Prostheses — the Best-Known Models

External prostheses of upper and lower limbs are the 3D models that most people know about. Yet there are other prostheses that have gained ground as replacements for titanium ones, such as jaw and hip implants. However, prostheses are neither the only nor the most innovative prints developed by medicine in recent years. Surgical tools, dental devices, pharmaceutical medicines, and medical equipment are all on the list.

More Tools for Surgeons

3D models have become the surgeon’s allies. The manufacture of parts tailored to patients’ specific needs, used during diagnosis prior to complex operations, have been of great use when it comes to providing greater clarity to the physician, and better safety to patients. This has led to a reduction in risks during the procedure and less time in the operating room by having information prior to the operation.

But in addition to cases in which doctors are working with actual patients, 3D printing has entered the realm of medical training, helping students and residents to carry out their practices in difficult or high-risk cases, performing procedures on the heart or brain — organs requiring a great deal of precision and care when it comes to their treatment.

Tissue Engineering: The 3D Revolution

Tissue engineering is the specialty that deals with developing tissues or organs in the laboratory as replacements or to treat diseases. Several studies have shown that 3D printing is capable of making tissues and skin. The technology consists of developing a digital model printed in layers with a mixture composed of biomaterials and live cells. The resulting printed structure, or model, goes through an incubation and cell-proliferation stage that will end up producing a new tissue.

Bioprinting is in the research and development stage in Latin America, and although there are several countries in which its application has begun to be implemented, Mexico is recognized as a knowledge producer in the field.

A Crucial Resource During a Pandemic

Recent projections from Market Research Future indicate that globally, the 3D printing market will grow from a value of US$13.6 billion in 2020 to reach US$35.3 billion by 2027, with a compound annual growth rate (CAGR) of 14.6% during this period. In addition, BCC Research forecasts that the global market for 3D printed medical devices will grow from US$1.7 billion in 2021 to US$4.9 billion by 2026, growing with a powerful CAGR of 24.5% during this period.

During COVID peaks, and thanks to previous developments, the health sector has seen a massive boost in production, and 3D printing—or additive technology—has presented itself as the fast solution for large-scale medical device production. Products such as nasal swabs, ventilator components, and personal protective equipment, which were in high demand at the beginning of the pandemic, were manufactured in record time and with the same functionality as those produced in traditional factories.

The advances that additive technology has brought with it are undeniable: greater speed, specificity, and lower costs. Whether we are facing a new paradigm of device manufacturing, only time will tell. What we can say is that 3D printing is going through a growth stage and, although there is a long way to go, various initiatives have now been generated, promoted by businesses, research centers, and governments to develop the industry and work on gaps in the law and knowledge to provide sustainable solutions.

The pandemic has given it a huge boost, and its speed of response, combined with its adaptability, have shown that it is a market with a great deal of potential in the health industry, which adds value and is complemented by the needs of today’s medicine.

Next Steps

Contact us to find out more how we can help you understand healthcare market shifts in Latin America via custom research or help you with opportunity benchmarking, competitive intelligence, market sizing and discovering sales opportunities through our databases, which feature key strategic data on Latin America’s medical equipment/devices market that companies can leverage to boost sales and strengthen strategic planning.

#1 Telemedicine

According to IMARC Group, Latin America’s telehealth market should grow with a CAGR of 23% during 2021-2026. Statista recently reported that the forecasted value of Latin America’s telemedicine market will reach US$3.48 billion by 2025—an increase of 120% compared to 2020, when its value was US$1.57 billion. Contact GHI directly to obtain a customized study of telemedicine in Latin America for your company: this is one of the elements we regularly track among the 18,000 Latin American hospitals in our database. As such, we can help you understand the market and identify key prospects based on technology use.

#2 Robotic Surgery

Over the next five years (2021-2026), the medical robots market in Latin America will double in size, going from a market value of US$0.96 billion in 2021 to US$2.62 billion in 2026, with a compound adjusted growth rate (CAGR) of 22.1% during this five-year period. Click here to see GHI’s research on hospitals with robotic surgery systems in Latin America and contact us if you’re interested in a market landscape or sizing study to identify potential clients for these systems.

#3 Nanomedicine

This branch of nanotechnology uses materials created at a nanoscale for diagnosing, monitoring and treating diseases. According to Market Data Forecast, the Latin America nanomedicine market size is projected to grow with a CAGR of 14.1% between 2021 and 2026 to reach a value of US$37.4 billion, nearly double its 2021 value of US$19.3 billion.

#4 Implantable Medical Devices

These devices are placed inside the body for a variety of functions, including delivering medications, monitoring health conditions and replacing body parts. The Latin American implantable medical devices market is projected to grow with a CAGR of 6.8% between 2021 and 2026, according to IMACR Group.  The research firm cites sports injuries, accidents, medical tourism and the rising demand for cosmetic surgeries as factors that will help drive this growth in Latin America.

#5 3D Printing of Medical Devices

According to Market Data Forecast, the rising demand in Latin America for customized orthopedic and maxillofacial surgery products is helping this market increase. The company forecasts that the 3D printing of medical devices market in Latin America will expand from US$187 million in 2021 to US$781 million by 2026, growing with a CAGR of 33% during the forecast period.

#6 Wearable Medical Devices

These devices are used to monitor patients to help them manage glucose or insulin levels, blood pressure, hydration and more. Market Data Forecast projects that the wearable medical devices market in Latin America will increase with a CAGR of 16.9% between 2021-2026, posting a value of US$1.7 billion by 2026.

#7 Remote Patient Monitoring System

According to Market Insights Reports, the South America remote patient monitoring systems market will grow with a CAGR of more than 38% between 2021 and 2026. However, it’s important to note that this projection only covers Brazil, Argentina and Colombia, not the rest of countries in South America, much less the other large hospital markets in Latin America, such as Mexico.

Next Steps

Contact GHI to explore a customized study covering the growth of specific healthcare technologies in Latin America. We track a number of healthcare technology types via our HospiScope database, and our team is well-versed in executing market demand and sizing studies to help companies create strategic sales plans or launch plans for specific products. In addition, our Latin America Hospital Monitoring Service provides monthly updates about developments in hospitals in all of the region’s largest markets.