Report : South America Micro-Surgical Robot Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Instruments and Accessories), Application (Urology Surgery, Plastic Reconstructive Surgery, Ophthalmic Surgery, Neurosurgery, Lymphatic Surgery, ENT Surgery, and Other), and End User (Hospitals and Clinics, Ambulatory Surgical Centers, Research Institutes, and Others)
At 10.1% CAGR, the South America Micro-Surgical Robot Market is speculated to be worth US$ 131.13 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America micro-surgical robot market was valued at US$ 66.86 million in 2022 and is expected to reach US$ 131.13 million by 2028, registering an annual growth rate of 8.8% from 2022 to 2028. Increasing popularity of minimally invasive surgical procedures and advantages of robotic surgeries in terms of accuracy, repeatability, control, and efficiency.
Minimally invasive surgeries are associated with less pain, lower complications, shorter hospital stays, and quicker recovery. The minimally invasive procedures can be incorporated into cardiothoracic, heart, and pediatric surgeries; gastroesophageal reflux treatments; gastroenterology procedures; gynecological surgery; urogynecology and pelvic reconstructive surgeries; urological surgeries; and so on. As per a report from the Agency for Healthcare Research and Quality, ~450,000 hip replacement surgeries are performed in the US each year. As per a report published Jan 2020 in JAMA Network Open, robot-assisted treatments accounted for 15.1 percent of all general surgeries in 2018, up from 1.8 percent in 2012. Researchers examined clinical registry data from 169,404 patients who had robotic, open, or laparoscopic surgeries at 73 hospitals across Michigan between January 2012 and June 2018. The information comes from the Michigan Surgical Quality Collaborative, a collaboration between hospitals and Blue Cross/Blue Shield of Michigan that focuses on surgical care quality improvement. The increasing number of surgical procedures creates a demand for microsurgical robots. An increase in demand for laparoscopic surgeries is likely to encourage developments in the microsurgical robot market. This technique enables doctors to adopt minimally invasive procedures instead of open surgical procedures in complex operations, reducing risk to patients and improving recovery time. A rise in the geriatric population is another factor adding to the demand for minimally invasive surgeries. Elderly individuals are more susceptible to chronic diseases, and their bodies are not strong enough to survive complicated open surgeries. Cancer and diabetes are among the leading causes of mortality across the South America. Therefore, the rising demand for minimally invasive surgeries due to the staggering prevalence of chronic medical conditions and the rising number of surgical procedures drives the growth of micro-surgical robot market. This is expected to drive the market during the forecast period.
On the contrary, high cost of micro-surgical robots hurdles the growth of South America micro-surgical robot market.
Based on component type, the South America micro-surgical robot market is divided into instruments and accessories. The instruments micro-surgical robot segment held 65.7% market share in 2022, amassing US$ 43.93 million. It is projected to garner US$ 87.36 million by 2028 to expand at 10.3% CAGR during 2022–2028.
Based on application type, the South America micro-surgical robot market is categorized into urology surgery, plastic reconstructive surgery, ophthalmic surgery, neurosurgery, lymphatic surgery, ENT surgery, and other. The urology surgery segment held 27.2% market share in 2022, amassing US$ 18.21 million. It is projected to garner US$ 41.49 million by 2028 to expand at 12.5% CAGR during 2022–2028.
Based on end user, the South America micro-surgical robot market is categorized into hospitals and clinics, ambulatory surgical centers, research institutes, and others. The hospitals and clinics segment held 51.0% market share in 2022, amassing US$ 34.09 million. It is projected to garner US$ 68.82 million by 2028 to expand at 10.6% CAGR during 2022–2028.
Based on country, the South America micro-surgical robot market has been categorized into the Brazil, Argentina, and Rest of South America. Our regional analysis states that Brazil captured 55.4% market share in 2022. It was assessed at US$ 37.02 million in 2022 and is likely to hit US$ 76.04 million by 2028, exhibiting a CAGR of 10.8% during the forecast period.
Key players dominating the South America micro-surgical robot market are Microsure B.V; Stryker Corporation; Intuitive Surgical; Medtronic; Ethicon (Johnson & Johnson Services, Inc.); and Zimmer Biomet among others.
- In Feb 2020, Intuitive Acquires Orpheus Medical to Expand Informatics Platform for Hospitals.
- In May 2022, Ethicon’s MONARCH Endoscopic Robotic Platform Receives FDA 510(k) Clearance for Urology Procedures.
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