Hospitals and Clinics Segment to Dominate South and Central America Defibrillator Market during 2019–2028

According to a new market research study on “South and Central America Defibrillator Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and End User,” is expected to reach US$ 1,019.07 million by 2028 from US$ 759.68 million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. Increasing prevalence of cardiovascular diseases is the major factor driving the growth of the South and Central America defibrillator market. However, cost and performance issues related to implantable and automated external defibrillators may hinder the growth of South and Central America defibrillator market. The report provides trends prevailing in the South and Central America defibrillator market along with the drivers and restraints pertaining to the market growth.

The COVID-19 outbreak has stringently affected medical services and medical tourism in the South and Central America. Brazil, Argentina, Uruguay, Chile, Peru, and Colombia are affected by another wave of the COVID-19 pandemic. Various governmental figures show Brazil with 622,251 reported casualties and a caseload of over ~23.5 million since the onset of the pandemic. Also, the country has reported 773,094 cases in a week ending on January 21, 2022, an 84% rise since the previous week. Similarly, Peru has reported an increase of 113% in COVID-19 cases, Chile with 108% increase, and Uruguay with a 37% increase in their weekly reported COVID-19 cases. This increase indicates toward another wave of SARS-CoV-2, which is expected to peak from January to March, 2022; it is anticipated to increase the demand for defibrillators in the region. In Brazil, only a few people suffering from cardiovascular disorders use defibrillators. A study by Card Wherry, et.al., titled “Cost-Effectiveness Analysis of Implantable Cardioverter Defibrillator (ICD) Therapy for Primary Prevention Patients with Additional Risk Factors in Brazil” evaluated the cost-effectiveness of implantable cardiac defibrillators and found ICD therapy was high compared to that of patients with no ICD therapy in terms of total discounted lifetime costs (US$ 18,623 & US$ 8,094 respectively) and quality-adjusted life-years (9.85 & 7.15 respectively). The study showed practical application and a cost-effective model for the application of ICDs for patients at risk. Various donations and relief efforts by organizations such as the International Organization for Migration donated defibrillators to the region. Various governmental efforts led to procuring defibrillators from several manufacturers to combat against the COVID-19 pandemic. The impact on the healthcare infrastructure and an increase in the demand for the product are expected to recover the market losses in the coming years.

The South and Central America defibrillator market is segmented into product, end user, and country. Based on product, the market is segmented into implantable cardioverter defibrillator (ICD) and external. In 2020, the implantable cardioverter defibrillator segment held the largest share South and Central America defibrillator market. The implantable cardioverter defibrillator is further sub-segmented into transvenous ICD and subcutaneous ICD. The transvenous ICD segment accounts for largest market share in the 2020. Similarly, the external segment is sub-segmented into manual, wearable, and fully automated external defibrillators. In 2020, the manual segment held the largest share of the market. Based on end user, the South and Central America defibrillator market is segmented into hospitals and clinics, prehospital care, public access, home care settings, and alternate care facilities. The hospitals and clinics segment held the largest share of the market in 2020. Similarly, based on country, the market is segmented into Brazil, Argentina, and the rest of South and Central America. Brazil contributed a substantial share in 2020. 

Abbott; Biotronik, Inc; Boston Scientific Corporation; Koninklijke Philips N.V.; Medtronic; Nihon Kohden Corporation; Shenzhen Mindray Biomedical Electronics Co., Ltd; and ZOLL MEDICAL CORPORATION are among the leading companies in the South and Central America defibrillator market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Medtronic recalled the specified ICDs and CRT-Ds due to an unexpected and rapid decrease in battery life. Another reason for product recall was 444 complaints regarding these devices.

South and Central America Defibrillator Market, By Country, 2020 and 2028 (%)
 

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