Medical device market of Brazil anticipated growing at a CAGR of 7.5% to reach USD 14.2 billion in 2020
GlobalData’s latest report “CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Brazil” suggests that the medical device market of Brazil will grow at a compound annual growth rate of 7.5% to USD 14.2 billion in 2020. The key aspects contributing to the growth of the market include increasing geriatric population, sedentary lifestyles leading to increased burden of chronic diseases, easy admittance to diagnostic technologies and availability of skilled healthcare professionals in remote areas. The report also suggests that the pharmaceutical market of Brazil will grow at a CAGR of 8.5% to USD 47.9 billion by 2020. Around 60-80% of the population of Brazil has healthcare coverage which makes Brazil the most efficient healthcare systems among the BRICS countries.
(Image Courtesy: Bloomberg)
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