Medical Devices - Argentina | Statista Market Forecast

In 2024, the projected revenue in Argentina's Medical Devices market market is expected to reach US$5.55bn.
Among the various markets within the market, Cardiology_Devices is projected to be the largest, with a market volume of US$863.70m in the same year.
Looking ahead, the market is expected to grow at an annual growth rate of 4.66% (CAGR 2024-2029), resulting in a market volume of US$6.97bn by 2029.
When compared globally, it is worth noting that the United States is forecasted to generate the highest revenue, amounting to US$181.00bn in 2024.
This demonstrates the significant market potential and competitiveness within the Medical Devices market industry.
Argentina is experiencing a surge in demand for medical devices due to an aging population and increasing healthcare investments.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Argentina is experiencing significant growth due to several factors.

Customer preferences: Customers in Argentina are increasingly seeking advanced medical devices that offer improved accuracy, efficiency, and patient comfort. They are willing to invest in high-quality devices that can provide accurate diagnostic results and effective treatment options. Additionally, there is a growing demand for medical devices that are portable and user-friendly, allowing patients to monitor their health conditions at home.

Trends in the market: One of the key trends in the Medical Devices market in Argentina is the increasing adoption of digital health technologies. This includes wearable devices, telemedicine, and mobile health applications. These technologies enable remote monitoring of patients, facilitate communication between healthcare providers and patients, and improve access to healthcare services, especially in rural areas. The COVID-19 pandemic has further accelerated the adoption of digital health technologies, as it has highlighted the importance of remote healthcare delivery. Another trend in the market is the focus on innovation and research and development. Medical device companies in Argentina are investing in the development of new technologies and products to meet the evolving needs of healthcare providers and patients. This includes the development of minimally invasive surgical devices, advanced imaging technologies, and personalized medical devices. The aim is to improve patient outcomes, reduce healthcare costs, and enhance the overall quality of healthcare services.

Local special circumstances: Argentina has a well-established healthcare system that provides universal healthcare coverage to its citizens. This ensures that a large population has access to healthcare services, creating a significant demand for medical devices. Additionally, the country has a growing elderly population, which requires a range of medical devices for the management of chronic conditions and age-related ailments. The government is also taking steps to promote the use of medical devices by implementing policies and regulations that support innovation and investment in the healthcare sector.

Underlying macroeconomic factors: The Medical Devices market in Argentina is influenced by several macroeconomic factors. The country has been experiencing economic challenges in recent years, including high inflation rates and currency devaluation. This has led to increased healthcare costs and reduced purchasing power for consumers. However, the government has implemented measures to stabilize the economy and attract foreign investment, which is expected to positively impact the Medical Devices market. Furthermore, the COVID-19 pandemic has had a significant impact on the healthcare sector in Argentina. The government has increased healthcare spending to improve healthcare infrastructure and strengthen the healthcare system's response to the pandemic. This has created opportunities for medical device manufacturers and suppliers, as there is a greater need for medical devices such as ventilators, diagnostic equipment, and personal protective equipment. In conclusion, the Medical Devices market in Argentina is experiencing growth due to customer preferences for advanced and user-friendly devices, the adoption of digital health technologies, and the focus on innovation and research and development. The local special circumstances, including the well-established healthcare system and growing elderly population, further contribute to the market's development. Additionally, underlying macroeconomic factors, such as government policies and the impact of the COVID-19 pandemic, play a significant role in shaping the market dynamics.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.