in the years to come as well. The increasing number of osteoporosis and orthopedic disease cases and surging geriatric pollution is driving the demand for fracture management in the region. As per the National Osteoporosis Foundation and the International Osteoporosis Foundation, 141,925 women and 55,844 men are predicted to suffer from hip fractures by 2040.
Hence, the market is growing due to the increasing prevalence of osteoporosis and rising incidence of fractures in LATAM.
