Technological advancements and innovations fuel growth of Brazilian medical devices market
Brazil’s medical devices industry is considered one of the rapidly rising industries. There are some factors, which are continuously driving the growth of the medical device market. These include changing the medical technology landscape enhancing the introduction of innovative products, expanding aging population pool, and rising government investments & trade initiatives. However, some factors such as high cost of imported medical equipment & high sales tariffs, challenging regulatory framework for approval, import & sales of medical devices, and low penetration of medical devices in Brazil may confine the growth of the market. Some multinational companies are creating opportunities in the Brazilian market by developing healthcare infrastructure, development of advanced ultrasound with a wide array of applications and establishment of manufacturing plants in the country. The key global players active in the country are GE Healthcare, Philips Healthcare, Medtronic PLC, Boston Scientific, St. Jude Medical, Toshiba Medical Systems, Mindray Medical, Hitachi Medical, Abbott Laboratories and Siemens Healthcare.