As per the report, the size of the Medical Robots Market in Latin America to have a market value of USD 0.96 billion in 2022 and is forecasted to exhibit a CAGR of 22.13% and reach USD 2.62 billion by 2027.
The Medical Robots market is exhibiting significant potential in the given forecast period. The market continues to show growth with an increase in technological advancements in healthcare and pharma, which has, in turn, helped doctors cure patients with ailments that can’t be cured as effectively by a human surgeon. Hence, more and more companies have shown interest in this market lately.
Medical Robots are robots that are used in the field of medical sciences. There are different types of medical robots like surgical robots and others. These robots assist in carrying out the task with better precision than an unaided human surgeon and provide remote surgery if a human surgeon isn’t available.
The advancements in technological the healthcare sector are one of the major factors driving the medical robot market. Other key factors contributing to the market's growth include increased funding for medical robot research, growing hospital investments in Medical Robots, issuance of Ipos by Medical robot companies, and the advantages offered by Robot-Assisted Training in Rehabilitation Therapy.
Besides these, there are a few challenges and restraints faced by the market as well. The major ones are the high cost of Robotic Systems with unjustified cost benefits of Robotic Surgery and safety concerns over Robotic Surgery Devices.
This research report on the Latin American medical robot market has been segmented & sub-segmented into the following categories:
By Product:
By Application:
By Country:
Geographically, the Latin American market is estimated to grow at a healthy rate during the forecast period. The market growth is attributed to the increase in the use of robotic surgical systems across Tier-1 hospitals, the desire for highly efficient replacement components, and the other factor is that the surgical robotics sector is accounted for the biggest share of the medical robotics market. Therefore, it is estimated to see an increase in the market share of the medical robots in the Chile, Mexico, Brazil, and Argentea regions.
The Brazilian medical robots market held the largest share of the Latin American market in 2020, and it is anticipated to account for a prominent share during the forecast period. The surgical and medical robot market is also being driven by the rising demand for automation in the healthcare industry and the shifting trend toward advanced robotic procedures. In addition, due to a rise in the number of procedures performed in the general surgery category across the region. Also, due to the rise in the new advancements and developments in technology and the equipment that assists medical robots in providing cost-effective treatments and drugs, which will help fuel market expansion in the medical robot market.
On the other hand, Mexico and Argentina are expected to witness a promising share in the Latin American regional market during the forecast period due to the increase in the prevalence of chronic diseases like cancer, cardiovascular diseases, etc., the rise in the geriatric population in these regions is increasing the market growth in the market.
KEY MARKET PLAYERS:
A few of the notable market participants operating in the Latin American medical robots market covered in this report are Intuitive Surgical Inc., Hocoma AG, Hansen Medical Inc, Mazor Robotics Ltd, Accuray Incorporated, Arxium, Stryker Corporation, EKSO Bionics Holdings Inc., Omnicell Inc., and Kirby Lester LLC.
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