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The Medical Device Market: Brazil
Espicom Business Intelligence Ltd, Oct 2011, Pages: 84
Brazil has the largest economy and medical device market in Latin America, but per capita medical expenditure is still very low. The market fell in 2009 but recovered in 2010. The highest expenditure is in the large cities, such as Sao Paulo or Rio de Janeiro, but producers are moving into regional markets outside the major state capitals. Diagnostic imaging apparatus, followed by orthopaedics and consumables are the largest market sectors.
Dilma Roussef took office as President on January 1st 2011, she has not decided whether herself or her predecessor Lula will run for the next elections in 2014.
Brazil, and Latin America in general, have emerged more quickly from the global downturn than more developed nations. Additionally the region is projected to grow at a faster rate in the near future. Brazil’s GDP is set to expand by a healthy 4.3% in 2011 and growth will be between 4% and 5% over the medium term. With a growing economy, if inflation is kept in check, there will be more money available to spend on healthcare both in the public and private sectors.
The shape of the diagnostic imaging sector is expected to change following recently announced manufacturing investments. In June 2010, GE Healthcare opened its first South American plant in Brazil, focusing around “healthymagination”. The factory represents an investment of US$50 million over 10 years. Philips Healthcare inaugurated the first Latin American plant for the production of MRI equipment in Brazil in October 2008.
Imports hold a relatively small share of the market, totalling US$1.8 billion in 2009. The economic slowdown and a more “realistic” exchange rate in 2009 have contained medical imports as imports increased just 1.7% in 2009 compared to a CAGR 2005-09 of 21.1%. Imports tend to be high-tech medical equipment not produced locally. In 2009, 68% of imports were supplied by Europe and the USA.
Medical exports reached US$442.3 million in 2009, reflecting a less favourable exchange rate. The country has a well-established medical industry, comprising local and multinational companies. Domestic production, however, is geared towards the local market. Exports are small in comparison with total production and the country consistently runs a negative balance of trade in medical equipment and supplies.
Brazil has the second largest private health insurance sector in the Americas, after the USA. The expansion of the private health insurance sector in recent years has resulted in demand for better medical care and, in turn, further expenditure in medical equipment. The slow economic downturn has not affected hospital capital investments so severely. The public sector continues to be modernised and upgrade obsolete equipment, therefore there are sizeable market opportunities if prices are competitive.
Includes 3 quarterly updated outlook reports!
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