Technical Progression to Boost Latin American Minimally Invasive Surgery Market Growth
The Latin America minimally invasive surgery market is expected to progress at a CAGR of 10.80% between 2014 and 2020. The market was valued at US$925 mn in 2013 and is expected to reach US$1.93 bn by the end of 2020, as mentioned in a research report released by Transparency Market Research, titled “Latin America Minimally Invasive Surgery Market – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”.According to the report, the primary growth driver of the Latin America minimally invasive surgery market is the large-scale use of advanced surgical instruments in the recent years. This market provides the benefit of performing low-cost surgeries, adding to its rate of preference.
The increase in preference of minimally invasive surgeries in Latin America is also attributed to the higher rate of patient comfort in terms of surgical discomfort and reduction in duration of their hospital stay.The report segments the Latin America minimally invasive surgery market according to the categories of product types, type of surgery, and country. From the point of view of product types, the Latin America minimally invasive surgery market was dominated by surgical devices in 2013. This is attributed directly to the growing use of advanced surgical tools that reduce the need for invasive surgery. The fastest growth rate in the product segment is attributed to medical robots.
In terms of types of surgeries, the Latin America minimally invasive surgery market was led by cardiac surgery in 2013 according to revenue. However, the report states that this segment is expected to decline in market share owing to the rapid rate of increase of cosmetic surgeries in Brazil and Mexico. The segments of orthopedic and cosmetic surgeries are expected to witness the fastest rate of growth within the report’s forecast period.
Regionally, the Latin America minimally invasive surgery market was led by Brazil and Mexico as the two nations collectively held over 50% of the market in 2013. Mexico is expected to show the fastest growth rate within the report’s forecast period, followed closely by Brazil.The report cites figures by the International Society of Aesthetic Plastic Surgery, which states that there was a 120% increase in the number of cosmetic surgeries in Brazil between 2009 and 2012. This favors the Latin America minimally invasive surgery market to a large extent.
Key players in the Latin America minimally invasive surgery market are Stryker Corporation, Abbott Laboratories, Inc., Varian Medical Systems, Inc., Siemens Healthcare, GE Healthcare, Medtronic, Inc., Teleflex, Covidien plc, DePuy Synthes, Inc., Biomet, Inc., and Philips Healthcare. The top companies of the Latin America minimally invasive surgery market all possess highly advanced product portfolios which allow them to take up larger share in the market.