Market Insights Health Medical Technology Medical Devices

Other Medical Devices - BRICS

BRICS

The projected revenue in the Other Medical Devices market market in BRICS is estimated to reach US$19.12bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 6.26%, resulting in a market volume of US$25.90bn by 2029.
In global comparison, the United States is anticipated to generate the highest revenue of US$72,780.00m in 2024.
Brazil is experiencing a surge in demand for high-tech medical devices, driven by a growing middle class and government investment in healthcare.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in BRICS is developing rapidly due to increasing customer preferences for advanced medical technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In the BRICS countries, customers are increasingly demanding advanced medical devices that offer improved accuracy, efficiency, and patient comfort. They are looking for devices that can provide better diagnostics, treatment, and monitoring options. The rising awareness about the benefits of advanced medical devices, coupled with the growing middle-class population, has led to an increase in demand for these products.

Trends in the market: One of the key trends in the Other Medical Devices market in BRICS is the adoption of digital health technologies. These technologies, such as telemedicine and remote patient monitoring, are gaining popularity as they enable healthcare providers to offer personalized care and improve patient outcomes. The increasing penetration of smartphones and internet connectivity has further fueled the adoption of these technologies. Another trend in the market is the focus on minimally invasive procedures. Patients are increasingly opting for procedures that involve smaller incisions, shorter hospital stays, and faster recovery times. This has led to a growing demand for minimally invasive medical devices, such as laparoscopic instruments and robotic surgical systems.

Local special circumstances: Each BRICS country has its own unique set of circumstances that contribute to the development of the Other Medical Devices market. For example, in Brazil, the government has implemented policies to promote the local production of medical devices, which has led to an increase in domestic manufacturing capabilities. In Russia, the government has introduced initiatives to improve healthcare infrastructure and promote the adoption of advanced medical technologies.

Underlying macroeconomic factors: The economic growth and rising disposable income in the BRICS countries have played a significant role in the development of the Other Medical Devices market. As the middle-class population expands, more people can afford advanced medical devices and treatments. Additionally, the increasing healthcare expenditure by governments in these countries has also contributed to the growth of the market. In conclusion, the Other Medical Devices market in BRICS is experiencing rapid development due to customer preferences for advanced medical technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As these factors continue to evolve, the market is expected to witness further growth and innovation 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.