Business Monitor International


Venezuela Medical Devices Report

Published 20 December 2013

  • 151 pages
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$1,295.00
Venezuela Medical Devices Report

Espicom Industry View: The Venezuel an medical device market is hyper-inflated, ranking fifth in the Americas region . It is projected to register a low 2013-2018 CAGR due to maxi-devaluations of the bolívar, which should bring down p er capita consumption to a more comparable regional level . The market is reliant on tightly controlled imports, whose recent negative performance indicates that previous annual levels are unlikely to be maintained. In spite of the development of Barrio Adentro, the health system remains under-funded. Niche opportunities exist but, overall, the operating environment is expected to remain very precarious for foreign multinationals in the country due to political risks and economic imbalances.

Headline Industry Forecasts

  • The medical device market is the fifth largest in the Americas region, and the third largest in the Latin American region. Market value fell to an estimated US$1.4bn in 2013, due to the devaluation of the bolívar. The market is heavily concentrated in Caracas and other major urban areas, and it is projected to rise by a low 2013-2018 CAGR of 1.7% due to maxi-devaluations of the bolívar. Historical growth has been volatile but much higher, with a 2008-2013 CAGR of 9.2%, due to the implementation of Barrio Adentro. Per capita spending, at US$48 in 2013, has leapfrogged above richer Latin American countries, ranking first.

  • Medical device imports are tightly controlled but have increased considerably in recent years, representing over 90% of the market. In US dollar terms, the latest monthly trade data show that imports fell by 10.0% to US$1.5bn in the 12 months to October 2012, which indicates that previous annual import levels are unlikely to be maintained. Except consumables, all product areas recorded negative growth.

  • Medical device exports are negligible compared to the market size. In US dollar terms, the latest monthly trade data show that exports fell by 68.1% in the 12 months to October...

