Venezuela Medical Devices Report

Published 22 June 2015

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Venezuela Medical Devices Report

BMI Industry View: The Venezuel an medical device market will register a negative CAGR in US dollar terms due to maxi-devaluations of the bolivar, which should bring down p er capita consumption. The market is reliant on tightly controlled imports, w hich have performed negatively since 2011 , with import 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 since late 2014 present additional headwinds.

Headline Industry Forecasts

  • We forecast that the medical device market will record a negative 2013-2018 CAGR in US dollar terms due to maxi-devaluations of the bolivar. Historical growth has been volatile in spite of the implementation of Barrio Adentro. Ranking sixth in the Americas region and fourth in the Latin American region, the market is heavily concentrated in Caracas and other major urban areas. Per capita spending is average within the Americas region.

  • Medical device imports, which represent nearly 90% of the market, are unlikely to return to 2010-2011 levels. Imports in US dollar terms have fallen since 2012 due to the devaluation of the local currency and tighter controls exercised by the National Foreign Trade Centre (CENCOEX - Centro Nacional de Comercio Exterior). The latest monthly trade data show that imports fell by 35.7% to USD768.1mn in the 12 months to February 2014.

  • Medical device exports will remain negligible compared to the market size, which indicates limited domestic production geared to the internal market, and a lack of export capabilities and weak regulatory compliance to meet the needs of external markets. The latest monthly trade data show that...

Table of Contents

BMI Industry View
7
SWOT
10
Medical Device Market
10
Political
12
Economic
13
Operational Risk
14
Industry Forecast
16
Medical Device Market Forecast
16
2008-2013 Performance
16
2013-2018 Performance
18
Table: Projected Medical Device Market, 2013-2018
19
Table: Detailed Medical Device Market By Product Area, 2008-2018 (USDmn)
20
Consumables Market Forecast
24
Bandages & Dressings
24
Suturing Materials
24
Syringes, Needles & Catheters
24
Other Consumables
25
Table: Consumables Market, 2008-2018 (USDmn)
25
Table: Consumables Market, 2009-2018 (USDmn % Change)
26
Diagnostic Imaging Market Forecast
28
Electrodiagnostic Apparatus
28
Radiation Apparatus
29
Imaging Parts & Accessories
29
Table: Diagnostic Imaging Market, 2008-2018 (USDmn)
29
Table: Diagnostic Imaging Market, 2009-2018 (USDmn % Change)
30
Dental Products Market Forecast
32
Capital Equipment
32
Instruments & Supplies
33
Table: Dental Products Market, 2008-2018 (USDmn)
33
Table: Dental Products Market, 2009-2018 (USDmn % Change)
34
Orthopaedics & Prosthetics Market Forecast
36
Fixation Devices
36
Artificial Joints
36
Other Artificial Body Parts
37
Table: Orthopaedics & Prosthetics Market, 2008-2018 (USDmn)
37
Table: Orthopaedics & Prosthetics Market, 2009-2018 (USDmn % Change)
37
Patient Aids Market Forecast
39
Portable Aids
39
Therapeutic Appliances
39
Table: Patient Aids Market, 2008-2018 (USDmn)
40
Table: Patient Aids Market, 2009-2018 (USDmn % Change)
40
Other Medical Devices Market Forecast
42
Table: Other Medical Devices Market, 2008-2018 (USDmn)
43
Table: Other Medical Devices Market, 2009-2018 (USDmn % Change)
44
Annual Medical Device Imports
46
Table: Medical Device Imports By Product Area, 2009-2013 (USD000s)
50
Table: Medical Device Imports By Product Area, 2009-2013 (USD000s % Change)
51
Table: Medical Device Imports By Product Area, 2009-2013 (Local Currency 000s)
52
Table: Medical Device Imports By Product Area, 2009-2013 (Local Currency 000s % Change)
53
Table: Top 20 Medical Device Suppliers, 2013 (USD000s)
55
Table: Detailed Medical Device Imports By Product Area, 2009-2013 (USD000s)
56
Table: Detailed Medical Device Import Trends By Product Area, 2013
59
Table: Detailed Leading Medical Device Suppliers By Product Area, 2013 (USD000s)
62
Monthly Medical Device Imports
66
Table: Monthly Medical Device Imports By Product Area, June 2011 - February 2014 (USDmn)
66
Annual Medical Device Exports
68
Table: Medical Device Exports By Product Area, 2009-2013 (USD000s)
70
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s)
71
Table: Top 11 Medical Device Destinations, 2013 (USD000s)
72
Table: Detailed Medical Device Exports By Product Area, 2009-2013 (USD000s)
73
Table: Detailed Leading Medical Device Destinations By Product Area, 2013 (USD000s)
76
Table: Detailed Medical Device Trade Balance, 2009-2013 (USD000s)
79
Monthly Medical Device Exports
83
Table: Monthly Medical Device Exports By Product Area, June 2011 - February 2014 (USDmn)
83
Macroeconomic Forecasts
85
Economic Analysis
85
Industry Risk/Reward Index
89
Table: Americas Medical Device Risk/Reward Index, Q215
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
94
Public Healthcare Providers
95
Private Healthcare Providers
97
Healthcare Funding
97
Healthcare Resources
99
Healthcare Activity
102
Healthcare Personnel
102
Key Healthcare Data
103
Table: Key Healthcare Data, 2009-2014
103
Industry Trends And Developments
106
Industry Trends & Developments
106
Regulatory Development
112
Medical Device Regulations
112
Competent Authority
112
Regulations
112
Post-Market Surveillance
115
Medical Device Pricing & Reimbursement
116
Pricing
116
Procurement
116
Competitive Landscape
117
Domestic Medical Device Manufacturing
117
National Medical Device Manufacturers
117
Multinational Medical Device Manufacturers
119
Multinational Market Activity
121
Table: Multinational Market Activity, 2015
121
Medical Device Market Access
123
Market Environment
123
Distribution
123
Foreign Exchange Controls
123
Trade Agreements
124
Trade Associations
127
Table: Members Of ASODILAB, 2013
127
Table: Selected Members Of AVEDEM, 2014
128
Trade Shows
135
Methodology
136
Forecast Methodology
136
Trade Code Classifications
137
Table: Used HS Trade Codes
137
Table: Rearranged HS Trade Codes
139
Risk/Reward Index Methodology
142
Table: Medical Devices Risk/Reward Index Indicators
143
Sources
145
Contact
146

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.

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