Market Research Future (MRFR) has published a research report about the Brazil medical devices market that adumbrates massive growth during the forecast period between 2017 and 2023, with a CAGR (Compound Annual Growth Rate) of 9%. In terms of cash, it is expected to grow from the current US $ 1100 mn to US $ 1844 mn by the end of the forecast period.
Brazil Medical Devices Market – Key Players
Some of the key players in this market are:
- Johnson & Johnson
- General Electric
- Koninklijke Philips Electronics NV.
- Baxter International
- Fresenius Medical Care AG & Co.
- Cardinal Health
- Boston Scientific Corporation
- St. Jude Medical Inc.
- Hitachi Medical Corporation
- Siemens Ltd
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Latest Industry News
Thubrikar Aortic Valve, Inc., a privately held medical device company is developing a next-generation Transcatheter Aortic Valve Implantation (TAVI) system. Its licensee, Labcor Laboratórios of Brazil, is set to receive an additional investment of $460,000 cash and a $500,000 promissory note, to widen the reach of TAVI when it gets released. Labcor is a world-renowned company that specializes in the manufacturing of biological prostheses.
InspireMD, Inc., a leader in embolic prevention systems (EPS), neurovascular devices, and thrombus management technologies that announced that CGuard™ EPS was featured at the SBHCI Congress. Sponsored by the Brazilian Society of Hemodynamics and Interventional Cardiology, SBHCI Congress took place in Curitiba, Brazil from June 13-15, 2018. It hosted approximately 1,200 participants including doctors from across Brazil and Central and South America.
Brazil Medical Devices Market – Highlights
When devices like injections and stethoscope entered the world of medical sciences, their roles were limited. Science made progress, and today there are various kinds of machines that are integral to medical sciences. Today, people judge how good, or bad the medical facilities in a region or a particular hospital are, on the basis of what kind of advanced medical devices are available in that hospital. Some hospitals justify expensive medical treatments as they want money to maintain all the sophisticated devices and big machines that they use for medical diagnosis and treatment.
However, due to more advanced devices are coming up every day, costs of devices with obsolete technology goes down. Today, the market for medical devices is rising due to various factors including advancements in connectivity and processing power of devices, cloud integration, demand for early detection and noninvasive therapies (like those for cancer), development of stronger biocompatible materials growth of healthcare mobile applications, growing awareness and spread of information technology (IT). Due to the falling cost of production, some medical devices are available today at nominal prices. Their usage can also boost the Brazil Medical Devices Market.
Brazil Medical Devices Market – Segments
Brazil Medical Devices Market has been segmented on the basis of product type which comprises monitoring devices, diagnostic devices, diagnostic molecular devices, drug delivery devices, surgical devices, bio implants and stimulation devices, automation and robotics and others. On the basis of therapeutic application; market is segmented into general surgery, diagnostic imaging, respiratory, orthopedics, cardiovascular, dental, neurology, ophthalmology, ear-nose-throat (ENT), nephrology and urology, and others. On the basis of end users; market is segmented hospitals, ambulatory and home.
Brazil Medical Devices Market – Regional Analysis
The healthcare sector of Brazil is divided between private and state with the public healthcare accounting for approximately 45% of total health expenditure in 2014. Local manufacturing represents a poor outlook which is limited to consumables and ordinary articles and there are a handful of high-tech devices manufacturers.
Another important factor to be considered is the extreme dependency of Brazil on imports which account for approximately 75% of total market for medical devices. U.S. medical device suppliers dominate the scenario with Europe in the second position.
China is expected to substitute the western nations especially in low end devices which will be the fastest segment. Among the regions of Brazil, São Paulo, Minas Gerais, Bahia, Rio de Janeiro and Parana tops the healthcare expenditure list. The differential healthcare regional availability in Brazil with extreme social and economic differentiation of the Brazilian population are further threats to the market. Brazil also has poor healthcare in its vast rural areas with a few cities dominating the scenario such as São Paulo.
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