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 Overview:
Cardiac pacemakers are implantable medical devices used to manage abnormal heart rhythms called arrhythmias by delivering electrical impulses to regulate the heart’s beating. They help restore normal heart rhythms by sending electrical pulses to stimulate the heart to beat at a normal rate. Cardiac pacemakers treat bradycardia, a condition in which the heart beats too slowly. They help improve the quality of life of patients suffering from arrhythmias by preventing fatigue and weakness.
Market key trends:
The Brazil cardiac pacemakers market is expected to witness significant growth over the forecast period owing to the rising geriatric population and increasing prevalence of cardiovascular diseases in the country. According to the World Health Organization (WHO), cardiovascular diseases accounted for 28.1% of all deaths in Brazil in 2019, making them the leading cause of mortality. Growing obesity rates are also fueling the incidence of heart diseases. Moreover, technological advancements in pacemaker devices resulting in smaller size and longer battery life are expected to drive their adoption. The introduction of smart, Bluetooth-enabled pacemakers that can be controlled via mobile apps is another emerging trend in the market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Brazil cardiac pacemakers market is low as it requires high R&D investments and regulatory approvals to enter the market. The existing players have established supply chains and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for cardiac pacemakers is inelastic. However, the presence of many manufacturers provides options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the fragmented nature of raw material suppliers and easy availability of raw materials.
Threat of new substitutes: There is low threat of substitutes as cardiac pacemakers are medical devices implanted inside the body for life. No close substitutes are available yet.
Competitive rivalry: Competition in the Brazil cardiac pacemakers market is high among the top players due to technological innovations leading to product modifications.
Key Takeaways
The Brazil Cardiac Pacemakers Market Size is expected to reach US$ 319.82 Mn in 2023 and is projected to grow at a CAGR of 2.4% during 2023-2030. Growing geriatric population and increasing incidence of cardiovascular diseases are driving the growth of the market.
Regional analysis
Brazil dominates the cardiac pacemakers market in Latin America owing to high prevalence of cardiovascular diseases and old age population in the country. Favorable reimbursement policies and government initiatives to spread awareness about heart diseases are further fueling market growth in Brazil.
Key players
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. Technological advancements in cardiac pacing devices, strong distribution network, and wide service offerings are some strategies adopted by major players to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
