Brazil Medical Devices Market is expected to grow at a CAGR of ~9.0% by 2023

Pune, India, February, 2017 /MRFR Press Release/- Market research future published a half-cooked research report on Brazil Medical Devices market. The Brazil Medical Devices market is expected to grow at a CAGR of ~9.0 % during the period 2017 to 2023.

Market Highlights

The World Health Organization (WHO) defines medical device as any instrument, apparatus, machine, appliance, implant, software, material etc. intended to be used for medical purposes and which does not achieve its primary intended action by pharmacological, immunological or metabolic means, but which may assisted these function.

The medical device industry of Brazil though one of the fastest growing is very import dependent with U.S. and Europe occupying the top slots. The market drivers for medical devices market are innovation, falling manufacturing costs and rising idle manufacturing capacity due to poor performance of defense electronic manufacturing in the U.S. Technology and product development remain the best market strategies with miniaturization and connectivity leading the way. Connected healthcare devices, healthcare mobile applications and internet of things seem to be the future of the sector. The market involves two sub segments one high-tech devices with extreme sophistication and another is the low tech improved devices. The Brazilian market is a cost conscious market and this fact is reflected in the greater growth of low tech medical devices as compared to hi-tech segment in the developed markets such as U.S. The greater growth of the low tech segment is a boon for another players such as China.

The market constraints are poor regulatory framework, growing concern for data security, differential connectivity between the developed and inaccessible regions of in Brazil, high cost of imported medical devices and high sales tariffs etc. The standardization of protocols and data together with issues of cross integration and compatibility of devices manufactured by different manufacturers remain a high technical barrier.

The market is extremely consolidated with only a handful of players and advanced products will extract a premium. For example silicone implants were rage when they were introduced and thus were quickly absorbed by the market with low marketing costs. Thus the medical devices segment prefer technological innovative companies with first comers at a considerable advantage.

Access Report Details @ https://www.marketresearchfuture.com/reports/medical-devices-market-2869

Brazil Medical Devices market:

The Brazil Medical Devices market is expected to generate good growth in future. The Brazil medical devices market is expected to grow with a CAGR of ~9.0% during the forecast period. The growth will be primarily channeled by the rising public healthcare expenditure and growing demand for these devices especially home use wearable’s.

The major participants of this market are: Johnson & Johnson, General Electric, Medtronic, 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 and others.

Regional Analysis

The public healthcare expenditure dominates and accounts for approximately 45% of total health expenditure in 2014. Poor quality and low manufacturing capacity of local manufacturing limited to consumables and ordinary articles makes Brazil extremely dependent on imports for medical devices. Thus imports account for approximately 75 % of total market for medical devices with U.S. medical device suppliers dominating the scenario with Europe in the second position. Among the regions of Brazil, São Paulo, Minas Gerais, Bahia, Rio de Janeiro and Parana tops the healthcare expenditure list. Latin America particularly Brazil is also notorious for its unusually large medical lifestyle market. According to International society of Aesthetic plastic surgeons Brazil and Mexico together account for greater plastic surgeries and non-surgical aesthetic procedures such as laser hair removal than the U.S. This is also a huge market driver for hi-tech medical devices such as implants.

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 Share, by End Users, 2016 (%):

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