BMI Industry View: The medical device market will record moderate growth in local currency terms and low growth in US dollar terms over the forecast period. Slower GDP growth due to weaker oil production and lower oil prices, and a sizeable depreciation of the Colombian peso will constrain market growth. Imports will be slower in this decade than in the last, while exports will remain low despite currency depreciation. Market competition will intensify, keeping prices lower.
Headline Industry Forecasts
The market will register a 2014-2019 CAGR of 8.6% in local currency terms and 4.3% in US dollar terms, reaching COP3.9trn (USD1.6bn). Real GDP growth will slow in 2015 as the impact of weaker oil production and lower oil prices weighs on trade dynamics and undermines consumer confidence. The low dollar growth rate will reflect a sizeable depreciation of the Colombian peso in the latter half of 2015.
Import growth in US dollar terms will be volatile due to exchange rate movements and much slower over this decade than in the last. Import growth has slowed down in recent months, recording a rise of 4.3% in the three months to May 2015, and a cumulative increase of 9.7% in the 12 months to May 2015. Imports rose by 14.0% in 2014, reaching USD1.1bn, and registered a 2009-2014 CAGR of 14.4%.
Exports in US dollar terms will remain low over the forecast period despite currency depreciation. Export growth has remained positive in recent months, registering a rise of 2.2% in the three months to May 2015, and a cumulative increase of 5.0% in the 12 months to May 2015. Exports rose by 2.0% in 2014, reaching USD71.6mn, but recorded a 2009-2014 CAGR of -5.0%.
We estimate production at nearly USD300.0mn, mainly targeting more basic items. A few multinationals manufacture in the country. The medical device industry is concentrated around the capital Bogota. Within the capital, a free trade zone has encouraged international companies to the market.
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.