BMI View: We forecast that the small Cuban market will register moderate growth of 7.6% over the forecast period, supported by stronger economic growth. The market will rely on imports from mainly Europe and China, and increasingly from Japan . Post embargo opportunities for US medical device companies will be difficult, as a full repeal of sanctions will remain elusive. Opportunities remain for other foreign companies, particularly from the fellow communist China.
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Forecasts And Key Updates
We maintain that the market will register a moderate 2014-2019 CAGR of 7.6% in US dollar terms, which will take expenditure to USD182.5mn. Market growth will slow down over the 2017-2019 period, following a double-digit rise in 2016.
Import reliance will remain strong despite the government's efforts to contain imports. Preliminary data indicate that imports rose by 6.9% in US dollar terms to USD31.6mn in Q415, and increased by 28.6% in US dollar terms to USD141.6mn in the 12 months to December 2015. In comparison, imports rose by only 0.7% to USD110.9mn in 2014.
Cuba will remain a small exporter, and the amount will fluctuate each year. The reason will be the rise and fall in exports to Venezuela, which receives most Cuban exports. Following the collapse in the price of crude, an already fragile Venezuelan economy will pose additional challenges for Cuban exports. Preliminary data suggest that exports fell by 77.4% to USD0.8mn in the 12 months to December 2015.
Cuba will remain a pioneer in interventional cardiology treatments. As reported at the Latin American Interventional Cardiology Meeting, the country will continue to perform a high number of angioplasties per 100,000 population. Cardiovascular diseases will remain the leading cause of death but post embargo opportunities for US medical device companies will be difficult, as a full repeal of sanctions will remain elusive.
The Cuba 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 Cuba provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Cuba Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Cuba, 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 Cuba.
- Target Business Opportunities in the Cuba Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Cuba.
- 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.