Latin America Defibrillators Market Size (2023 to 2028)
The Latin America Defibrillators Market size is forecasted to grow to USD 1.59 billion by 2028 from USD 1.13 billion in 2023, growing at a CAGR of 7.2% from 2023 to 2028.
A defibrillator is a life-saving device that maintains the heartbeat regardless of fast or slow heartbeats. In the current scenario, companies are investing funds in research and development programs to design an innovative product that guarantees life safety. The emphasis on Public Access to defibrillators by both public and private organizations is driving the market's growth.
The increasing prevalence of chronic diseases such as cancer and cardiovascular diseases and the increased risk of targeted diseases are majorly driving the defibrillators market growth in the Latin American region.
In addition, other factors such as the growing awareness among the people about the availability of various treatment procedures, improving healthcare sectors, and supportive government policies to improve the quality of diagnostic and treatment processes are expected to propel the market growth. In addition, the expanding focus on providing public access to defibrillators and defibrillator training and awareness campaigns are all driving the growth of this market. In addition, other factors such as advancements in technology and the growing geriatric population at high risk for diseases are driving the Latin American defibrillator market.
Furthermore, the development of CRT-Ds, compatible ICDs, advancing healthcare infrastructure, and research and development activities in emerging markets are expected to offer lucrative growth opportunities for market players. Furthermore, the rise in concern for quality treatment processes, improving patient health, changing food habits, and adopting sedentary lifestyles indirectly contribute to the defibrillator market.
Moreover, the key market players in the region are adopting various market strategies to gain a competitive advantage over the marketplace, which is expected to strengthen the regional market growth. The strategies include partnerships, mergers, and acquisitions. Furthermore, the Public and commercial companies focus on developing new medical technologies. The number of training institutes is increasing, all of which are encouraging Latin American defibrillators market growth.
However, concerns about implanted and external defibrillators and a lack of awareness about abrupt cardiac arrests might slow the market growth (SCAs). In addition, many resulting in possible, along with increased pricing pressure on market competitors, is expected to hinder the market expansion to some extent.
This research report on the Latin American defibrillators market has been segmented and sub-segmented into the following categories:
By End User:
The Latin American region captured 12% of the global defibrillators market share in 2022. Latin The key factors propelling the growth of this market are an increase in the incidence of cardiovascular disorders, an increase in the geriatric population, and an increase in the number of training and awareness programs. In addition, improving healthcare sectors, growing healthcare expenditure, and supportive government policies encourage market growth. As a result, emerging countries such as Brazil, Argentina, and Mexico are rapidly expanding the market growth with an exponential market share.
Brazil has made a substantial contribution to the sector due to increased cardiac disease across the country. Obesity and overweight are significant risk factors for cardiovascular diseases such as CVD, CDH, HF, and stroke. Brazil is a developing economy with a better healthcare system that provides high-quality care at a low cost. Brazil’s healthcare spending has improved throughout time, while Brazilians’ per capita income has increased by more than 25%. In Brazil, cardiovascular diseases and diabetes account for 38% of deaths. However, fatalities have dropped, and life expectancy has risen to 73 years from 52. The Brazilian defibrillators market is likely to be driven by urbanization, the adoption of novel defibrillation devices, and an enhanced healthcare system. Brazil is an emerging economy and has improved the health system with quality care and the economic cost of surgeries. As a result, Brazil's health spending has been enhanced over the years, and the per capita income of Brazilians has increased by more than 27%. The defibrillator market is growing in Brazil due to massive cardiovascular, cardiovascular, and other heart patients.
On the other hand, Mexico has achieved significant progress in the Latin American region’s healthcare systems, allowing it to deliver high-quality care to its inhabitants at slightly higher costs. For its citizens, the Mexican government has created various healthcare programs. As a result of improvements in the healthcare system and the implementation of defibrillation equipment, many lives have been saved in Mexico, and life expectancy has grown.
KEY MARKET PLAYERS:
Medtronic PLC (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), LivaNova PLC (U.K.), Koninklijke Philips N.V. (Netherlands), ZOLL Medical Corporation (U.S.), Cardiac Science Corporation (U.S.), Physio-Control, Inc. (U.S.), and Nihon Kohden Corporation (Japan) are a few of the significant companies in the Latin American defibrillators market.
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