Colombia: Medical Instruments Market 2024

Medical Instruments Market Size in Colombia

In 2022, the Colombian medical instruments market decreased by -7.9% to $X for the first time since 2017, thus ending a four-year rising trend. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then declined in the following year.

Medical Instruments Exports

Exports from Colombia

In 2022, shipments abroad of instruments used in medical sciences increased by 4.6% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, recorded a slight slump. The most prominent rate of growth was recorded in 2018 with an increase of 26% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, medical instruments exports rose to $X in 2022. Over the period under review, exports, however, showed a mild curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 22%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Brazil (X tons) was the main destination for medical instruments exports from Colombia, accounting for a 53% share of total exports. Moreover, medical instruments exports to Brazil exceeded the volume sent to the second major destination, Chile (X tons), threefold. Ecuador (X tons) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Brazil stood at +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+4.1% per year) and Ecuador (-9.9% per year).

In value terms, Brazil ($X) remains the key foreign market for instruments used in medical sciences exports from Colombia, comprising 32% of total exports. The second position in the ranking was taken by Chile ($X), with a 15% share of total exports. It was followed by Ecuador, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Brazil totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+8.0% per year) and Ecuador (-5.6% per year).

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 6.7%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Instruments Imports

Imports into Colombia

In 2022, the amount of instruments used in medical sciences imported into Colombia fell modestly to X tons, dropping by -3.9% on 2021. The total import volume increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 10%. Over the period under review, imports hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, medical instruments imports shrank to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 17%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and Italy (X tons) were the main suppliers of medical instruments imports to Colombia, with a combined 59% share of total imports. Mexico, Malaysia, Germany, Brazil, the Philippines, the Dominican Republic, Taiwan (Chinese), Vietnam, Hungary and Free Zones lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Philippines (with a CAGR of +74.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest medical instruments suppliers to Colombia were the United States ($X), China ($X) and Germany ($X), together comprising 55% of total imports. Mexico, Italy, Brazil, Taiwan (Chinese), the Dominican Republic, Hungary, Malaysia, Vietnam, the Philippines and Free Zones lagged somewhat behind, together accounting for a further 20%.

In terms of the main suppliers, the Philippines, with a CAGR of +51.0%, recorded 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 medical instruments import price stood at $X per ton in 2022, waning by -3.5% against the previous year. In general, the import price continues to indicate a pronounced reduction. The pace of growth appeared the most rapid in 2014 when the average import price increased by 12%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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