The Latin America, Middle East and Africa Upper Extremity Implants Market would witness market growth of 9.6% CAGR during the forecast period (2023-2029).
Upper extremity implants are made to either support a missing or damaged bone or joint, serve as a replacement for an injured bone or joint, or treat an injury that occurred to an upper extremity bone or joint. The purpose of the extremities implants is to correct abnormalities, maintain the body's posture, reconstruct the body joint or bone, and restore the normal functions of the skeleton. The market has recently undergone a change away from the utilization of traditional surgical procedures and toward the usage of contemporary fixation and prosthetic devices.
There has been a rise in the incidence rate of bone-related disorders such as osteoporosis and osteoarthritis, which requires upper extremity implants as treatment. Also, an increase in the incidence rate of sports injuries like as wrist fractures and shoulder injuries, a surge in the number of people over the age of 65, and a rise in the amount of capital invested in research and development are the primary factors that have led to the expansion of the market.
The Mid-Year 2018 Population Estimates Report from Statistics South Africa (Stats SA) contained data and projections that were used to estimate the aging of the South African population. According to the study, 8.3% of South Africa's population, or 57.3 million people, are over 60. From 3.3 million (7.2% of the population) in 2002 to 4.0 million (7.7% of the population) in 2012, the number and percentage of senior citizens in South Africa is predicted to increase by 5.7 million (9.1% of the population) by 2022. As a result, the proportion of seniors is anticipated to increase by 69.9%, compared to 31% for those under 60. The population over 60 is increasing twice as quickly each year (2.4%) as those under 60. As muscle-related issues among the elderly are more common, the demand is predicted to rise, driving the market's expansion in LAMEA.
The Brazil market dominated the LAMEA Upper Extremity Implants Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $37.2 million by 2029. The Argentina market is exhibiting a CAGR of 10.2% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 9.3% during (2023 - 2029).
Based on Material, the market is segmented into Metallic Biomaterials, Ceramic Biomaterials, Polymeric Biomaterials and Natural Biomaterials. Based on Type, the market is segmented into Shoulder, Elbow and Hand & Wrist. Based on End-use, the market is segmented into Hospitals, Clinics and ASCs'. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Upper Extremity Implants Market is Projected to reach USD 2.3 Billion by 2029, at a CAGR of 6.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Stryker Corporation, DePuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., Smith & Nephew PLC, Medtronic PLC, Aesculap, Inc. (B. Braun Melsungen AG), DJO Global (Enovis Corporation), Ossur Hf., Acumed LLC (Colson Medical, Inc.) and Arthrex, Inc.
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