Latin America and the Caribbean: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Latin America and the Caribbean

The Latin American orthopedic prosthetics market contracted to $X in 2022, reducing by -6.1% against the previous year. The total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.2% against 2020 indices. The level of consumption peaked at $X in 2021, and then shrank in the following year.

Orthopedic Prosthetics Production in Latin America and the Caribbean

In value terms, orthopedic prosthetics production contracted modestly to $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.9% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 26% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Orthopedic Prosthetics Exports

Exports in Latin America and the Caribbean

In 2022, exports of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) in Latin America and the Caribbean declined slightly to X units, dropping by -3.2% compared with the previous year's figure. Overall, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 58% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, orthopedic prosthetics exports plummeted to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +34.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 64%. As a result, the exports reached the peak of $X, and then dropped notably in the following year.

Exports by Country

Costa Rica was the largest exporter of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) in Latin America and the Caribbean, with the volume of exports finishing at X units, which was near 71% of total exports in 2022. Mexico (X units) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Guatemala (8.7%). Brazil (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to orthopedic prosthetics exports from Costa Rica stood at +5.4%. At the same time, Mexico (+15.5%), Guatemala (+13.5%) and Brazil (+10.4%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +15.5% from 2012-2022. From 2012 to 2022, the share of Mexico and Guatemala increased by +7.9 and +3.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Costa Rica ($X) remains the largest orthopedic prosthetics supplier in Latin America and the Caribbean, comprising 70% of total exports. The second position in the ranking was taken by Mexico ($X), with a 17% share of total exports. It was followed by Brazil, with an 11% share.

In Costa Rica, orthopedic prosthetics exports expanded at an average annual rate of +6.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mexico (+1.4% per year) and Brazil (+3.7% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, waning by -15% against the previous year. Overall, the export price showed a mild descent. The most prominent rate of growth was recorded in 2021 an increase of 48% against the previous year. The level of export peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per unit), while Guatemala ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+1.3%), while the other leaders experienced a decline in the export price figures.

Orthopedic Prosthetics Imports

Imports in Latin America and the Caribbean

In 2022, imports of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) in Latin America and the Caribbean amounted to X units, picking up by 14% compared with the previous year's figure. Total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 37%. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, orthopedic prosthetics imports amounted to $X in 2022. The total import value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 39% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Brazil (X units) and Mexico (X units) were the largest importers of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) in Latin America and the Caribbean, together finishing at near 48% of total imports. Colombia (X units) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (9.2%), Chile (8.4%) and Bolivia (7.4%). Costa Rica (X units) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +30.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Chile ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 65% of total imports. Argentina, Colombia, Costa Rica and Bolivia lagged somewhat behind, together comprising a further 25%.

Among the main importing countries, Costa Rica, with a CAGR of +9.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, falling by -2.5% against the previous year. Overall, the import price recorded a pronounced curtailment. The pace of growth was the most pronounced in 2015 an increase of 8.1% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+0.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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