Table of Contents

Espicom Industry View
7
Espicom Industry View
7
SWOT
10
Medical Device Market
10
Political
12
Economic
13
Business Environment
14
Industry Forecast
15
Medical Device Market Forecast
15
Past Performance 2008-2013
15
Future Performance
17
Table: Projected Medical Device Market, 2013-2018
18
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$mn)
19
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$ Per Capita)
22
Table: Detailed Medical Device Market By Product Area, 2008-2018 (% Of Total)
25
Table: Detailed Medical Device Market By Product Area, 2009-2018 (US$mn, % Change)
28
Consumables Market Forecast
31
Table: Consumables Market, 2008-2018 (US$mn)
32
Table: Consumables Market, 2008-2018 (US$ Per Capita)
33
Table: Consumables Market, 2009-2018 (US$mn % Change)
33
Diagnostic Imaging Market Forecast
36
Table: Diagnostic Imaging Market, 2008-2018 (US$mn)
37
Table: Diagnostic Imaging Market, 2008-2018 (US$ Per Capita)
38
Table: Diagnostic Imaging Market, 2009-2018 (US$mn % Change)
39
Dental Products Market Forecast
41
Table: Dental Products Market, 2008-2018 (US$mn)
42
Table: Dental Products Market, 2008-2018 (US$ Per Capita)
43
Table: Dental Products Market, 2009-2018 (US$mn % Change)
44
Orthopaedics & Prosthetics Market Forecast
46
Table: Orthopaedics & Prosthetics Market, 2008-2018 (US$mn)
47
Table: Orthopaedics & Prosthetics Market, 2008-2018 (US$ Per Capita)
48
Table: Orthopaedics & Prosthetics Market, 2009-2018 (US$mn % Change)
48
Patient Aids Market Forecast
50
Table: Patient Aids Market, 2008-2018 (US$mn)
51
Table: Patient Aids Market, 2008-2018 (US$ Per Capita)
51
Table: Patient Aids Market, 2009-2018 (US$mn % Change)
52
Other Medical Devices Market Forecast
54
Table: Other Medical Devices Market, 2008-2018 (US$mn)
55
Table: Other Medical Devices Market, 2008-2018 (US$ Per Capita)
56
Table: Other Medical Devices Market, 2009-2018 (US$mn % Change)
56
Annual Medical Device Imports
59
Table: Medical Device Imports By Product Area, 2008-2011 (US$000s)
63
Table: Medical Device Imports By Product Area, 2009-2011 (US$000s, % Change)
64
Table: Medical Device Imports By Product Area, 2008-2011 (Local Currency 000s)
65
Table: Medical Device Imports By Product Area, 2009-2011 (Local Currency 000s, % Change)
66
Table: Medical Device Imports By Product Area, 2008-2011 (% Distribution)
67
Table: Leading Medical Device Suppliers By Product Area, 2011 (US$000s)
69
Table: Leading Medical Device Suppliers By Product Area, 2011 (% Distribution)
70
Table: Top 20 Medical Device Suppliers, 2011 (US$000s)
72
Table: Detailed Medical Device Imports By Product Area, 2008-2011 (US$000s)
73
Table: Detailed Medical Device Import Trends By Product Area, 2011
76
Table: Detailed Leading Medical Device Suppliers By Product Area, 2011 (US$000s)
79
Monthly Medical Device Imports
82
Table: Monthly Medical Device Imports By Product Area, February 2010 - October 2012 (US$mn)
83
Annual Medical Device Exports
84
Table: Medical Device Exports By Product Area, 2008-2011 (US$000s)
87
Table: Medical Device Exports By Product Area, 2009-2011 (US$000s, % Change)
88
Table: Medical Device Exports By Product Area, 2008-2011 (Local Currency 000s)
89
Table: Medical Device Exports By Product Area, 2009-2011 (Local Currency 000s, % Change)
90
Table: Medical Device Exports By Product Area, 2008-2011 (% Distribution)
92
Table: Leading Medical Device Destinations By Product Area, 2011 (US$000s)
94
Table: Leading Medical Device Destinations By Product Area, 2011 (% Distribution)
95
Table: Top 20 Medical Device Destinations, 2011 (US$000s)
97
Table: Detailed Medical Device Exports By Product Area, 2008-2011 (US$000s)
98
Table: Detailed Medical Device Export Trends By Product Area, 2011
101
Table: Detailed Leading Medical Device Destinations By Product Area, 2011 (US$000s)
104
Table: Detailed Medical Device Balance Of Trade, 2008-2011 (US$000s)
106
Monthly Medical Device Exports
109
Table: Monthly Medical Device Exports By Product Area, February 2010 - October 2012 (US$mn)
109
Macroeconomic Forecasts
111
Economic Analysis
111
Table: Venezuela - Economic Activity
114
Industry Risk Reward Ratings
115
Industry Risk Reward Ratings
115
Table: Espicom Analysis Of The Medical Device Market, 2013
115
Market Overview
117
Medical Device Market Overview
117
Overview
117
Table: Medical Device Market, Key Ratios, 2013
118
The Market In 2013
118
Table: Medical Device Market By Product Area, 2013
118
Healthcare Overview
119
Healthcare System
119
Health Expenditure
122
Key Data
123
Table: Key Data, 2008-2013
123
Industry Trends And Developments
125
Industry Trends & Developments
125
Regulatory Development
128
Medical Device Regulations
128
Competent Authority
128
Regulations
128
Medical Device Pricing & Reimbursement
130
Competitive Landscape
131
Domestic Medical Device Manufacturing
131
National Medical Device Manufacturers
131
Multinational Medical Device Manufacturers
133
Multinational Market Activity
133
Table: Multinational Market Activity, 2013
134
Medical Device Market Access
135
Market Environment
135
Distribution
135
Trade Agreements
135
Trade Associations
136
Table: Members Of ASODILAB, 2013
136
Table: Members Of AVEDEM, 2012
137
Trade Shows
143
Methodology
144
Table: Used HS Trade Codes, 2013
145
Table: Rearranged HS Trade Codes, 2013
147

The Venezuela Medical Devices Report features forecasts for medical devices production, imports, exports and healthcare expenditure by Espicom, a Business Monitor International company (BMI). These forecasts focus on Consumables, Diagnostic Imaging Apparatus, Dental Products, Orthopaedic and Prosthetic Devices and other medical devices.

