Market Insights Health Medical Technology

Medical Devices - South America

South America

The projected revenue in the Medical Devices market market in South America is estimated to reach US$24.54bn in 2024.
Among the various markets, Cardiology_Devices is expected to be the largest, with a projected market volume of US$3.69bn in the same year.
Looking ahead, the market is anticipated to exhibit an annual growth rate of 6.17% (CAGR 2024-2029), resulting in a market volume of US$33.11bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$179.80bn in 2024.
in South America, although a smaller market, is poised for significant growth in the Medical Devices market industry.
In South America, there is a growing demand for high-tech medical devices, driven by advancements in healthcare infrastructure and increasing government investments in the sector.

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

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Analyst Opinion

The Medical Devices market in South America is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the overall expansion of this industry in the region. Customer preferences in South America are driving the demand for medical devices. As the population continues to age, there is a growing need for healthcare services and medical treatments. This has led to an increased demand for medical devices that can assist in diagnosing and treating various medical conditions. Additionally, consumers in South America are becoming more aware of the importance of preventive healthcare, leading to a higher demand for devices that can assist in monitoring and managing chronic diseases. Trends in the market are also contributing to the growth of the Medical Devices industry in South America. Technological advancements have led to the development of innovative and more efficient medical devices. For example, the introduction of wearable devices and telehealth solutions has revolutionized the way healthcare is delivered in the region. These devices allow for remote monitoring and real-time data analysis, improving patient outcomes and reducing healthcare costs. Furthermore, there is a growing trend towards minimally invasive procedures, which require the use of specialized medical devices. This trend is driven by the desire for faster recovery times and reduced scarring. Local special circumstances in South America further support the development of the Medical Devices market. The region has a large population with limited access to healthcare services, particularly in rural areas. This creates a significant demand for medical devices that can be used in home healthcare settings or in mobile clinics. Additionally, South America has a growing medical tourism industry, with patients from other countries seeking affordable and high-quality healthcare services. This has led to an increased demand for medical devices in the region. Underlying macroeconomic factors also play a role in the growth of the Medical Devices market in South America. The region is experiencing steady economic growth, which has led to an increase in disposable income and healthcare spending. Additionally, governments in South America are investing in healthcare infrastructure and implementing policies to improve access to healthcare services. These factors create a favorable environment for the growth of the Medical Devices industry. In conclusion, the Medical Devices market in South America is developing rapidly due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for healthcare services, technological advancements, limited access to healthcare, and economic growth all contribute to the expansion of this industry in the region.

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.