Colombia: Diagnostic Equipment Market 2025

Diagnostic Equipment Market Size in Colombia

The Colombian diagnostic equipment market expanded significantly to $X in 2021, growing by 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +47.4% against 2017 indices. Diagnostic equipment consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Diagnostic Equipment Exports

Exports from Colombia

In 2021, exports of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus from Colombia soared to X units, with an increase of 29% compared with the previous year's figure. Overall, exports saw prominent growth. The pace of growth appeared the most rapid in 2016 when exports increased by 342%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, diagnostic equipment exports soared to $X in 2021. In general, exports saw a prominent expansion. The growth pace was the most rapid in 2016 when exports increased by 152% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for diagnostic equipment exports from Colombia, with a 13% share of total exports. Moreover, diagnostic equipment exports to the United States exceeded the volume sent to the second major destination, Chile (X units), threefold. Germany (X units) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+53.0% per year) and Germany (+2.4% per year).

In value terms, the United States ($X) remains the key foreign market for electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus exports from Colombia, comprising 79% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 21% share of total exports. It was followed by Germany, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+59.4% per year) and Germany (+5.2% per year).

Export Prices by Country

The average diagnostic equipment export price stood at $X per unit in 2021, picking up by 9.1% against the previous year. In general, the export price, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2017 an increase of 31% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Chile ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+39.0%), while the prices for the other major destinations experienced more modest paces of growth.

Diagnostic Equipment Imports

Imports into Colombia

In 2021, purchases abroad of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus increased by 17% to X units for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 38%. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, diagnostic equipment imports rose remarkably to $X in 2021. Over the period under review, total imports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +51.6% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 25%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main diagnostic equipment supplier to Colombia, accounting for a 855% share of total imports. Moreover, diagnostic equipment imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. The third position in this ranking was taken by the Dominican Republic (X units), with a 124% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.3% per year) and the Dominican Republic (+60.0% per year).

In value terms, China ($X), the United States ($X) and Japan ($X) were the largest diagnostic equipment suppliers to Colombia, together comprising 60% of total imports. These countries were followed by the Dominican Republic and Mexico, which together accounted for a further 3.8%.

In terms of the main suppliers, the Dominican Republic, with a CAGR of +31.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average diagnostic equipment import price stood at $X per unit in 2021, waning by -2.5% against the previous year. In general, the import price recorded a mild decline. The growth pace was the most rapid in 2019 when the average import price increased by 20% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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