BMI View: The market will register hyper-inflated growth in local currency terms, but p ersistent economic challenges will hinder market performance in US dollar terms . Import controls and shortages will continue to impact negatively on public and private healthcare access . The operating environment will remain very precarious for foreign multinationals due to heightened political risks, macro economic imbalances and immense pressure on the bolivar.
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates And Key Forecasts
We anticipate that Venezuela will record a 2015-2020 CAGR of 13.7% in US dollar terms, up from a 2015-2020 CAGR of -30.8%, which will take expenditure to USD0.4bn. The bolivar will remain under depreciatory pressure over the coming years, following a sizeable devaluation of the local currency in 2015, which will affect the market in US dollar terms.
Imports over the forecast period will not return to the 2010-2011 levels in US dollar terms due to the economic recession, a deteriorating business climate, the devaluation of the local currency and tighter import controls imposed by the National Foreign Trade Centre (CENCOEX - Centro Nacional de Comercio Exterior).
Exports will remain negligible. Major barriers include limited domestic production geared to the internal market, a lack of export capabilities and weak regulatory compliance to meet the needs of external markets.
In December 2015, the Venezuelan Association of Clinics and Hospitals (AVCH - Asociacion de Clinicas y Hospitales) reported drastic shortages of medical supplies, which started in late 2013, increased in 2014 and peaked in 2015. Of annual import needs valued at USD1.0bn, AVCH indicated that just above 11.3% was fulfilled in 2015, which means that the deficit was massive.
The Venezuela 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 Venezuela provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Venezuela Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Venezuela, 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 Venezuela.
- Target Business Opportunities in the Venezuela Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Venezuela.
- 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.