BMI View: The Colombian medical dev ice market will benefit from long-term economic improvements driven by the FARC peace agreement . Imports will be slower over this decade than in the last, while exports will remain low and continue to target neighbouring Latin American markets . 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 have revised down our forecast and now project that the market will register a 2015-2020 CAGR of 8.5% in local currency terms and 7.3% in US dollar terms, which will take the value to COP4.9trn (USD1.7bn) by 2020. Market growth will benefit from improving economic growth driven by the FARC peace deal, while the lower dollar growth rate will reflect a local currency depreciatory trend in 2016 and a substantial depreciation in 2015.
We anticipate slower import growth over this decade than in the last. Quarterly import growth has been negative in US dollar terms since Q315 due to exchange rate fluctuations. The latest data show that imports fell by 15.6% y-o-y to USD0.2bn in the three months to August 2016, and contracted by 20.0% to USD0.9bn in the 12 months to August 2016.
We expect exports to remain low, mainly sent to neighbouring Latin American countries. Recent quarterly export growth has been largely negative in US dollar terms due to currency fluctuations. The latest data show that exports fell by 11.4% y-o-y to USD15.5mn in the three months to August 2016, and contracted by 7.3% to USD65.8mn in the 12 months to August 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.