Albany, NY -- (SBWIRE) -- 10/09/2018 -- Transparency Market Research (TMR) has released a new report on the Latin America minimally invasive surgery market. The report examines various components of the market and presents an overview of the factors expected to affect the market's trajectory in the coming years. The report is titled 'Latin America Minimally Invasive Surgery Market – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020' and is available for sale on the official website of TMR.
According to the report, the Latin America minimally invasive surgery market is expected to exhibit a robust 10.8% CAGR from 2014 to 2020. The market was valued at US$925 mn in 2013 and is expected to more than double over the forecast period, reaching a value of more than US$1.9 bn by 2020.
Minimally invasive surgeries are surgical procedures performed by making as few incisions on the patient's body as possible. The reduction in blood loss and the increased ease and decreased duration of post-surgical care are the major benefits minimally invasive surgeries hold over conventional surgeries. Minimally invasive surgeries are thus more convenient for the patients, both during the procedure and after. These are crucial factors in the growth of the global minimally invasive surgery market.
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Latin America is an important emerging region and contains many dynamic economies such as Brazil and Mexico. The steady economic growth of countries in the region has allowed governments to financially support large-scale adoption of minimally invasive surgeries. The higher cost of minimally invasive surgeries in comparison to conventional surgeries is the major restraint on the market at present. Additionally, making minimally invasive surgeries the norm rather than the outlier will require steady support from governments in Latin America.
However, the increasing GDP of the region has resulted in a growth in the disposable income of consumers, which will drive the Latin America minimally invasive surgery market in the coming years. The expected growth of the geriatric population in Latin America, as healthcare services become affordable and effective, will also drive the minimally invasive surgery market.
By product type, the Latin America minimally invasive surgery market was dominated by the surgical devices segment in 2013. Monitoring and visualization devices are crucial in minimally invasive surgeries in order to understand the structure of the internal organs being operated upon. It was the second largest product segment of the Latin America minimally invasive surgery market for 2013.
By type of surgery, the market for minimally invasive surgery in Latin America is divided into cardiac, thoracic, cosmetic, breast, bariatric, orthopedic, urological, gastrointestinal, and other surgeries. Of these, cosmetic surgeries are expected to exhibit the fastest rise in demand over the forecast period. The increasing urbanization and the consequent acceptance of Western values in Latin America are responsible for the increasing desire of consumers to retain a younger appearance. Orthopedic surgeries are also expected to exhibit a steady growth in demand due to the increasing prevalence of orthopedic conditions.
Regionally, Brazil and Mexico were the largest national segments of the Latin America minimally invasive surgery market, accounting for more than half the revenue of the market in 2013. Mexico is likely to remain the major hub in the Latin America minimally invasive surgery market in the coming years, due to the relatively easy access to advanced technology and the increasing purchasing power of consumers.
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Major companies examined in the report include GE Healthcare, Teleflex, Medtronic, Inc., Siemens Healthcare, and Stryker Corporation.
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