Increasing Prevalence of Osteoporosis Driving Fracture Management Demand in Latin America
The rising incidence of osteoporosis is fueling the demand for fracture management in Latin America. Osteoporosis is a bone disease that results in the loss of bone density, which consequently increases the chances of fractures in the body. It is one of the major diseases driving the prevalence of fractures in the continent. According to the International Osteoporosis Foundation (IOF), the number of hip fractures in Latin America will rise to 655,648 by 2050. Besides this, the mushrooming population of geriatric people is also positively impacting the demand for fracture management in the region.
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Many Latin American countries are increasingly focusing on increasing their healthcare expenditure in order to develop patient-friendly products and improve clinical outcomes and the overall healthcare infrastructure. As per the World Bank, the healthcare expenditure of Brazil rose from 8.3% of its gross domestic product (GDP) in 2000 to 9.5% of its GDP in 2017. Other nations, such as Colombia, Argentina, and Mexico have also witnessed a sharp surge in their healthcare expenditure in recent years.
Similarly, the cost of a hip replacement surgery was $13,500 in Mexico in the same year. The low costs of these surgeries are fueling their popularity, which is, in turn, propelling the demand for fracture management solutions in Latin America. Metallic, plaster of Paris (POP), bioabsorbable, and synthetic are the most commonly used fracture management materials in the region. Amongst these, the demand for metallic materials was found to be the highest during the last few years.
This was due to the fact that a large number of products, such as rods, nails, and plating systems, that are majorly used for fracture management, are produced from metals, such as titanium and steel. In Latin America, the demand for fracture management was observed to be the highest in Brazil in the past years, and this trend is predicted to continue in the coming years as well. This is attributed to the improving healthcare infrastructure, increasing number of accident and sport-related injuries, and cost-effectiveness of knee and hip replacement surgeries in the country.
Hence, the demand for fracture management materials and therapies will soar in Latin America in the forthcoming years, primarily because of the rising incidence of osteoporosis and mushrooming population of geriatric people in the region.