Medical Technology - BRICS

BRICS

The projected revenue in the Medical Technology market market in BRICS is expected to reach US$75.08bn by 2024.
Among the various markets, Medical Devices is the largest market with a projected volume of US$61.38bn in 2024.
Looking ahead, the revenue is anticipated to grow at an annual growth rate of 6.98% (CAGR 2024-2029), resulting in a market volume of US$105.20bn by 2029.
It is worth noting that in a global comparison, the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
The Medical Technology market market in BRICS holds significant potential within this dynamic industry.
Brazil's medical technology market is experiencing rapid growth due to increased investment in research and development.

Key regions: United States, Germany, China, Japan, France

Market

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Currency

Analyst Opinion

The Medical Technology market in BRICS is experiencing significant growth and development due to several factors.

Customer preferences: Customers in the BRICS countries have shown a growing preference for advanced medical technology products and services. They are increasingly seeking innovative and technologically advanced solutions for healthcare, including medical devices, diagnostic equipment, and digital health solutions. This preference is driven by the increasing awareness about the benefits of early diagnosis and treatment, as well as the desire for better healthcare outcomes.

Trends in the market: One of the key trends in the Medical Technology market in BRICS is the adoption of digital health solutions. These solutions, including telemedicine, remote patient monitoring, and electronic health records, are gaining popularity due to their ability to improve access to healthcare, reduce costs, and enhance patient outcomes. Additionally, there is a growing trend towards personalized medicine, with the use of genetic testing and precision medicine becoming more common in the BRICS countries.

Local special circumstances: Each BRICS country has its own unique set of circumstances that contribute to the development of the Medical Technology market. For example, in Brazil, the government has implemented policies to promote the local production of medical devices, which has led to increased investment in the sector. In Russia, there is a focus on the development of high-tech medical equipment and the establishment of medical technology clusters. India, on the other hand, is witnessing a rise in medical tourism, which is driving the demand for advanced medical technology.

Underlying macroeconomic factors: Several macroeconomic factors are driving the development of the Medical Technology market in BRICS. The growing middle class in these countries, along with increasing disposable incomes, is fueling the demand for better healthcare services and products. Additionally, the aging population in BRICS countries is driving the need for medical technology solutions that can address age-related health issues. Furthermore, government initiatives and policies aimed at improving healthcare infrastructure and access to healthcare are also contributing to the growth of the Medical Technology market in BRICS. In conclusion, the Medical Technology market in BRICS is experiencing significant growth and development due to customer preferences for advanced healthcare solutions, the adoption of digital health solutions, local special circumstances in each BRICS country, and underlying macroeconomic factors such as the growing middle class and aging population. These factors are driving the demand for medical technology products and services in the BRICS countries, creating opportunities for both domestic and international players in the market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.