Market Trends of South America Cardiac Arrhythmia Monitoring Devices Industry
This section covers the major market trends shaping the South America Cardiac Arrhythmia Monitoring Devices Market according to our research experts:
Holter Monitoring Devices is Expected to Hold the Significant Market Share During the Forecasted period
Holter monitoring devices dominate the market as these devices can be used for longer durations for diagnosing sporadic symptoms in suffering patients. They also offer faster and more convenient monitoring to increase patient compliance and are likely to enhance the treatment outcome. Furthermore, there are several advancements taking place in the cardiac arrhythmia monitoring devices market and these advances are rapidly increasing, which in turn, is driving the cardiac arrhythmia monitoring devices market.
According to a study published in European Heart Journal in August 2022, the incidence of CVD (per 1000 person-years) varied between countries, with Brazil having the highest incidence (3.86) and Argentina having the lowest (3.07). Mortality rates (per 1000 person-years) varied more between countries, with Argentina having the highest (5.98) and Chile having the lowest (4.07). Men had a higher CVD incidence (4.48 vs. 2.60 per 1000 person-years) and mortality rate (6.33 vs. 3.96 per 1000 person-years) than women. This will increase the demand for Holter monitoring devices, which will positively impact market growth.
The geriatric population is more prone to cardiovascular diseases and thus the demand for cardiac arrhythmia monitoring devices is expected to be high in this population thereby boosting the growth of the market.
Thus, all aforementioned factors such as the benefits of holter monitoring devices and the growing prevalence of cardiovascular diseases are expected to boost segment growth over the forecast period.
Brazil is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The government of Brazil is progressive, and the country's population is expanding.The market for cardiac arrhythmia monitoring is benefiting from a nationwide trend toward the private health sector in the country. Growth in the Brazilian market is expected to be particularly robust during the projection horizon. The rising prevalence of cardiovascular diseases, an aging population, and rising consumer awareness are all factors propelling the regional market forward.
As per an article published in BMC Cardiovascular Disorders in June 2020, reported that Heart failure (21.3%), other ischemic heart diseases (13.3%), and stroke (11.4%) were responsible for almost half of the hospital admissions associated with CVD. Thus, the high incidence of cardiovascular diseases in the country will drive market growth.
Moreover, the presence of universal health coverage in the country is likely to support the growth of the market. According to the Americas Society/Council of The Americas in August 2021, Brazil is the world's only country with a population of more than 100 million that has a universal healthcare system. The SUS's Family Health Strategy is the world's largest community-based primary care program, serving over 60% of the Brazilian population. Every year, the SUS covers more than 2 million births, 10 million hospital admissions, and approximately 1 billion outpatient operations - all of which are provided free of charge to all Brazilians.
Because the older population is more susceptible to cardiovascular disorders, demand for cardiac arrhythmia monitoring devices is predicted to be strong in this group, increasing market growth. Thus, all the above-mentioned factors such as growing budern of CVD in Brazil and healthcare coverage by SUS are expected to propel the growth of the market in the country.
