Cardiac pacemakers are medical devices that are implanted inside the body for regulating abnormalities related to heart rate or rhythm. They deliver electrical impulses to the heart muscles to initiate and regulate heartbeats. Growing prevalence of cardiovascular diseases and technological advancements in pacemaker devices are major factors augmenting the demand for cardiac pacemakers in Brazil. The devices help improve symptoms experienced by patients suffering from bradycardia and other heart conditions.
The global Brazil Cardiac Pacemakers Market is estimated to be valued at US$ 319.82 Mn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Aging population is one of the key drivers propelling the Global Brazil Cardiac Pacemakers Market Size. As per the World Health Organization, Brazil's aging population or people over the age of 65 is expected to increase from 13 million in 2015 to over 57 million by 2050, thus presenting a massive patient population requiring cardiac pacemaker devices. An aging population is more susceptible to chronic health conditions like cardiovascular diseases which necessitate the demand for cardiac pacemakers. Additionally, growing prevalence of cardiovascular diseases due to increasing risk factors like diabetes, stress, smoking, unhealthy diet etc. is further augmenting the need for cardiac pacemakers in Brazil. As per the WHO, cardiovascular diseases kill over 17.9 million people globally every year and are the leading cause of death across Brazil. The growing prevalence of heart disorders will spur the demand for cardiac pacemaker devices in the country during the forecast period.
SWOT Analysis
Strength:
- Well established healthcare infrastructure in Brazil provides market access and awareness about cardiac pacemakers.
- Growing aging population and increasing incidence of cardiovascular diseases presents significant market potential.
- Favorable reimbursement and insurance coverage boost adoption of pacemakers.
Weakness:
- High cost of pacemaker devices limits their widespread adoption in the country.
- Lack of skilled professionals for pacemaker implantation in some regions.
Opportunity:
- Untapped rural markets present lucrative growth avenue for pacemaker manufacturers.
- Rising healthcare spending and focus on quality of care indicates future growth opportunities.
Threats:
- Stringent regulatory approval process increases entry barriers for new players.
- Trade protectionism and price controls by the government threaten profit margins.
Key Takeaways
The global Brazil Cardiac Pacemakers Market is expected to witness high growth. The global Brazil Cardiac Pacemakers Market is estimated to be valued at US$ 319.82 Mn in 2023 and is expected to exhibit a CAGR of 2.4% over the forecast period 2023 to 2030.
Brazil dominates the cardiac pacemakers market in Latin America with nearly 60% market share attributed to expanding healthcare sector and aging population. Growing incidence of heart diseases in large patient pool is fueling the market growth in the country.
Key players related content comprises Key players operating in the Brazil Cardiac Pacemakers market are BIOTRONIK SE & Co.KG, Medtronic plc., Boston Scientific Corporation, Abbott Laboratories, LivaNova plc., Osypka Medical GmbH, and MEDICO S.p.A. BIOTRONIK and Medtronic collectively account for over 50% market share in Brazil owing to their diversified product portfolio and strong brand awareness.
Get More Insights On This Topic: https://www.trendingwebwire.com/brazil-cardiac-pacemakers-market-forecast-outlook-trend-2023-2030/
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