Latin America Electroceuticals Market

Latin America Electroceuticals Market Size (2024 to 2029)

The size of the Latin American Electroceuticals Market has been calculated at USD 3.04 billion in 2024. It is estimated to be growing at a CAGR of 8.3% and worth USD 4.19 billion by 2029.

Y-O-Y growth in the incidence of Chronic diseases is progressing at a higher rate in Latin American countries. In Brazil, an estimated 45.7 million people live with cardiovascular diseases, and nearly 16.8 million people are diagnosed with diabetes. Latin American governments' encouragement in the form of investments for the new technological advancements and increasing patient count with various health disorders are some of the most prominent factors accelerating market growth. As per the World Health Organization, the Ministry of Health of Mexico, Epilepsy has affected 2 million people.

However, the high costs associated with the installation and maintenance of the devices is limiting market growth to a small extent. Strict rules and guidelines imposed by the government and product recall the major challenges for the market players.

This research report on the Latin American Electroceuticals market has been segmented and sub-segmented into the following categories:

By Product: 

• Pacemakers
• Cochlear Implants
• Spinal Cord Stimulators

By Type Of Device: 

• Implantable
• Non-Invasive

Implantable devices have held the major share in the market due to the prevalence of neurological diseases, while non-implantable devices are expected to grow at a higher CAGR.

By Application: 

• Arrhythmia
• Depression
• Migraine

By End User: 

• Hospitals
• Research Institutes

The hospital segment is expected to account for the largest share of the market in 2024. The individual user’s segment is projected to grow at the highest CAGR in the forecast period.

By Country: 

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Regional Analysis:

Brazil is leading the market regionally due to the presence of a developed healthcare system as well as the presence of market leaders. Argentina is expected to grow the fastest owing to its increasing disposable income, growing government initiatives to develop healthcare infrastructure, and increasing awareness.

In Mexico, the occurring population with Parkinson’s disease in people aged 20 years and above is 37.92 per 100,000. Mexico is gaining traction in this regional market and the next leading market after Brazil. According to the Institute of Health Metrics and Evaluation 2017, nearly 0.4 million death rates occur in Latin America because of ischemic heart diseases. Mexico’s aging population 65 years and above are expected to grow from 27.7 million in 2015 and is estimated to reach 30 million by the end of 2050. Growing per capita income in developing countries and rising disposable income in urban areas are propelling the market demand in this region.

Prominent companies leading in the Latin American Electroceuticals Market profiled in the report are Medtronic plc, St. Jude Medical, Inc., Boston Scientific Corporation, Cochlear Limited, Sonova Holding AG, LivaNova PLC, Biotronik, Nevro Corporation, Second Sight Medical Products, Inc., and ElectroCore LLC.