BRICS Medical Device Market Size and Forecast by Device Type, Patient Demographics, Distribution Channel, and End User: 2019-2033

BRICS Medical Device Market Outlook

The BRICS nations—Brazil, Russia, India, China, and South Korea—are becoming increasingly influential players in the global medical device landscape. Driven by healthcare reforms, technological innovation, domestic manufacturing incentives, and increasing demand for quality care, these nations are collectively shaping the future of medical technology. With each country at a different stage of development, the BRICS medical device market showcases a diverse yet dynamic ecosystem—marked by localization trends, strategic foreign partnerships, and regulatory overhauls. This article explores the driving forces, market trends, regional dynamics, regulatory frameworks, and competitive landscape shaping the medical device sector across BRICS countries.

Key Driving Factors Behind BRICS Medical Device Market Growth

• Rising Healthcare Expenditure and Public Health Investments: Across the BRICS nations, governments are increasing their healthcare budgets, focusing on strengthening medical infrastructure, particularly in underserved regions. Russia, for instance, has allocated over RUB 1.2 trillion (~US$13 billion) in 2024 to upgrade hospitals and clinics, which directly fuels demand for diagnostic, monitoring, and surgical equipment.
• Aging Population and Chronic Disease Burden: China and South Korea are experiencing rapidly aging populations, spurring demand for elderly care technologies, wearable monitors, and rehabilitation devices. India and Brazil, while younger demographically, face a rising burden of chronic diseases such as diabetes and cardiovascular conditions, increasing the need for diagnostics, monitoring, and treatment devices.
• Local Manufacturing and Self-Reliance Initiatives: India’s Production-Linked Incentive (PLI) scheme and China’s “Healthy China 2030” strategy emphasize reducing import dependency and fostering home-grown innovation. Brazil’s preference for locally manufactured devices has also prompted foreign firms to partner with domestic players or establish in-country facilities.
• Digital Health and AI Integration: Telemedicine, AI-assisted diagnostics, and connected health systems are gaining traction. South Korea and China lead this trend, while India and Russia are expanding their digital health ecosystems to improve access and efficiency.

Emerging Market Trends Across BRICS Nations

• Localization of Supply Chains: There is a strong shift toward domestic production across BRICS to mitigate supply chain risks and reduce costs. Brazil’s 7% decline in medical device imports in 2022 highlights this transition.
• Technological Upgradation: AI-driven imaging, robotic surgery, and smart ICU monitoring systems are gaining adoption. In Russia, leading hospitals are integrating AI diagnostics to detect cancers and critical illnesses early.
• Wearables and Remote Monitoring: Demand for portable and home-based medical devices is rising, especially in India and China, where rural healthcare accessibility remains a challenge.
• Strategic Collaborations and IPOs: Indian startups like Amkay Products and global tech giants like Philips and Siemens Healthineers are expanding operations through IPOs, tech collaborations, and product launches tailored for local markets.

Country-Wise Regional Analysis

Brazil: Balancing Innovation with Affordability

Brazil’s medical device market is characterized by a dual focus on innovation and cost-efficiency. Local manufacturing provides a competitive edge in a highly price-sensitive market. In 2022, imports declined by 7%, indicating a policy push for self-reliance. The Brazilian Health Regulatory Agency (ANVISA) plays a crucial role in regulating devices, with Resolution 751 (effective March 2023) streamlining classification based on risk. While the United States, China, and Germany remain key suppliers, companies are expected to emphasize compliance, cost optimization, and product innovation to thrive in the market.

Russia: Resilience Amid Geopolitical Challenges

Despite international sanctions and global supply disruptions, Russia’s medical device market is stabilizing due to state-funded modernization efforts and parallel imports. In 2024, a major investment in hospital infrastructure is expected to boost demand for ventilators, endoscopes, and diagnostic equipment. Urban centers are adopting robotic surgery systems and AI-based tools, while rural areas benefit from telehealth kits. Local champions like Shvabe Holding and MedEng are competing with international giants such as GE Healthcare and Philips. Russia’s diverse supplier ecosystem makes it a robust medtech frontier in Eastern Europe.

India: A MedTech Manufacturing Powerhouse in the Making

India’s “Make in India” and PLI schemes are fueling domestic innovation, particularly in affordable devices for diagnostics, surgery, and monitoring. Key developments in 2024—such as the establishment of 13 medical device plants and IPOs like Amkay’s—are strengthening market capacity. Institutions like BIRAC and the Medical Technology Assessment Board are fostering R&D and cross-sector collaboration. As a cost-sensitive yet quality-focused market, India offers a strong value proposition for global and local players alike, especially in rural and mid-tier segments.

China: Innovation-Driven, Digitally Forward

China is leveraging policies like the “Healthy China 2030” and the “Internet + Healthcare” initiative to lead global medtech innovation. The market is seeing widespread adoption of AI-powered diagnostics, robotic surgery, and elderly care devices. The 14th Five-Year Plan underscores a strategic pivot toward catering to the aging population with advanced home care solutions. Local giants like Mindray, Sinocare, and Lepu Medical are becoming formidable global competitors, securing regulatory approvals in Europe and the U.S., and expanding their export footprint. The government’s push for innovation and compliance has made China a trendsetter in medtech evolution.

South Korea: The Global Benchmark for High-Tech Healthcare

South Korea’s medical device industry is underpinned by cutting-edge R&D, digital health integration, and robust global trade ties. Global leaders such as Samsung and LG are extending their dominance into healthcare with AI-driven diagnostic tools and wearables. Leading academic institutions partner with private firms to co-develop futuristic medtech solutions. Strategic free trade agreements (FTAs) with the EU, U.S., and ASEAN enhance South Korea’s global competitiveness. The country is emerging as both an exporter of premium technologies and a testbed for next-gen medical innovations.

Government Regulations and Compliance Framework

Each BRICS nation maintains distinct but evolving regulatory frameworks to ensure safety, efficacy, and quality of medical devices:

• Brazil: ANVISA’s classification framework (Class I–IV) governs risk-based approvals. Compliance is mandatory, especially for public procurement.
• Russia: Regulatory reforms are focused on simplifying device approvals and encouraging domestic production. Certifications must comply with local standards and, increasingly, Eurasian Economic Union (EAEU) guidelines.
• India: The Central Drugs Standard Control Organization (CDSCO) and the newly proposed National Medical Devices Policy aim to streamline approvals, promote investments, and ensure post-market surveillance.
• China: The National Medical Products Administration (NMPA) oversees device approvals, with a strong emphasis on clinical trials, data integrity, and compliance with the latest medical standards.
• South Korea: The Ministry of Food and Drug Safety (MFDS) regulates medical devices and ensures fast-track approvals for innovative products. Korea also aligns its policies with international standards like ISO and IEC for global compatibility.

Competitive Landscape and Major Player Strategies

The BRICS medical device market is a blend of international heavyweights and ambitious local players:

• Global Giants: Siemens Healthineers, Medtronic, GE Healthcare, and Philips dominate in imaging, diagnostics, and critical care devices. These firms leverage local distributors, R&D collaborations, and market-specific product launches to penetrate regional markets.
• Local Leaders: Companies like Mindray (China), Shvabe (Russia), Amkay (India), and LG Healthcare (South Korea) are expanding rapidly, offering localized innovations that meet regulatory and economic requirements.

Author: Mahesh Y (Asst. Manager – Healthcare and Medical Device)

*Research Methodology: This report is based on DataCube’s proprietary 3-stage forecasting model, combining primary research, secondary data triangulation, and expert validation. [Learn more]

BRICS Medical Device Market Segmentation

BRICS Medical Device Market: Countries Covered