South and Central America Defibrillator Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Implantable Cardioverter Defibrillator and External) and End User (Hospitals and Clinics, Prehospital Care, Public Access, Home Care Settin

South and Central America Defibrillator Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Implantable Cardioverter Defibrillator and External) and End User (Hospitals and Clinics, Prehospital Care, Public Access, Home Care Settings, and Alternate Care Facilities)

The defibrillator market in South and Central America is expected to grow from US$ 759.68 million in 2021 to US$ 1,019.07 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021 to 2028. With rising cases of cardiovascular diseases in region South and Central America, the defibrillator market players have started to or are expected to strategize their growth planning around this region. Cardiovascular diseases have been among the leading causes of death in countries, such as Brazil. Companies such as Abbott, Medtronic, ZOLL, and Biotronik are expected to continue growing in these emerging markets through mergers, acquisitions, and strategic partnerships in the coming years. Medtronic also invested over US$ 50 million in its manufacturing facilities in Puerto Rico. Medtronic is considered as a primary job provider in the region and the investment shows the company’s resolve to grow further in the region. Nihon Kohden in its 2021 three-year business plan aimed to grow further in South America. The company aims to expand its resuscitation products market overseas by developing affordable models of defibrillators and providing solutions to improve the utilization rates of AEDs. This shows ongoing and upcoming strategies by various players to expand in the emerging markets and strengthen their presence.

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.

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. Hospitals and clinics are the largest entities that have all the facilities available in the organization. They also provide various diagnostics and treatments facilities that can be reimbursed under the insurance claims. Hospitals have all the required equipment and instruments, such as defibrillators. Due to the development in the healthcare facilities hospitals are upgraded with modernized equipment and are installed with digital pathology and artificial intelligence. These technologies assist in communicating within the interdepartments and performs the auto procedure with precision. Hospitals are associated with various doctors, specialists’ doctors, and other professionals that provide better healthcare services. Rise in cardiac arrest cases, the growing number of cardiac implant procedures, and the availability of reimbursements across developed markets are driving the hospital and clinics segment market growth.

The overall South and Central America defibrillator market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the South and Central America defibrillator market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the South and Central America defibrillator market. 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 key players operating in the South and Central America defibrillator market.

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