Latin America and the Caribbean: Orthopaedic Appliances Market 2024

Orthopaedic Appliances Market Size in Latin America and the Caribbean

The Latin American orthopaedic appliances market totaled $X in 2022, picking up by 6.2% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value 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, consumption increased by +15.7% against 2019 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Orthopaedic Appliances Production in Latin America and the Caribbean

In value terms, orthopaedic appliances production expanded notably to $X in 2022 estimated in export price. The total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.9% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 38%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Orthopaedic Appliances Exports

Exports in Latin America and the Caribbean

For the fifth consecutive year, LatAmerica and the Caribbean recorded growth in shipments abroad of orthopaedic appliances and splints, which increased by 11% to X tons in 2022. In general, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by 19%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, orthopaedic appliances exports amounted to $X in 2022. Overall, exports saw strong growth. The growth pace was the most rapid in 2021 with an increase of 35%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

Mexico prevails in exports structure, recording X tons, which was approx. 91% of total exports in 2022. It was distantly followed by the Dominican Republic (X tons), comprising a 5.4% share of total exports.

Mexico experienced a relatively flat trend pattern with regard to volume of exports of orthopaedic appliances and splints. At the same time, the Dominican Republic (+10.2%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +10.2% from 2012-2022. From 2012 to 2022, the share of the Dominican Republic increased by +3.2 percentage points.

In value terms, Mexico ($X) remains the largest orthopaedic appliances supplier in Latin America and the Caribbean, comprising 88% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 1.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +12.8%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, standing approx. at the previous year. In general, the export price, however, posted buoyant growth. The growth pace was the most rapid in 2013 when the export price increased by 53%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then shrank modestly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the Dominican Republic totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+12.4%).

Orthopaedic Appliances Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of orthopaedic appliances and splints increased by 13% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, showed a deep slump. The most prominent rate of growth was recorded in 2021 when imports increased by 32%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, orthopaedic appliances imports reached $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 32% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Mexico dominates imports structure, amounting to X tons, which was approx. 53% of total imports in 2022. It was distantly followed by the Dominican Republic (X tons), Chile (X tons) and Brazil (X tons), together achieving a 22% share of total imports. The following importers - Colombia (X tons), Bolivia (X tons), Argentina (X tons), Guatemala (X tons) and Peru (X tons) - together made up 15% of total imports.

Imports into Mexico decreased at an average annual rate of -8.1% from 2012 to 2022. At the same time, Bolivia (+19.9%), the Dominican Republic (+19.7%), Chile (+14.9%), Guatemala (+13.2%), Argentina (+11.0%), Peru (+9.9%) and Brazil (+7.6%) displayed positive paces of growth. Moreover, Bolivia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +19.9% from 2012-2022. By contrast, Colombia (-8.1%) illustrated a downward trend over the same period. The Dominican Republic (+7.8 p.p.), Chile (+7.2 p.p.), Brazil (+3.5 p.p.), Bolivia (+3.3 p.p.), Argentina (+2.5 p.p.) and Guatemala (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by -19.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Mexico ($X) and Colombia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 70% share of total imports. Chile, Argentina, the Dominican Republic, Peru, Guatemala and Bolivia lagged somewhat behind, together comprising a further 20%.

Chile, with a CAGR of +12.7%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, waning by -3.8% against the previous year. Import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, orthopaedic appliances import price decreased by -13.8% against 2014 indices. The most prominent rate of growth was recorded in 2013 when the import price increased by 63% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+8.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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