Cardiology Devices - Brazil | Statista Market Forecast

In Brazil, the revenue in the Cardiology Devices market market is estimated to reach US$1.55bn in 2024.
This projection indicates an annual growth rate (CAGR 2024-2029) of 8.10%, leading to a market volume of US$2.29bn by 2029.
It is worth noting that, in a global context, the United States is expected to generate the highest revenue of US$25.77bn in 2024.
Brazil's cardiology device market is experiencing steady growth due to an increase in government investments and a growing aging population.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Brazil is experiencing significant growth due to several key factors.

Customer preferences: Customers in Brazil have shown a strong preference for advanced and innovative cardiology devices. They value products that are technologically advanced, reliable, and provide accurate results. Additionally, customers in Brazil prioritize affordability, as they seek cost-effective solutions without compromising on quality.

Trends in the market: One of the major trends in the Cardiology Devices market in Brazil is the increasing demand for minimally invasive procedures. This trend is driven by several factors, including the desire for faster recovery times, reduced scarring, and lower healthcare costs. As a result, there is a growing demand for cardiology devices that enable minimally invasive procedures, such as catheters and stents. Another trend in the market is the rising prevalence of cardiovascular diseases in Brazil. This is attributed to factors such as sedentary lifestyles, unhealthy eating habits, and an aging population. As the number of patients with cardiovascular diseases continues to increase, there is a growing need for cardiology devices to diagnose and treat these conditions. This includes devices such as ECG machines, pacemakers, and defibrillators.

Local special circumstances: Brazil has a unique healthcare system that influences the Cardiology Devices market. The country has a public healthcare system, known as the Unified Health System (SUS), which provides free healthcare services to the population. However, the public healthcare system is often overwhelmed and lacks the necessary resources to meet the growing demand for cardiology devices. As a result, many patients opt for private healthcare services, which drives the demand for advanced cardiology devices in the private sector.

Underlying macroeconomic factors: The Cardiology Devices market in Brazil is also influenced by underlying macroeconomic factors. The country's economy has been recovering from a recession, which has led to increased disposable income and healthcare spending. As a result, more individuals are able to afford cardiology devices and seek medical treatment for cardiovascular diseases. Additionally, the government has implemented healthcare reforms to improve access to healthcare services, which has further boosted the demand for cardiology devices. In conclusion, the Cardiology Devices market in Brazil is growing due to customer preferences for advanced and affordable products, the increasing demand for minimally invasive procedures, the rising prevalence of cardiovascular diseases, the unique healthcare system, and underlying macroeconomic factors. As the market continues to develop, there will be opportunities for companies to introduce innovative cardiology devices that meet the specific needs of customers in Brazil.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.