Despite an economic downturn in recent years, Brazil is definitely showing signs of a comeback. After one of the deepest recessions in the country’s history, Brazil has rebounded with two consecutive quarters of growth. Its GDP is up 0.2 percent from a quarter ago and 0.3 percent from a year ago. It’s also had a spike in sales in several consumer areas during the first half of 2017.
And according to the extensive data tabulated by Global Health Intelligence (GHI), one major area of growth is in the medical device and equipment market. Brazil is certainly a growth market in this area, and the numbers are beginning to reflect this. Here’s a closer look at how Brazil’s medical equipment and device market is surging in 2017.
Imported Medical Equipment Value into Brazil
Global Health Intelligence forecasts that the total value of medical equipment and devices imported into Brazil in 2017 will be more than US$3.1 billion, a 15% increase compared to 2016, when the value of medical equipment imported into Brazil actually went down by 14%.
In fact, 2017 snaps a downward trend in the value of medical equipment imported into Brazil: Since 2015 — when Brazil’s economic downturn hit hardest — the value dropped in double digits each year. The current adjusted growth rate for the value of medical equipment imported into Brazil is -10% since 2014. Though clearly we’re seeing a strong uptick in 2017.
Quantities of Imported Medical Equipment into Brazil
According to import numbers analyzed by GHI, Brazil is forecast to import more than 4.6 billion units of medical equipment and devices in 2017. On the surface, it may seem like a high figure, but this is because it factors in not only capital equipment like MRI machines and CT scanners but also smaller pieces like syringes, stents, parts and other smaller instruments that are ordered in mass quantities. In fact, Brazil’s import numbers for medical supplies in 2017 are actually smaller than those of other countries in Latin America due to the fact that Brazil has a significant domestic industry of medical device/equipment production.
That said, 2017 was still a strong year: a 15% increase in value of medical device imports compared to 2016 that snapped a downward trend of decreases in previous years, when the quantity of medical devices/equipment imported into Brazil went down — the drop was 18% in 2015 and 14% in 2016.
As such, the overall CAGR for the value of medical device/equipment imports into Brazil was -10% between 2014 and 2017, though this year’s trend suggest that Latin America’s largest market is picking up well, especially when you consider that the CAGR of quanities of medical devices imported into Brazil is forecast to be 6% between 2014 and 2017.
Hot Growth Areas with Brazil’s Medical Device/Equipment Market in 2017
Based on GHI’s analysis of 2017 numbers regarding imports, among the growth areas with strong sales potential in Brazil are:
- Electrocardiograph machines, MRI machines, scintigraphic equipment imported into Brazil in 2017: 21% forecasted growth in value and 43% forecasted growth in quantity
- Massage equipment, oxygen therapy equipment and other respiration equipment imported into Brazil in 2017: 22% forecasted growth in value
- X-ray machines, CT scanners and other radiography equipment imported into Brazil in 2017: 12% forecasted growth in value and 204% growth in quantity
- Thermometers and pyrometers imported into Brazil in 2017: 12% forecasted growth in value
Outpacing the Region
But perhaps the best news for Brazil is how it stacks up against the rest of Latin America. GHI forecasts a 5% overall decrease in the Latin America medical device and equipment market for 2017 (in import value). Brazil, on the other hand, is forecasted to post a 15% gain in the value of the medical devices it will import in 2017—as well as a 43% increase in the quantity of medical devices it will import in 2017.
Taking Advantage of the Growth
Contact us to find out more about how granular data for Brazil’s medical device and hospitals market can uncover new sales opportunities and spike revenue growth.