Report : South & Central America Neurosurgical Robotics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component [Equipment/System (Robot Machines, Navigation System, Planner & Simulators, and Others), Accessories, and Services], Application [Spinal (Laminectomy, Discectomy, Spinal Fusion, Disc Replacement, Foraminotomy, and Others) and Cranial (Craniotomy, Brain Biopsy, Thermal ablation of Seizure and Others)], Surgery Type (Minimally Invasive and Open Surgery), and End User (Hospitals, Specialty Clinics, and Others)
At 14.9% CAGR, the South & Central America Neurosurgical Robotics Market is speculated to be worth US$ 281.88 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America neurosurgical robotics market was valued at US$ 122.23 million in 2022 and is expected to reach US$ 281.88 million by 2028, registering an annual growth rate of 14.9% from 2022 to 2028. Rising number of product developments and approvals including rising nanorobots technology are the critical factors attributed to the market expansion.
During the next 30 years, scientists are aiming to develop safe nanorobots for real-time interface tasks between the human brain and biological & nonbiological computing systems. It will lead to creation of brain-to-brain interfaces and brain–computer interfaces, in particular brain–cloud interfaces. Additionally, current preclinical studies are analyzing biocompatibility and security and adequate materials for nanorobot production. Thus, continuous research in nanorobots for neurosurgical procedures are expected to fuel the growth of the neurosurgical robotics market during the forecast period
On the contrary, high installation costs of neurosurgical robotics hurdles the growth of South & Central America neurosurgical robotics market.
- Based on component, the South & Central America neurosurgical robotics market is segmented into equipment/system, accessories, and services. The equipment/system segment is further segmented into robot machines, navigation system, planner & simulators, and others. The accessories segment is anticipated to hold the largest share of the market in 2022 with a share of 45.6%, amassing US$ 55.74 million. It is projected to garner US$ 127.48 million by 2028 to expand at 14.8% CAGR during 2022–2028.
- The South & Central America neurosurgical robotics market, based on application, is segmented into spinal and cranial. Spinal application is further segmented into spinal fusion, laminectomy, disc replacement, discectomy, foraminotomy, and others. The cranial segment is also subsegmented into brain biopsy, thermal ablation of seizure, surgical treatment of movement disorders, and others. In 2022, the spinal segment is anticipated to hold the largest share of the market, with a share of 61.0%, amassing US$ 74.60 million. It is projected to garner US$ 175.88 million by 2028 to expand at 15.4% CAGR during 2022–2028.
- The South & Central America neurosurgical robotics market, based on surgery type, is segmented into open and minimally invasive. In 2022, the minimally invasive segment is anticipated to hold a larger share of the market in 2022 with a share of 82.1%, amassing US$ 100.39 million. It is projected to garner US$ 243.89 million by 2028 to expand at 15.9% CAGR during 2022–2028.
- Based on end user, the South & Central America neurosurgical robotics market is segmented into hospitals, specialty centers, and others. In 2022, the hospitals segment is anticipated to hold the largest share of the market with a share of 64.5%, amassing US$ 78.85 million. It is projected to garner US$ 178.82 million by 2028 to expand at 14.6% CAGR during 2022–2028.
Our regional analysis states that Brazil captured 58.7% market share in 2022. It was assessed at US$ 71.77 million in 2022 and is likely to hit US$ 169.60 million by 2028, exhibiting a CAGR of 15.4% during the forecast period.
Key players dominating the South & Central America neurosurgical robotics market are Accuray Incorporated; B. Braun Melsungen AG; Brainlab AG; Globus Medical, Inc.; Medtronic; Renishaw plc; NuVasive, Inc.; and Zimmer Biomet.
Below are listed a few recent key developments by major market players:
- In April 2022, Medtronic announced a partnership to interface Surgical Theater's SyncAR augmented reality (AR) technology with Medtronic's StealthStation S8 surgical navigation system.
- In Nov 2020, Medtronic announced that it had completed its friendly tender offer for France-based Medicrea International
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