The size of the minimally invasive surgical instruments market in Latin America is predicted to grow USD 2.19 billion by 2027 from USD 1.34 billion in 2022, growing at a CAGR of 10.40% from 2022 to 2027.
The rapidly growing aging population in Latin America increased vulnerability to such ailments, and the rising prevalence of chronic diseases can be blamed for the increasing number of surgeries. Furthermore, the increased popularity of minimally invasive procedures over traditional surgeries, the growing frequency of lifestyle-related and chronic illnesses, and technical developments contribute to the growth rate of the Latin American region's minimally invasive surgical instruments market.
Surgical procedures are a superior choice in most chronic illnesses since the senior population is more prone to orthopedic, cardiovascular, and ocular disorders. As a result, with the growing elderly population, demand for various surgical and interventional procedures is predicted to rise. Furthermore, manufacturers should benefit from increased investments by numerous organizations and hospitals to strengthen healthcare infrastructure. As a result, surgical wards in newly built hospitals are expected to be outfitted with innovative surgical equipment to provide a high standard of medical care, which is predicted to boost market expansion over the forecast period.
The minimally invasive surgical devices in Latin America are booming, especially in Mexico and Brazil.
As a result, market participants are investing more in clinical trials, the approval process is taking longer, and more funding is needed for in-depth post-marketing surveillance investigations. It also raises the potential of product recalls, particularly when companies lack the financial resources to conduct additional research to meet FDA data requirements. These delays also hamper the authorization market for less invasive surgical devices. Small manufacturers are likewise restricted from entering the market due to such regulatory adjustments.
This research report on the Latin American minimally invasive surgical instruments market has been segmented and sub-segmented into the following categories:
By End Users:
Geographically, the Latin American region accounted for a moderate share in the global market in 2020. However, this regional market is predicted to hike at a healthy growth rate during the forecast period due to the rising prevalence of chronic diseases, the presence of key players, the development of the healthcare sector, and advancements in diagnostic instrument technology in the region.
Mexico was the dominating region in Latin America in 2020 and is likely to maintain this trend over the projection period, with minor changes. The increasing incidence of neurological, cardiovascular, and other illnesses are among the reasons contributing to the region's rapid growth. The region's rising acceptance of minimally invasive operations.
KEY MARKET PLAYERS:
Companies playing a leading role in the Latin America minimally invasive surgical instruments market profiled in this report are Medtronic plc (Ireland), Ethicon, Inc. (U.S.), Aesculap, Inc. (Germany), Stryker Corporation (U.S.), Smith & Nephew (U.K.), ConMed Corporation (U.S.), Abbott Laboratories (U.S.), Applied Biomedical Resources Corporation (U.S.), Microline Surgical (Japan) and Zimmer Biomet (U.S.).
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