Abstract
The eight Latin American markets covered by Espicom represent a market of 468
million people with a GDP of US$2.7 trillion in 2007. Fuelled by Mexico,
Brazil, Argentina and Venezuela, they represented a medical market value of
US$6.3 billion in 2007, and significant growth could see that figure rise to
US$7.7 billion by 2012.
The eight Latin American countries covered in this report represent a total
market of 468 million people with a GDP of US$2.7 trillion in 2007. Fuelled by
Mexico, Brazil, Argentina and Venezuela, they represented a medical market
value of US$6.3 billion in 2007, and significant growth could see that figure
rise to US$7.7 billion by 2012.
Trade in medical devices and equipment is key to the region' s development with
all markets dependent on imports, particularly of high specification medical
technology products.
Plans to increase the region' s global position in the face of strong emerging
economies such as China and India are being frustrated by the varying policies
of each country. Bilateral free trade agreements with the USA continue with
Uruguay being the last to follow Chile' s successful move and Peru and Colombia
going down the same path. Pan regional organisations such as the Mercosur and
Andean groups have not been able to align their members in a common front in
this critical area.
After a sustained period of political instability over many years the region
is now seeing all markets re-evaluate their health provision. Levels of
service in the buoyant private health sector are among the best to be found,
but the challenge is provide better levels of basic healthcare to the mass of
the population. Opportunities for manufacturers of medical equipment and
supplies do exist, but it' s knowing where and how to develop them…
These quarterly updated reports analyse the issues
The Outlook for Medical Device Markets in Latin America is published by
Espicom Business Intelligence. Each report provides an individual and
highly-detailed analysis of each market, looking at the key regulatory,
political, economic and corporate developments in the wider context of market
structure, service and access. The reports are available individually or as a
discounted collection, and prices include 4 completely updated reports sent
quarterly plus a comprehensive annual review.
Highlights from the region
ARGENTINA
With a population approaching 40 million, Argentina is the fourth largest
country in Latin America, behind Brazil, Mexico and Colombia. Over a third of
the population lives in the province of Buenos Aires. In 2002 a financial
crisis severely affected the healthcare sector and the medical device market.
In 1999, Argentina imported medical equipment worth US$327 million. By 2002,
this had fallen to US$90 million. There has been a good recovery since, with
imports reaching 2001 levels again in 2005. Healthcare providers postponed
spending plans or sought alternative suppliers. Argentina has a mediumtech
manufacturing sector which was able to supply many healthcare needs in lieu of
imports, although imports are once again recapturing market share.
BRAZIL
In 2007, the Brazilian medical market is valued at US$2,644 million,
equivalent to around US$14 per capita. Expenditure per capita is far higher in
the developed urban areas, however. The country has a well-established medical
industry, comprising local and multinational companies, which supplies around
70% of the market. Traditionally, the level of imports is low and has been
volatile for the past few years. In 2005, it was valued at US$863.5 million.
However, the appreciation of the local currency against the dollar and
increasing bank credits to the healthcare sector is encouraging medical
hospital modernisation in Brazil, particularly in private facilities.
CHILE
Chile is one the region' s better economic performers, with GDP per capita of
US$8,150 in 2005. In Latin America, only Mexico has a higher figure. Chile has
generally avoided regional trading blocs such as Mercosur, preferring
bilateral agreements such as the recent Free Trade Agreement with the USA.
Chile produces very little medical equipment, so the market is largely
supplied by imports. The USA is the dominant supplier, accounting for 40% of
imports each year. The European Union supplies a further 25-30%, of which
Germany accounts for half. The Chilean market for medical equipment & supplies
is estimated at US$279.9 million in 2007.
COLOMBIA
With a population approaching 50 million, Colombia is the second largest
country in South America, behind only Brazil. The capital, Santa Fe de Bogota,
has a population of around 7 million. The country' s healthcare infrastructure
is adequate in the larger urban areas, but in need of modernisation. The
healthcare system is complex, and coverage is far from universal. Espicom
estimates the size of the Colombian market for medical equipment & supplies to
be US$384.9 million in 2007. The market ranks in the world' s top 50, being
similar in size to Egypt or Ukraine. Per capita spending is relatively low,
however; at just over US$8, it is barely one third of spending in Mexico or
Brazil, although it is similar to the level of spending elsewhere in the
region.
MEXICO
The Mexican market for medical devices is estimated at US$2.2 billion in 2007.
This makes it the 14th largest in the world, and second in Latin America
behind Brazil. The Mexican market is similar in size to that in Australia or
Korea. Per capita expenditure is relatively low, however, at around US$20. The
market is dominated by imported products, principally from the USA. US
manufacturers benefit from geographic proximity and preferential terms under
NAFTA. That said, US suppliers' share of the import market fell in 2005, to
around 62% compared with 70% in previous years.
PERU
The Peruvian market for medical equipment & supplies is estimated at US$99.6
million in 2007. This is equal to US$3.5 per capita. This level of per capita
expenditure is very low, even by regional standards; in South America, only
Bolivia and Paraguay have a similar level of per capita spending. Health
services are predominantly provided in the public sector, although most
facilities are severely under-funded. Around four million people are covered
under ESSALUD, the major public insurance system, which also operates its own
hospitals and clinics. The private sector is advanced but small, and very much
based in Lima. Peru has very little domestic manufacturing, and few
multinationals have plants there. As a result, the market is heavily dependent
on imports.
VENEZUELA
The Venezuelan market for medical equipment & supplies is estimated at
US$304.1 million in 2007. With a population approaching 30 million, Venezuela
is a medium-sized South American country. It is economically under-developed,
although rich in natural resources. The market is volatile and the economy
heavily dependent on oil. While current high oil prices have boosted GDP,
there is some evidence that this has led to a rise in health expenditure and
increased government attention to the sector. Even so, many health facilities
are outdated in terms of equipment and infrastructure, and are under-funded.
The market is heavily reliant on imported products; there is little domestic
production and none at all of high-end apparatus.
8 Major Markets Covered
- Argentina
- Brazil
- Chile
- Colombia
- Cuba
- Mexico
- Peru
- Venezuela
FOR EVERY MARKET, SENT QUARTERLY
MARKET OUTLOOK
- Current market size
- Unique 5-Year market projections to 2012
- Market outlook
- Market structure
- Statistical data on imports and exports
- Market developments, covering recent and impending developments with
respect to key issues such as regulation, health facilities, funding and
- government policy
- Key national data projections
- International market comparisons
FOR EVERY MARKET,SENT ANNUALLY
BACKGROUND DATA
- Population data, including growth trends and age structure
- Demographic indicators detailing principal causes of death and morbidity
HEALTHCARE SYSTEM
- Organisation & administration
- Health expenditure
- Expenditure by source of funding and type
- Hospital services
- Hospital data such as beds by type, region, specialty, patient admissions
and surgical procedures
- Outpatient care
- Medical personnel
- Data on healthcare professionals covering such areas as doctors by
specialty, nursing staff and dentists
ACCESSING THE MEDICAL MARKET
- Regulatory environment
- Distribution guide and trade fair information
- Domestic production
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