Albany, NY -- (SBWIRE) -- 09/28/2018 -- The minimally invasive surgery is that type of surgery, which is performed with smaller incisions on the patient's body using technically advanced devices and tools. At present, minimally invasive surgery market in Latin America is getting momentum at a rapid pace as a minimally invasive surgery enables short hospital stay and quick recovery as compared to a traditional surgery. Minimally invasive surgery is being popular among the patients and the healthcare professionals as these surgeries involve very small incision giving less discomfort as well as ensuring quick recovery of the patient. Also the cost included is much lesser in these surgeries compared to the conventional surgeries.
The Latin American minimally invasive surgery market was worth US$925 million and is estimated to grow at 10.8% CAGR during the 2014 to 2020 to reach a market value of US$1,927.4 million by 2020.
Analyzing the Latin American Minimally Invasive Surgery Market
The Latin American minimally invasive surgery market is analyzed on the basis of types of devices used, the types of surgeries involved, and the geographical distribution.
The device segment is classified into monitoring and visualization devices, endoscopy devices, and surgical devices (medical robotics surgery, electrosurgical devices, and ablation devices). The surgical devices segment held the largest minimally invasive surgery market share in 2013. This high percentage share is credited to extensive usage of surgical devices while carrying out majority of the minimally invasive surgeries such as cancer and pain management. Additionally, surgical medical robots are likely to experience maximum growth rate among the surgical devices during 2014 to 2020. This growth is mainly credited to rising acceptance of medical robots and introduction of new robots with a wider range of application areas.
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On the basis of different types of surgeries, the Latin American minimally invasive surgery market is categorized into breast, orthopedic, cosmetic, thoracic, cardiac, bariatric, urological, gastrointestinal, and others. Cardiac surgery market registered the largest revenue share in minimally invasive surgery market in 2013 amongst all types of surgeries being performed by minimal invasion technique. However, the cardiac surgery market is likely to drop its market share, which would be offset by the growing demand for cosmetic surgeries in the Brazilian and Mexican market. The cosmetic surgery market and orthopedic surgery market are likely to record highest and second highest growth rate respectively during 2014 to 2020. Rising incidences of patients diagnosed with a range of orthopedic conditions such as arthritis and reduced bone density are expected to boost up the demand for minimally invasive surgery.
Geographically, Mexico and Brazil accounted for more than 50% of the total minimally invasive surgery market share in 2013. Additionally, during 2014 to 2020, Mexico is likely to be the fastest growing minimally invasive surgery market. This can be credited to several factors such as geographic proximity, growing patient awareness, minimal language barrier, increase in geriatric population, and rising healthcare reforms. As stated by the International Society of Aesthetic Plastic Surgery, Brazil exceeded the U.S region in 2013, in number of cosmetic surgeries carried out yearly. In addition to this, the number of plastic surgeries increased by 120% in Brazil, between 2009 and 2012.
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Key Players of Latin American Minimally Invasive Surgery Market
Siemens Healthcare, Abbott Laboratories, Inc., GE Healthcare, Biomet, Inc., Medtronic, Inc., Covidien plc, Teleflex, DePuy Synthes, Inc., Stryker Corporation, Philips Healthcare, and Varian Medical Systems, Inc. are some of the major players operating in minimally invasive surgery market in Latin America. These companies have captured the market owing to their extensive technologically advanced product portfolio.
Introduction of technically advanced products that provide improved visualization during the surgery is one important factor due to which the minimally invasive surgery market would see a surge in the future.
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