The Brazil Artificial Organs & Bionic Implants Market is expected to grow with a CAGR of 11.69% in the forecast period. The growth of the market in the country can be attributed to the increasing organ failure owing to aging and age-related disorders and an increasing number of accidents and injuries leading to amputations.
Brazil's National Transportation Confederation CNT 2020 report, claims that in 2019, there were 1.2 % more deaths that are 5,332 fatalities due to road accidents when compared to 2018. The total number of accident cases causing serious injuries was 55,756 in 2019 a 3.3 % increase from the previous year. The increasing road injuries increase the disabilities thus increases the overall demand for artificial organs and bionics. Furthermore, the increasing burden of these chronic diseases that require organ transplantation is expected to boost the market growth in the region.
Key Market Trends
Cardiac Bionics Segment is Expected to Have a Highest Growth Rate in the Forecast Period
Cardiac Bionics is expected to show a high growth rate that is attributed to the increasing prevalence of cardiovascular diseases and the increasing geriatric population in the country. According to the Ministério da Saúde (Brazil), the leading cause of mortality in the country is ischemic heart disease in the year 2017. It was estimated that 28% of all deaths in Brazil are caused due to cardiovascular diseases. Therefore with the increasing burden of cardiac diseases, there is an increasing need for cardiac bionics, which helps the overall market to grow in Brazil.
The Brazil Artificial Organs & Bionic Implants Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are Ossur, Boston Scientific Corporation, Otto Bock Holding GmbH & Co. KG, Medtronic plc and Zimmer Biomet
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