Venezuela Medical Devices Report

Published 22 December 2014

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Venezuela Medical Devices Report

BMI Industry View: The Venezuel an medical device market is hyper-inflated, ranking six th in the Americas region . It is projected to register a negative 2013-2018 CAGR due to maxi-devaluations of the bolívar, which should bring down p er capita consumption. The market is reliant on tightly controlled imports, w hich have performed negatively since 2011 . Import restrictions have been reported in 2014, with shortages impacting health services provided by the public and private sectors . In spite of the development of Barrio Adentro, the public health system remains under-funded. Niche opportunities exist but, overall, the operating environment is expected to remain very precarious for foreign multinationals in the country due to political risks , foreign exchange uncertainties and economic imbalances. Falling oil prices reported in late 2014 present additional headwinds.

Headline Industry Forecasts

  • Venezuela has the sixth largest medical device market in the Americas region, and the fourth largest in the Latin American region. Market value has fallen to an estimated US$1.0bn in 2013, due to the devaluation of the bolívar. The market is heavily concentrated in Caracas and other major urban areas but it is projected to fall by a 2013-2018 CAGR of -1.1% due to maxi-devaluations of the bolívar. Historical growth has been volatile, with a 2008-2013 CAGR of 1.7%, in spite of the implementation of Barrio Adentro. Per capita spending, at US$32 in 2013, is average within the Americas region.

  • Medical device imports, which represent nearly 90% of the market, are tightly controlled. In US dollar terms, import values have fallen since 2011 due to the devaluation of the local currency and tighter controls exercised by the National Foreign Trade Centre (CENCOEX - Centro Nacional de Comercio Exterior); CENCOEX superseded the Foreign Exchange Administration Commission (CADIVI - Comisión de Administración de Divisas) in Q413. The latest monthly...

Table of Contents

Espicom Industry View
7
SWOT
10
Medical Device Market
10
Political
12
Economic
13
Business Environment
14
Industry Forecast
15
Medical Device Market Forecast
15
2008-2013 Performance
15
2013-2018 Performance
17
Table: Projected Medical Device Market, 2013-2018
18
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$mn)
19
Consumables Market Forecast
23
Bandages & Dressings
23
Suturing Materials
23
Syringes, Needles & Catheters
23
Other Consumables
24
Table: Consumables Market, 2008-2018 (US$mn)
24
Table: Consumables Market, 2009-2018 (US$mn % Change)
25
Diagnostic Imaging Market Forecast
27
Electrodiagnostic Apparatus
27
Radiation Apparatus
27
Imaging Parts & Accessories
28
Table: Diagnostic Imaging Market, 2008-2018 (US$mn)
28
Table: Diagnostic Imaging Market, 2009-2018 (US$mn % Change)
29
Dental Products Market Forecast
31
Capital Equipment
31
Instruments & Supplies
32
Table: Dental Products Market, 2008-2018 (US$mn)
32
Table: Dental Products Market, 2009-2018 (US$mn % Change)
33
Orthopaedics & Prosthetics Market Forecast
35
Fixation Devices
35
Artificial Joints
35
Other Artificial Body Parts
36
Table: Orthopaedics & Prosthetics Market, 2008-2018 (US$mn)
36
Table: Orthopaedics & Prosthetics Market, 2009-2018 (US$mn % Change)
36
Patient Aids Market Forecast
38
Portable Aids
38
Therapeutic Appliances
38
Table: Patient Aids Market, 2008-2018 (US$mn)
39
Table: Patient Aids Market, 2009-2018 (US$mn % Change)
39
Other Medical Devices Market Forecast
41
Table: Other Medical Devices Market, 2008-2018 (US$mn)
42
Table: Other Medical Devices Market, 2009-2018 (US$mn % Change)
43
Annual Medical Device Imports
45
Table: Medical Device Imports By Product Area, 2009-2013 (US$000s)
49
Table: Medical Device Imports By Product Area, 2009-2013 (US$000s % Change)
50
Table: Medical Device Imports By Product Area, 2009-2013 (Local Currency 000s)
51
Table: Medical Device Imports By Product Area, 2009-2013 (Local Currency 000s % Change)
52
Table: Top 20 Medical Device Suppliers, 2013 (US$000s)
54
Table: Detailed Medical Device Imports By Product Area, 2009-2013 (US$000s)
55
Table: Detailed Medical Device Import Trends By Product Area, 2013
58
Table: Detailed Leading Medical Device Suppliers By Product Area, 2013 (US$000s)
61
Monthly Medical Device Imports
65
Table: Monthly Medical Device Imports By Product Area, June 2011 - February 2014 (US$mn)
65
Annual Medical Device Exports
67
Table: Medical Device Exports By Product Area, 2009-2013 (US$000s)
69
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s)
70
Table: Top 11 Medical Device Destinations, 2013 (US$000s)
71
Table: Detailed Medical Device Exports By Product Area, 2009-2013 (US$000s)
72
Table: Detailed Leading Medical Device Destinations By Product Area, 2013 (US$000s)
75
Table: Detailed Medical Device Trade Balance, 2009-2013 (US$000s)
78
Monthly Medical Device Exports
82
Table: Monthly Medical Device Exports By Product Area, June 2011 - February 2014 (US$mn)
82
Macroeconomic Forecasts
84
Macroeconomic Forecast
84
Table: Economic Activity (Venezuela 2009-2018)
88
Industry Risk Reward Ratings
89
Table: Americas Medical Device Risk/Reward Ratings, Q414
90
Market Overview
91
Medical Device Market Overview
91
Table: Medical Device Market, Key Ratios, 2013
92
Table: Medical Device Market By Product Area, 2013
92
Healthcare Overview
93
Health Status
93
Healthcare System
93
Public Healthcare Providers
95
Private Healthcare Providers
96
Healthcare Funding
97
Healthcare Resources
98
Healthcare Activity
101
Healthcare Personnel
101
Key Healthcare Data
102
Table: Key Healthcare Data, 2008-2013
102
Industry Trends And Developments
105
Industry Trends & Developments
105
Regulatory Development
109
Medical Device Regulations
109
Competent Authority
109
Regulations
109
Medical Device Pricing & Reimbursement
111
Regulation
111
Procurement
111
Foreign Exchange Controls
111
Competitive Landscape
114
Domestic Medical Device Manufacturing
114
National Medical Device Manufacturers
114
Multinational Medical Device Manufacturers
116
Multinational Market Activity
117
Table: Multinational Market Activity, 2014
117
Medical Device Market Access
119
Market Environment
119
Distribution
119
Trade Agreements
119
Trade Associations
121
Table: Members Of ASODILAB, 2013
121
Table: Selected Members Of AVEDEM, 2014
122
Trade Shows
129
Methodology
130
Medical Device Market Methodology
130
Trade Code Classifications
131
Table: Used HS Trade Codes, 2014
131
Table: Rearranged HS Trade Codes, 2014
133
Risk/Reward Ratings Methodology
136
Table: Medical Devices Risk/Reward Ratings Indicators, 2014
137
Sources
138
Contact
139

The Venezuela Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a Business Monitor International (BMI) 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.

Key Benefits

  • 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.

Coverage

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

SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.

Industry Forecasts

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.

Macroeconomic Forecasts

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.

Market Overview

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.

Regulatory developments

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.

Competitive Landscape

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.

Methodology

Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc