Latin American minimally invasive surgery market to grow at CAGR of 10.8% over 2014-2020
According to a report published by Transparency Market Research, the minimally invasive surgery market of Latin America will grow at a CAGR of 10.8% during 2014-2020 to reach USD 1.92 billion by 2020. The market is growing at a rapid pace in the region owing to the benefits of minimally invasive surgery such as less discomfort due to small incisions, short hospital stay, quick recovery and less cost. Surgical medical robots are also expected to record a significant growth over 2014-2020. Mexico and Brazil led the market for minimally invasive surgery in the region with more than 50% share in 2013. The report suggests that Mexico will be the fastest growing market of the region over 2014-2020 due to geographic vicinity, rising patient cognizance, minimal language barrier, increasing elderly population, and improving healthcare services. According to the International Society of Aesthetic Plastic Surgery, Brazil surpassed the US region in numbers of annual cosmetic surgeries. Brazil witnessed a sharp rise of 120% in number of plastic surgeries from 2009 to 2012. The market is categorized into monitoring & visualization devices, endoscopy devices, and surgical devices (medical robotics surgery, electrosurgical devices, and ablation devices) on the basis of types of devices used in minimally invasive surgeries. The cardiac surgery market reported the highest revenue share in the minimally invasive surgery market in 2013 among all minimal invasive surgeries. The cosmetic surgery market as well as the orthopedic surgery market are projected to record highest and second highest growth respectively over 2014-2020. Increasing cases of patients diagnosed with orthopedic disorders such as arthritis and reduced bone density are estimated to bolster demand for minimally invasive surgery.
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