In 2008, the value of imports in the Brazilian medical devices market was $2.7 billion, and this grew to over $4 billion by the end of 2012. By 2018, imports within the Brazilian medical devices market will be worth over $9 billion.
The Brazilian medical device market is increasingly import dependent as local manufactures are unable to meet the increasing demand and lack of quality standard compared to global players.
Brazil has the largest economy and medical device market in Latin America, but per capita medical expenditure is still very low. The highest expenditure is in the large cities, such as São Paulo or Rio de Janeiro, but producers are moving into regional markets outside the major state capitals.
Being one of the largest economies in Latin America and being visualized as one of the key upcoming healthcare hubs, Brazil has come a long way. It has secured a very high position amongst emerging countries as far as its economic growth.
The economy is set to grow by 3.0% in 2012, following growth of 2.7% in 2011 and 7.6% in 2010. This makes Brazil one of the slower growing economies in the Latin American region. However, from 2013 growth is expected to pick up to around 4.5%, which will be above average for the region.
Much can be interpreted with this exponential growth specially the changing focus of the government in terms of more investments and policies to streamline the growth of the medical devices industry in conjunction with the betterment of the local population.
The medical device industry has witnessed some drastic changes over recent times which have pushed the country high amongst the emerging nation rankings as far as its performance in the healthcare industry as a whole is concerned.
Brazil also boasts of being the second largest private health insurance sector in the Americas, after US. This emphasizes the growing demand of better healthcare and increased spending power, both of which have fuelled the growth of not only the medical devices market but the healthcare industry as a whole.
For more information on the Brazilian medical devices market, see the latest research: Brazilian Medical Devices Market
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