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 million to US $ 1844 million 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
- Jude Medical Inc.
- Hitachi Medical Corporation
- Siemens Ltd
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.
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Brazil Medical Devices Market – Highlights
The Medical Device is one of the fastest growing segments of healthcare industry mainly driven by innovations and new technologies. The sector, witnessing a fabulous growth and emergence of state-of-the-art medical devices has completely revolutionized the perception of healthcare.
Factors such as favorable reimbursement policies, coupled with the ongoing product development & commercialization help boosting the market growth. Developments of products and technologies remain one of the main pillars for the growing market of medical devices. Most innovations transpired in the medical devices are based on solving the engineering problem.
Development of stronger and biocompatible materials led the growth of the bio-implants segment, while advancements in connectivity and processing power led the growth of diagnostic imaging sector. The other drivers of medical device market are rising cost of healthcare which stimulated the development of innovative connected products such as wearable medical devices, falling cost of production and increasing manufacturing capacities in electronic industry, demand for early detection and non-invasive therapies, etc.
On the other hand, factors such as stringent and unclear regulatory framework, along with the growing data security concerns for especially, connectivity issues between underdeveloped and developing regions, etc. are expected to inhibit the market growth.
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 – 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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