Despite Declining Prices, the BRIC Cardiac Rhythm Management Device Market Will Reach $1.6 Billion by 2022 - WTNZ FOX 43 Knoxville, TN

Despite Declining Prices, the BRIC Cardiac Rhythm Management Device Market Will Reach $1.6 Billion by 2022

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SOURCE Decision Resources Group

Brazil Represents the Most Developed Market Due To Favorable Reimbursement, According to Findings from Decision Resources Group

BURLINGTON, Mass., July 17, 2014 /PRNewswire/ -- Decision Resources Group finds that the cardiac rhythm management (CRM) device market in Brazil, Russia, India and China (BRIC) will grow to reach more than $1.6 billion by 2022. The aging population as well as expanding economies will be major growth drivers as more people require CRM devices and as rising disposable incomes bring these procedures within reach of a larger proportion of the population. Longer life spans in these countries will also increase the risk of individuals suffering from cardiovascular disease and requiring CRM devices.

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Other key findings from Decision Resources Group's coverage of the BRIC market for CRM devices:

  • Underpenetrated markets: Although all of the BRIC CRM device markets are underpenetrated compared to the United States or Europe, Brazil has made the most headway in increasing CRM device use due to more favorable reimbursement. As a result, the more developed Brazilian market will grow slower than the CRM device markets in China, India and Russia through 2022.
  • Declining prices: Globally, new advanced CRM devices are helping to mitigate declining prices. However, in the BRIC countries, adoption of these products will not be enough to offset price erosion. Government tenders in China especially, and also Brazil and Russia to some extent, will drive down prices.
  • Low-cost competitors: The presence of low-cost local competitors will further intensify price competition. Although the large international competitors continue to be seen as the most reliable vendors, the low cost of products from companies such as Lepu Medical Technology in China, Shree Pacetronix in India and ELESTIM-CARDIO in Russia will continue to be attractive to most cost-conscious hospitals.

Comments from Decision Resources Group Analyst Leila Bautista:

  • "The early 2014 approval of the joint venture for pacemakers between Sorin Group and MicroPort Medical in China will further drive price competition. This will allow Sorin Group access to MicroPort's local sales and distribution networks and manufacturing facilities; however, these products will not be associated with the stigma of poor product quality often attributed to domestic companies due to Sorin Group's technical expertise."
  • "Although recent changes in United States and European guidelines regarding cardiac resynchronization therapy (CRT) devices will somewhat limit procedure volumes in those geographies, guidelines are not anticipated to change in the BRIC countries in the near future. Therefore, CRT procedure volumes will continue to increase at a fast pace, especially as more BRIC physicians become trained on their uses and advantages."

Additional Resources:

  • Leila Bautista has written a Medtech 360 report on this subject entitled BRIC Markets for Cardiac Rhythm Management Devices 2014.
  • Decision Resources Group's Marketrack, which provides market share data by brand for the Chinese CRM device market, can be found here.
  • Leila Bautista has written a blog on the subject, which can be found here.

About Decision Resources Group

Decision Resources Group offers best-in-class, high-value information and insights on critical issues within the healthcare industry. Clients rely on this analysis and data to make informed decisions. Find out more at www.DecisionResourcesGroup.com.

All company, brand, or product names contained in this document may be trademarks or registered trademarks of their respective holders.

For more information, contact:

Decision Resources Group
Christopher Comfort
781-993-2597
ccomfort@dresourcesgroup.com

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