BMI View: Political uncertainty, s ubdued economic acceleration ahead and depreciatory pressures on the peso will cont ain medical device market g rowth in Colombia . Imports will be slower over this decade than in the last, while exports will remain low despite the peso plunge . Multinationals will further consolidate the market, while stronger market competition will keep prices lower.
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates And Key Forecasts
We maintain that the market will register a 2015-2020 CAGR of 8.6% in local currency terms, which will take the value to COP4.3trn in 2020. Market growth will be constrained by the subdued economic outlook. Comparatively, the market will record a 2015-2020 CAGR of 9.5% in US dollar terms, which will take expenditure to USD1.6bn in 2020. The dollar growth rate will reflect depreciatory pressure on the peso.
We anticipate much slower import growth over this decade than in the last. Quarterly import growth in US dollar terms has been negative since Q315 due to exchange rate fluctuations. The latest data show that imports fell by 19.8% y-o-y in to USD0.2bn in the three months to July 2016, and contracted by 19.7% to USD0.9bn in the 12 months to July 2016.
We expect exports to remain low, mainly sent to neighbouring Latin American countries. Recent quarterly export growth in US dollar terms has been largely negative due to currency fluctuations. The latest data show that exports fell by 19.4% y-o-y to USD14.3mn in the three months to July 2016, and contracted by 5.9% to USD65.9mn in the 12 months to July 2016.
We expect leading multinationals to strengthen their market presence and dominate the competitive market. Johnson & Johnson, Siemens and Baxter have revenues in excess of COP500bn, while Medtronic, Philips, GE and BD have sales of over COP100bn. Large local companies will increase their focus on medical devices, while smaller national companies will become acquisition targets.
The Colombia Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in Colombia provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Colombia Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Colombia, 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 Colombia.
- Target Business Opportunities in the Colombia Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Colombia.
- Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.
BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.