Brazil Cardiac Pacemakers Market To Grow Owing To Rising Prevalence Of Cardiovascular Diseases
Cardiac pacemakers are implantable medical devices used to regulate the heartbeat by delivering electrical impulses to the heart. They are used to treat abnormal heart rhythms called arrhythmias. Cardiac pacemakers help improve the quality of life for patients with arrhythmias by helping the heart maintain a regular rhythm. Common uses for pacemakers include treating bradycardia, atrial fibrillation, and heart block. Cardiac pacemakers are small, battery-operated devices that are implanted in the chest or abdominal area.
The global cardiac pacemakers market is estimated to be valued at US$ 319.82 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of cardiovascular diseases is the primary driver of the Brazil cardiac pacemakers market. According to a recent study by the Brazilian Cardiology Society, cardiovascular diseases are the leading cause of death in Brazil, accounting for over 300,000 deaths per year. High blood pressure, high cholesterol, and smoking are major risk factors fueling cardiovascular disease rates in the country. The growing geriatric population also contributes as aging is a key risk factor for arrhythmias requiring pacemaker treatment. According to IBGE, Brazil’s elderly population over 60 years is expected to increase to over 33 million by 2030, thereby driving demand for cardiac pacemakers. Secondly, technological advancements in pacemakers such as MRI compatibility and leadless pacemakers are helping expand the treatment opportunities and driving adoption. More comfortable, longer-lasting, and reliable devices are boosting the market growth.
SWOT Analysis
Strength: The Brazil cardiac pacemakers market has high growth potential due to rising geriatric population and incidences of cardiovascular diseases. Favorable reimbursement policies and healthcare reforms promote the adoption of cardiac pacemakers. Additionally, the presence of leading manufacturers expands product availability.
Weakness: High cost of pacemaker implantation and device replacement limits market growth. Lack of awareness in rural areas also hinders adoption. Device recalls and cybersecurity threats pose challenges.
Opportunity: Untapped markets in remote areas present an opportunity for market expansion. Technological advancements in wearable and implantable technologies will drive the market. Growing medical tourism industry will augment demand.
Threats: Stringent regulatory norms for approval delay product launches. Risk of product failure and adverse reactions limits usage. Developing alternatives like cardiac resynchronization therapy pose a threat. Rising healthcare costs and economic slowdowns affect market growth.
Key Takeaways
The global Brazil cardiac pacemakers market growth is expected to witness high 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 15% over the forecast period 2023 to 2030.
Western and southern regions dominate the market owing to better access to advanced healthcare facilities. The market in northeastern region presents lucrative opportunities for growth due to increasing healthcare investments.
Key players operating in the Brazil cardiac pacemakers market are American Art Therapy Association, Art Therapy Without Borders, Art With Impact, Canadian Art Therapy Association, Creative Growth Art Center, Expressive Media, International Expressive Arts Therapy Association, Luna Children's Charity, Montage Arts Therapy, National Institute for Trauma and Loss in Children. They are investing in R&D to develop innovative technologies and ensure market presence through business expansion.
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