Developing strategies for decision-making related to health technology assessment (HTA) of medical devices in Latin America is a crucial aspect of the health field in the region. Therefore, the paper aimed to conduct a literature review to identify the methodologies and decision-making tools to evaluate medical devices in the Latin American region. Articles were searched in PubMed, ScienceDirect, Web of Science (WoS), and IEEE Xplore databases. A manual search in the gray literature through Google Scholar, examining thesis repositories, university journals, and INAHTA and RedETSA websites was also performed. The findings of this review indicate that about one-third of Latin American countries have developed decision-making methods and organizational approaches related to the assessment of medical devices. These tools have proven to help stakeholders make informed, evidence-based decisions that balance specific contextual scenarios. Therefore, it is crucial to promote the creation of HTA methodologies and resources that ensure the safety and efficacy of medical devices while optimizing the limited resources available in the region’s healthcare systems.