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Venezuela Medical Devices Report Q2 2015, Business Monitor International

  • April 2015
  • -
  • Business Monitor International
  • -
  • 146 pages

Includes 3 FREE quarterly updates

BMI Industry View: The Venezuelan medical device market is hyper-inflated but ranks sixth in the Americas region. Our forecasts indicate that the market will register a negative 2013-2018 CAGR in US dollar terms due to maxi-devaluations of the bolívar, which should bring down per capita consumption. The market is reliant on tightly controlled imports, which have performed negatively since 2011, with import shortages impacting health services provided by the public and private sectors. In spite of the development of Barrio Adentro, the public 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, foreign exchange uncertainties and economic imbalances. Falling oil prices since late 2014 present additional headwinds.

Headline Industry Forecasts

- Venezuela is the sixth largest medical device market in the Americas region, and the fourth largest in the Latin American region. Market value has fallen to an estimated USD1.0bn in 2013, due to the devaluation of the bolívar. The market is heavily concentrated in Caracas and other major urban areas but it is projected to fall by a 2013-2018 CAGR of -1.1% in US dollar terms due to maxi-devaluations of the bolívar. Historical growth has been volatile in spite of the implementation of Barrio Adentro. Per capita
spending is average within the Americas region.
- Medical device imports, which represent nearly 90% of the market, are tightly controlled. Import values in US dollar terms have fallen since 2012 due to the devaluation of the local currency and tighter controls exercised by the National Foreign Trade Centre (CENCOEX - Centro Nacional de Comercio Exterior); CENCOEX superseded the Foreign Exchange Administration Commission (CADIVI - Comisión de Administración de Divisas) in Q413. The latest monthly trade data show that imports fell by 35.7% to USD768.1mn in the 12 months to February 2014.

Table Of Contents

Venezuela Medical Devices Report Q2 2015, Business Monitor International
BMI Industry View 7
SWOT 10
Medical Device Market 10
Political 12
Economic 13
Operational Risk 14
Industry Forecast 16
Medical Device Market Forecast 16
2008-2013 Performance 16
2013-2018 Performance 18
Table: Projected Medical Device Market, 2013-2018 19
Table: Detailed Medical Device Market By Product Area, 2008-2018 (USDmn) 20
Consumables Market Forecast 24
Bandages and Dressings 24
Suturing Materials 24
Syringes, Needles and Catheters 24
Other Consumables 25
Table: Consumables Market, 2008-2018 (USDmn) 25
Table: Consumables Market, 2009-2018 (USDmn % Change) 26
Diagnostic Imaging Market Forecast 28
Electrodiagnostic Apparatus 28
Radiation Apparatus 29
Imaging Parts and Accessories 29
Table: Diagnostic Imaging Market, 2008-2018 (USDmn) 29
Table: Diagnostic Imaging Market, 2009-2018 (USDmn % Change) 30
Dental Products Market Forecast 32
Capital Equipment 32
Instruments and Supplies 33
Table: Dental Products Market, 2008-2018 (USDmn) 33
Table: Dental Products Market, 2009-2018 (USDmn % Change) 34
Orthopaedics and Prosthetics Market Forecast 36
Fixation Devices 36
Artificial Joints 36
Other Artificial Body Parts 37
Table: Orthopaedics and Prosthetics Market, 2008-2018 (USDmn) 37
Table: Orthopaedics and Prosthetics Market, 2009-2018 (USDmn % Change) 37
Patient Aids Market Forecast 39
Portable Aids 39
Therapeutic Appliances 39
Table: Patient Aids Market, 2008-2018 (USDmn) 40
Table: Patient Aids Market, 2009-2018 (USDmn % Change) 40
Other Medical Devices Market Forecast 42
Table: Other Medical Devices Market, 2008-2018 (USDmn) 43
Table: Other Medical Devices Market, 2009-2018 (USDmn % Change) 44
Annual Medical Device Imports 46
Table: Medical Device Imports By Product Area, 2009-2013 (USD000s) 50
Table: Medical Device Imports By Product Area, 2009-2013 (USD000s % Change) 51
Table: Medical Device Imports By Product Area, 2009-2013 (Local Currency 000s) 52
Table: Medical Device Imports By Product Area, 2009-2013 (Local Currency 000s % Change) 53
Table: Top 20 Medical Device Suppliers, 2013 (USD000s) 55
Table: Detailed Medical Device Imports By Product Area, 2009-2013 (USD000s) 56
Table: Detailed Medical Device Import Trends By Product Area, 2013 59
Table: Detailed Leading Medical Device Suppliers By Product Area, 2013 (USD000s) 62
Monthly Medical Device Imports 66
Table: Monthly Medical Device Imports By Product Area, June 2011 - February 2014 (USDmn) 66
Annual Medical Device Exports 68
Table: Medical Device Exports By Product Area, 2009-2013 (USD000s) 70
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s) 71
Table: Top 11 Medical Device Destinations, 2013 (USD000s) 72
Table: Detailed Medical Device Exports By Product Area, 2009-2013 (USD000s) 73
Table: Detailed Leading Medical Device Destinations By Product Area, 2013 (USD000s) 76
Table: Detailed Medical Device Trade Balance, 2009-2013 (USD000s) 79
Monthly Medical Device Exports 83
Table: Monthly Medical Device Exports By Product Area, June 2011 - February 2014 (USDmn) 83
Macroeconomic Forecasts 85
Economic Analysis 85
Industry Risk/Reward Index 89
Table: Americas Medical Device Risk/Reward Index, Q215 90
Market Overview 91
Medical Device Market Overview 91
Table: Medical Device Market, Key Ratios, 2013 92
Table: Medical Device Market By Product Area, 2013 92
Healthcare Overview 93
Health Status 93
Healthcare System 94
Public Healthcare Providers 95
Private Healthcare Providers 97
Healthcare Funding 97
Healthcare Resources 99
Healthcare Activity 102
Healthcare Personnel 102
Key Healthcare Data 103
Table: Key Healthcare Data, 2009-2014 103
Industry Trends And Developments 106
Industry Trends and Developments 106
Regulatory Development 112
Medical Device Regulations 112
Competent Authority 112
Regulations 112
Post-Market Surveillance 115
Medical Device Pricing and Reimbursement 116
Pricing 116
Procurement 116
Competitive Landscape 117
Domestic Medical Device Manufacturing 117
National Medical Device Manufacturers 117
Multinational Medical Device Manufacturers 119
Multinational Market Activity 121
Table: Multinational Market Activity, 2015 121
Medical Device Market Access 123
Market Environment 123
Distribution 123
Foreign Exchange Controls 123
Trade Agreements 124
Trade Associations 127
Table: Members Of ASODILAB, 2013 127
Table: Selected Members Of AVEDEM, 2014 128
Trade Shows 135
Methodology 136
Forecast Methodology 136
Trade Code Classifications 137
Table: Used HS Trade Codes 137
Table: Rearranged HS Trade Codes 139
Risk/Reward Index Methodology 142
Table: Medical Devices Risk/Reward Index Indicators 143
Sources 145
Contact 146

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