Medical Devices Market Size, Growth, Trends and Share Analysis By Product Type (Diagnostic Molecular Devices, Drug Delivery Devices, Surgical Devices, Monitoring Devices, Diagnostic Devices, Bio Implants and Stimulation Devices, Automation and Robotics), Therapeutic Application (General Surgery, Diagnostic Imaging, Respiratory, Orthopedics, Cardiovascular, Dental, Neurology, Ophthalmology, Ear-Nose-Throat (ENT), Nephrology and Urology), End Users and Key Players Till 2023
The Medical Devices Market in Brazil is expected to exhibit a strong CAGR of 9% over the forecast period from 2018 to 2023, says Market Research Future (MRFR). The U.S. is the leading exporter of medical devices to Brazil, followed by Europe. However, growing government investment in technological development and product development has been a major driver for the medical devices market over the last few years. The medical devices market is expected to witness significant growth due to increasing government intervention in the healthcare sector and the rising willingness among Western medical device manufacturers to invest in the burgeoning Brazilian economy.
The medical devices market is mainly dependent on imports, as the manufacturing of medical devices remains a low-volume industry in the country. Brazil’s government is looking to develop a strong medical devices industry in order to combat the dependence on foreign imports. This is likely to be a strong driver for the Brazil medical devices Industry over the forecast period. China has also emerged as a key exporter of medical devices to Brazil due to the growing demand for low-end medical devices. This has created a strong competition between Western powers such as the U.S. and Europe and China to make the most of the growing medical devices market in Brazil.
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The increasing development of electronic products, mobile telecom network, and cloud computing in Brazil is likely to be a major driver for the medical devices Industry in the country over the forecast period. The increasing demand to increase domestic manufacturing of medical devices in Brazil is also likely to be a key driver for the Brazil medical devices market over the forecast period.
Leading players in the medical devices market include Siemens Ltd., Hitachi Medical Corporation, St. Jude Medical Inc., Boston Scientific Corporation, Cardinal Health, Fresenius Medical Care AG & Co., Baxter International, Koninklijke Philips Electronics NV, Medtronic, General Electric, and Johnson & Johnson. Leading players in the medical devices Industry are likely to focus on developing local manufacturing capacities in Brazil in the coming years, as the increasing demand from the Brazilian government for cheap, local manufacturing has led to a growing movement in the market. Leading players in the Brazil medical devices market are also likely to focus on developing strong telehealth networks in the coming years, as telecom capabilities in Brazil are increasing steadily.
In September 2019, SCIEX announced its LC-MS/MS systems have received approval from ANVISA, the Brazilian health regulatory agency.
The medical devices market is segmented on the basis of
- End User
By product type, the medical devices market is segmented into
- Monitoring devices
- Diagnostic devices
- Diagnostic molecular devices
- Drug delivery devices
- Surgical devices
- Bioimplants and stimulation devices
By therapeutic application, the medical devices market is segmented into
- General Surgery
- Diagnostic imaging
- Respiratory problems, orthopedics
- Cardiovascular concerns
- Dental neurology
By end use, the medical devices Industry is segmented into
- Ambulatory care
- Home care
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The leading regional entities in the Brazil medical devices market include
- Sao Paulo
- Minas Gerais
- Rio de Janeiro
The lack of strong medical infrastructure in rural areas of the country is likely to be a key concern for the market over the forecast period.
The report tackles various questions about
- Medical devices market size and propensity for growth
- Medical devices market report delivering a comprehensive overview of the major drivers and restraints affecting the market.
- The leading players in the medical devices market are also profiled in the report, giving readers a thorough look into the market’s competitive landscape and dynamics.
- Major strategies used by leaders in the medical devices market are profiled in the report in order to provide readers an overview of the competitive landscape of the market
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