The breakdown of domestic production, domestic manufacturing, individual trade associations and multinational activity in Venezuela provides industry professionals, strategists, company executives, and analysts with independent forecasts and competitive intelligence on the Venezuela medical devices industry.

Key Benefits

  • Benchmark Espicom’s Medical Devices expenditure forecasts, which take into account macroeconomic and industry-specific forecasts for Venezuela, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Venezuela.
  • Target Business Opportunities in the Venezuela medical devices market by using our assessments and projections for disease and demographic trends, regulatory developments, tax legislation and government subsidies, investment dynamics and domestic demand in Venezuela.
  • Assess the activities and market position of your competitors via our assessments of domestic production, imports and exports, trade associations, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.

Coverage

BMI Industry View

Covers geographic factors, political issues, and economic concerns, together with an overview of the country’s healthcare systems, health insurance regulations and health related projects which might have an impact on the country. These are presented in conjunction with estimates of health expenditure.

Market Developments

Provides analysis on the latest regulatory developments, key forecast indicators and major corporate developments, including production growth and government investment programmes.

Medical Market Analysis

Evaluates the market’s developments over the past year, comparing it with historical trends, and provides a forecast of future performance throughout our forecast period to end-2018. The report presents forecasts on the annual imports and exports for each of these sectors along with a monthly analysis of import and export trends and developments. There is also a detailed assessment of domestic production and domestic manufacturing, with a breakdown of individual trade associations, national and multinational manufacturers.

Medical Device Market Projections cover Market (US$mn), Per Capita (US$mn), (%) of total expenditure, and (%) change, for the below medical devices:

Consumables (US$mn): bandages and dressings, suturing materials, ostomy products, syringes, needles, and catheters.

Diagnostic Imaging (US$mn): electrodiagnostic, ultrasound, MRI, patient monitoring, CT scanners, X-ray apparatus, imaging parts and accessories.

Dental Products (US$mn): dental capital equipment, dental drills, dental chairs, dental X-rays, dental instruments and supplies, dental cements, teeth and other fittings.

Orthopaedic and prosthetic products (US$mn): fixation devices, artificial joints, and other artificial body parts.

Patient Aids (US$mn): portable aids, hearing aids, pacemakers, and therapeutic appliances.

Other medical devices (US$mn): wheelchairs, ophthalmic instruments, anaesthesia apparatus, dialysis apparatus, blood pressure monitors, endoscopy monitors, and hospital furniture.

Multinational Activity

Discusses the presence of multinational companies in the country, either via sales and distribution outlets, or through manufacturing facilities. ‘Domestic Manufacturing’ delineates the presence and activities of domestic medical device companies. Key company developments are incorporated, enabling a full evaluation of recent company performance and future growth prospects.

Accessing the Market

This section contains analysis of the overall market environment, distribution (including over 1,600 qualified sales agencies and distribution leads), import duties and taxes, procurement options (such as trade fairs, various expositions and procurement bodies), together with an explanation of the regulatory environment covering registration, labelling requirements and the use of second-hand equipment.

Directory

Contains details for Healthcare organisations, Professional Bodies, and Trade Associations, along with Trade Code Classifications.

Appendix – Statistical Tables

Extensive statistical tables provide historical data and forecasts from 2007-2018, identifying trends and changes in population, principle causes of death, public health expenditure, hospital data (including beds by type, discharge data, long stay patients by type), and hospital personnel.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc