Minimally invasive surgeries (MIS) ensure that the patients have a reduced duration of hospital stay, minimal trauma and short recovery time as they are performed with minimal incision in the patient’s body. These above mentioned benefits associated with MIS along with reduced cost have increased its popularity among the healthcare professionals and patients in the Latin American region. MIS surgeries are performed for instances such as removal of plaque in the arteries of the heart or other vessels of peripheral organs such as kidneys, neck, lower extremities and brain. Minimal threat of infection and shorter length of scars are the major benefits associated with these surgeries over conventional surgery. Thus, owing to these advantages, Latin America MIS industry is witnessing significant transformation in the recent years and is expected to show rapid adoption by the physicians in the future. The MIS industry is majorly driven by innovation, aging population and rising demand for reduction in healthcare expenditure. Similarly, rapidly expanding population base and demand for cost effective products are some others reasons due to which the MIS industry is witnessing lucrative growth in the Latin American region.
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Minimally invasive surgeries are performed with the help of host of surgical instruments which comprises endoscopy devices, surgical devices and monitoring & visualization systems. Surgical devices accounted for the largest share of the MIS products followed by monitoring & visualization systems and endoscopy devices. The market for surgical devices comprises ablation devices, medical robotic systems and endoscopy devices. Ablation devices recorded the largest share in terms of revenue in 2013 due to the fact that ablation devices are used on a large scale for the treatment of various types of cancer. Medical robotic systems are anticipated to witness fastest growth rate during the forecast period. Surgical robot enhances the rate of accuracy and thus reduces the complication rate in surgeries. Furthermore, technological advancements which have expanded the usage of medical robots in wide range of applications and introduction of robots coupled with imaging systems would propel the growth of this market.
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Furthermore, the market for Latin America minimally invasive surgery market is segmented on the basis of different types of surgeries which includes orthopedic, breast, cosmetic, cardiac, thoracic, urological, bariatric, gastrointestinal and others. The market for cosmetic surgeries and orthopedic surgeries are expected to register highest and second highest growth rate respectively during the forecast period from 2014 to 2020. Increasing incidences of patients diagnosed with various orthopedic conditions such as arthritis and reduced bone density are likely to propel the demand for minimally invasive surgeries.
In the geographic arena, Brazil and Mexico in terms of revenue accounted for more than 50% of the total market share in 2013. Furthermore, during the forecast period the fastest growth rate of minimally invasive surgeries is expected to be centered in Mexico. This can be attributed to various factors such as increased patient awareness, geographic proximity, no language barrier, rise in geriatric population and increasing healthcare reforms. Other key reasons such as rising incidences of various diseases such as cardiovascular disorders, arthritis, cancer, kidney stone and others have expanded the target population base seeking MIS procedures.
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Siemens Healthcare, GE Healthcare, Medtronic, Inc., Teleflex, Stryker Corporation and others are some of the major players operating in this market. These companies have captured the market owing to their extensive technologically advanced product portfolio.
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