by Cardiac pacemakers are medical devices that are implanted in patients suffering from arrhythmias or irregular heartbeats to help regulate the heart rate. These battery-operated devices help stimulate the heart and maintain a regular heartbeat by sending electrical pulses to the heart muscles. Factors such as rising prevalence of cardiovascular diseases, growing geriatric population, and increasing healthcare expenditure in Brazil are fueling the demand for cardiac pacemakers in the country. According to recent statistics, over 10 million people in Brazil suffer from some form of cardiovascular disease. The elderly population aged over 65 years is also growing rapidly and is more prone to develop arrhythmias and require pacemaker implants.
Advanced pacemakers available in the market are smaller in size, longer lasting, and offer improved functionalities compared to traditional models. New generation pacemakers can communicate remotely with physicians, are immune to electromagnetic interference, and have enhanced monitoring capabilities.
The global Brazil Cardiac Pacemakers Market is estimated to be valued at US$ 368.44 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing preference for MRI-compatible pacemakers: More patients undergoing pacemaker implants now prefer MRI-conditional or MRI-compatible devices as it allows them flexibility of undergoing Magnetic Resonance Imaging (MRI) scans without any risks. Conventional pacemakers pose compatibility issues during MRI scans which limits diagnostic capabilities for such patients. Key manufacturers are focusing on developing MR-conditional pacemakers that can function safely inside MRI machines. This trend is expected to gain further traction over the forecast period.
Increasing adoption of leadless pacemakers: Leadless pacemakers eliminate the need for pacing leads that are usually connected between the pacemaker generator and heart. This reduces the risks of infection and improves comfort for patients. The tiny self-contained leadless pacemakers are implanted directly into the heart chambers via minimally invasive procedures. Favorable clinical outcomes and superior patient compliance are fueling the adoption of leadless pacemakers in Brazil.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in Brazil cardiac pacemakers market due to high R&D costs and regulatory barriers. However, established brands have strong brand recognition.
Bargaining power of buyers: The bargaining power of buyers is high as cardiac pacemakers are essential medical devices and buyers can negotiate on price and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of multiple component manufacturers in the industry.
Threat of new substitutes: There is low threat of substitution as cardiac pacemakers are irreplaceable medical devices for treating heart rhythm disorders.
Competitive rivalry: The competitive rivalry is high among players like Medtronic, Boston Scientific Corporation and Abbott due to their innovative product portfolios.
Key Takeaways
The Global Brazil Cardiac Pacemakers Market Size is expected to witness high growth. The global Brazil Cardiac Pacemakers Market is estimated to be valued at US$ 368.44 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
The Brazil cardiac pacemakers market is expected to dominate in Latin America owing to increasing prevalence of cardiovascular diseases, growing geriatric population and technological advancements.
Key players
Key players operating in the Brazil cardiac pacemakers market are Medtronic, Boston Scientific Corporation and Abbott.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
