Market Insights Health Medical Technology

Medical Devices - BRICS

BRICS

The projected revenue in the Medical Devices market market in BRICS, which includes Brazil, Russia, India, China, and South_Africa, is estimated to reach US$61.38bn in 2024.
Among the various markets in this market, Cardiology_Devices is expected to be the largest, with a projected market volume of US$7.57bn in 2024.
Over the period of 2024-2029, the revenue in the Medical Devices market market is anticipated to exhibit an annual growth rate of 7.62%, resulting in a market volume of US$88.60bn by 2029.
It is worth noting that when compared globally, the United States is projected to generate the highest revenue in the Medical Devices market market, amounting to US$181.00bn in 2024.
Brazil's medical device market is experiencing a surge in demand for advanced imaging technologies.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

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

Customer preferences: Customers in the BRICS countries have shown a growing preference for advanced medical devices that offer innovative features and improved patient outcomes. This is driven by the increasing awareness and demand for better healthcare services, as well as the rising disposable incomes in these countries. Customers are also seeking devices that are cost-effective and provide value for money.

Trends in the market: One of the major trends in the Medical Devices market in BRICS is the increasing adoption of digital health technologies. This includes wearable devices, telemedicine, and remote patient monitoring systems. These technologies enable healthcare providers to deliver personalized and efficient care, while also empowering patients to take control of their own health. The growing prevalence of chronic diseases in the BRICS countries has further fueled the demand for such devices. Another trend in the market is the focus on minimally invasive procedures. Customers are increasingly opting for medical devices that allow for less invasive surgeries and treatments, as they offer faster recovery times, reduced scarring, and lower risks of complications. This trend is particularly evident in the field of surgical instruments and implants, where advancements in technology have enabled the development of smaller and more precise devices.

Local special circumstances: Each of the BRICS countries has its own unique set of circumstances that influence the development of the Medical Devices market. For example, Brazil has a large and aging population, which has led to a higher demand for medical devices such as pacemakers and joint replacements. Russia, on the other hand, has a high prevalence of cardiovascular diseases, which has driven the demand for devices such as stents and defibrillators.

Underlying macroeconomic factors: The growth of the Medical Devices market in BRICS is also supported by favorable macroeconomic factors. These include the increasing investments in healthcare infrastructure, government initiatives to improve healthcare access, and the presence of a skilled workforce in the medical field. Additionally, the BRICS countries have been experiencing steady economic growth, which has resulted in higher healthcare spending and increased affordability of medical devices. In conclusion, the Medical Devices market in BRICS is witnessing significant growth and development due to customer preferences for advanced and cost-effective devices, the adoption of digital health technologies, the focus on minimally invasive procedures, local special circumstances, and favorable macroeconomic factors. As the healthcare needs of the BRICS countries continue to evolve, the demand for innovative medical devices is expected to further increase in the coming years.

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.