Albany, NY, March 13, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Latin America Minimally Invasive Surgery Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" in 2013, the Latin America minimally invasive surgery market was valued at USD 925 million and is expected to grow at a CAGR of 10.8% during the forecast period of 2014 to 2020 to reach a market value of USD 1,927.4 million by 2020.
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Presently, minimally invasive surgeries (MIS) are gaining momentum at a rapid pace over conventional surgeries as they enable short hospital stay and quick recovery. These surgeries are grabbing attention of healthcare professionals over conventional surgeries in hospitals because these surgeries involve tiny incision and provide less discomfort to the patients. As it ensures patients' quick recovery, reduced cost and less discomfort, MIS is gaining popularity among the patient pool. The significant growth of this market is due to increasing incidences of cancer, arthritis, cardiovascular disorders and other chronic diseases. Moreover, due to advent of minimally invasive surgeries, demand for outpatient surgeries or increase in number of outpatient centers have also dramatically increased in the last few years.
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Latin America minimally invasive surgery market is segmented on the basis of various devices namely endoscopy devices, monitoring and visualization devices and surgical devices (electrosurgical devices, ablation devices and medical robotics surgery). Of the entire type of devices, surgical devices segment accounted for the largest share of the market in 2013. This high percentage share is attributed to extensive utilization of surgical devices while performing majority of the minimally invasive procedures such as cancer and pain management. Furthermore, amongst the surgical devices, surgical medical robots are expected to witness highest growth rate during the forecast period. This growth is mainly attributed to growing adoption of medical robots and introduction of new robots with wide range of application areas.
Similarly, cardiac surgery recorded the largest revenue share in 2013 among all types of procedures being performed through minimal invasion. However, this segment is expected to lose its market share which would be offset by the increasing demand for cosmetic surgeries in the Brazil and Mexico market. According to the International Society of Aesthetic Plastic Surgery in 2013, Brazil surpassed the U.S region in number of cosmetic procedures performed annually. Additionally, in Brazil the number of plastic surgeries increased by 120% between the period of 2009 and 2012. Likewise, introduction of technologically advanced products which provide better visualization during the surgery are other factors due to which the market for minimally invasive surgeries would see a surge in the future.
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Brazil accounted for the largest share by revenue for minimally invasive surgery in the year 2013 owing to large number of geriatric population and presence of large number of medical training institutes. However, Mexico is expected to show highest growth rate of over 10% from 2014 to 2020. This is attributed to geographic proximity from the U.S region which facilitates migration of the patients from the U.S region coupled with favorable government initiatives.
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The Latin America minimally invasive surgery market is currently highly fragmented and is dominated by multinational players that include GE Healthcare, Siemens Healthcare, Medtronic, Inc., Biomet, Inc., Philips Healthcare, Stryker Corporation and others.
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The Latin America minimally invasive surgery market has been segmented as below:
Latin America Minimally Invasive Surgery Market, by Product Types
- Ablation Devices
- Radiofrequency Ablation
- Microwave Ablation
- Electrosurgical Devices
- Medical Robotic Systems
Monitoring & Visualization Devices
- X-Ray Devices
- Computed Tomography (CT) Scanners
- Magnetic Resonance Imaging (MRI) Equipment
Latin America Minimally Invasive Surgery Market, by Type of Surgery
- Orthopedic Surgery
- Spinal Surgery
- Joint Replacement Surgery
- Cosmetic Surgery
- Breast Surgery
- Vascular Surgery
- Thoracic Surgery
- Gynecological Surgery
- Bariatric Surgery
- Cardiac Surgery
- Gastrointestinal Surgery
- Urological Surgery
Latin America Minimally Invasive Surgery Market, by Country
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Source:Transparency Market Research