BMI Industry View: Venezuela will be the only market in the Americas region with a negative 2014-2019 CAGR in US dollar terms. The market will remain reliant on tightly controlled imports , with import shortages impacting health services provided by the public and private sectors . T he operating environment will remain very precarious for foreign multinationals due to political risks , macro economic imbalances and foreign exchange uncertainties .
Headline Industry Forecasts
We forecast that the market will record a US dollar 2014-2019 CAGR of -11.3%, ranging from -16.2% for orthopaedics & prosthetics to -5.9% for other medical devices, which will take expenditure down to USD0.5bn. The negative dollar growth rate will reflect a sizeable devaluation of the bolivar in 2015 and a steady devaluation from 2016 onwards. This will translate into a massive contraction in 2015, before a return to double-digit growth in 2016.
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). The latest monthly trade data show that imports in US dollar terms recorded a large contraction of 35.7% to USD768.1mn in the 12 months to February 2014.
Exports will remain negligible. Major export-containment factors 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. Exports rose by 51.4% in US dollar terms in the 12 months to February 2014, reaching USD1.4mn.
Due to current macro imbalances, we believe that the implementation of a plan to strengthen local domestic production over the next 10 to 15 years will be difficult. We note that the government aims to implement this plan in co-operation with...
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.