The Medical Device Market: Venezuela
by ReportLinker.com on Dec 08, 2010
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Espicom's in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens ...
Espicom's in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.The volatile Venezuelan market for medical equipment & supplies is almost entirely supplied by imported products, principally from the USA. The level of per capita spending is comparable to that in Colombia or much of Central America, but is below that found in the richer Latin American markets of Mexico and Brazil. Expenditure is heavily concentrated in Caracas and other major urban areas. The best opportunities are in the advanced private sector and the Barrio Adentrorelated public sector, which was relaunched in October 2009.The economic outlook is difficult in the short term, the country relies on petroleum prices, which can be unpredictable, together with the effects of the global meltdown. Real GDP is expected to fall by 6.7% in 2010, but recover to 2.9% in 2012. Inflation is among the highest in the world. From 29.6% in 2010, it is expected to hit a record of 40.3% in 2011.The orthopaedics sector represents 20.8% of the medical market in 2010, followed by the diagnostic imaging sector (20.2%), and the consumables sector (18.7%). The consumables sector and the small dental sector are expected to experience negative growth rates in the next five years, whilst orthopaedics will grow at a healthy rate.In January 2010 the bolivar was devalued for the first time since 2005, by 17% for priority items and by 50% for non essential items in dollar terms. This sparked panic buying amongst Venezuelans. However, food, health care imports and the public sector will be able to take advantage of the lower of these two exchange rates. The President said that the two official rates would limit imports that are not strictly necessary and stimulate export policy.The exchange rate was fixed at 2.15 bolivars to the US$ from 2005 to 2009. In 2010, this changed to 2.6 bolivars for priority imports, or 4.3 bolivars for other items. Priority imports include medical devices, medicines, food and some capital goods used to manufacture other goods. The priority and non-priority list of goods will be reviewed each year. Espicom's medical market projections assume that the current exchange rate of 2.6 bolivars to the US$ for medical devices will remain for the next five years.At regional levels, Venezuela is the third leading importer of medical equipment & supplies. Hospital modernisation in the public and private sectors has brought imports to record levels, particularly via the implementation of Barrio Adentro in the public sector. Imports rose by a 2004-2008 CAGR of 57.2%. Imports of orthopaedic products experienced the highest rise, with a 2004-2008 CAGR of 142.8%.Over 100 importers, distributors, agents and subsidiaries of multinational producers are members of the Venezuelan Association of Medical, Dental & Laboratory Distributors (AVEDEM ' Asociación Venezolana de Distribuidores de Equipos Médicos, Odontológicos, de Laboratorios y Afines). There are at least 35 other non-affiliated firms supplying the industry. Most of them offer closely related/integrated lines such as X-ray equipment, electrocardiographs and CT scanners. Most major multinationals either have local offices or distribute nationally using exclusive representatives.P
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