BMI View: The Cuban medical device market will remain small but register moderate growth over the forecast period, supported by higher economic growth. The market will continue to rely on imports from mainly China, Europe and Japan . Despite collaboration on public healthcare matters, p ost embargo opportunities for US medical device companies will be difficult, as a full repeal of sanctions will remain elusive.
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Latest Forecasts And Key Updates
We maintain our forecast and project that the market will register a 2014-2019 CAGR of 7.6%. Market growth will benefit from higher economic growth in the coming decade due to incremental reforms on the part of the government and greater engagement with the global economy.
Import reliance will remain strong despite the government's efforts to contain imports. The latest monthly data show that imports rose by 0.1% y-o-y in US dollar terms to USD36.5mn in the three months to May 2016, but increased by 16.8% in US dollar terms to USD138.9mn in the 12 months to May 2016.
Cuba will remain a small exporter. Exports will fluctuate each year due to the rise and fall in shipments to Venezuela, which was the leading destination until 2013. The latest monthly data show that exports fell by 49.6% in US dollar terms to USD0.8mn in the 12 months to May 2016. Diagnostic imaging remained the largest product area.
We do not expect Castro's death in November 2016 to alter Cuba-US relations. The incoming Trump administration will deepen commercial ties between the two countries, though the US trade embargo will remain in place. Thus, there will not be any concrete actions that will benefit US medical device companies, despite further collaboration on public healthcare matters. Companies from China, Europe and Japan will continue to benefit from Cuba's medical device supply chain.
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.