TORONTO, Nov. 12, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the Latin American peripheral vascular (PV) device market will grow strongly through 2022. The rapidly expanding economies in the Latin American countries, mirrored by investment in health care, and coupled with increasing disease prevalence, are boosting both the accessibility of health care as well as the patient pool in the region. These factors will spur market growth at about eight percent annually through 2022.
The drug-coated balloon (DCB) market represents an area of fast growth within the PV space. These products have gained popularity because they offer advantages over stenting or PV bypass, particularly in the lower extremities. They are also seen as a cost-saving measure; DCBs are less likely to require bail-out stenting of the vessel compared to standard balloons, and this results in overall lower procedure costs for facilities. DCB uptake will be particularly favorable in Argentina, where physicians are keen adopters of new technology, and in Colombia, where the lower cost of these products relative to other countries will spur faster acceptance. Penetration of these products will be slower in Brazil, where their cost is much closer to a stent and significantly higher than a standard balloon. In Mexico, DCB use will be hindered by the fact that many procedures are paid for out-of-pocket, and in those cases, patients will tend to opt for the lowest-cost procedures.
"The Latin American PV device market will be limited by strong competition from low-cost local manufacturers," said MRG Analyst Roald Dhoska. "The presence of value players will be particularly notable in the synthetic surgical graft and aortic stent graft markets in Brazil. While multinational companies will continue to dominate the private sector, low-cost domestic manufacturers such as Industrias Barone, Braile Biomedica and NANO have had considerable success in the public sector."
Millennium Research Group's Latin American Markets for Peripheral Vascular Devices 2014 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for PV stents, percutaneous transluminal angioplasty (PTA) balloon catheters, embolic protection devices, inferior vena cava filters (IVCFs), aortic stent grafts, synthetic surgical grafts and PV accessory devices in Argentina, Brazil, Colombia and Mexico. Supplemental country coverage is also available for Chile, Peru and Venezuela, as well as in aggregate for the rest of the Latin American countries.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group