Colombia: Market for Medicaments Containing Corticosteroid Hormones 2024

Market Size for Medicaments Containing Corticosteroid Hormones in Colombia

The Colombian medicaments containing corticosteroid hormones market skyrocketed to $X in 2021, growing by 78% 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, consumption showed a strong expansion. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the near future.

Exports of Medicaments Containing Corticosteroid Hormones

Exports from Colombia

In 2021, shipments abroad of medicaments containing corticosteroid hormones decreased by -19.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports showed a pronounced contraction. The most prominent rate of growth was recorded in 2016 with an increase of 70% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, medicaments containing corticosteroid hormones exports reduced to $X in 2021. Over the period under review, exports continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 181% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ecuador (X tons), Peru (X tons) and the United States (X tons) were the main destinations of medicaments containing corticosteroid hormones exports from Colombia, together accounting for 54% of total exports.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +18.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Peru ($X) and the United States ($X) were the largest markets for medicaments containing corticosteroid hormones exported from Colombia worldwide, together comprising 50% of total exports. Canada, Venezuela, Chile, Panama, the Dominican Republic, Guatemala, El Salvador, Honduras, New Zealand and Mexico lagged somewhat behind, together accounting for a further 44%.

El Salvador, with a CAGR of +12.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average medicaments containing corticosteroid hormones export price stood at $X per ton in 2021, with an increase of 8.5% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 65% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Medicaments Containing Corticosteroid Hormones

Imports into Colombia

In 2021, medicaments containing corticosteroid hormones imports into Colombia soared to X tons, with an increase of 41% against 2020 figures. Overall, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, medicaments containing corticosteroid hormones imports rose sharply to $X in 2021. Over the period under review, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.6% 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 +65.5% against 2016 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 37%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

Germany (X tons), Argentina (X tons) and Denmark (X tons) were the main suppliers of medicaments containing corticosteroid hormones imports to Colombia, together comprising 49% of total imports. Free Zones, Brazil, Mexico, the United States, China, India, Spain, France, Belgium and Ireland lagged somewhat behind, together comprising a further 43%.

From 2012 to 2021, the biggest increases were recorded for Free Zones (with a CAGR of +115.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Germany ($X) and the United States ($X) appeared to be the largest medicaments containing corticosteroid hormones suppliers to Colombia, together comprising 51% of total imports. These countries were followed by France, Argentina, Ireland, Brazil, Belgium, India, Mexico, Free Zones, China and Spain, which together accounted for a further 31%.

In terms of the main suppliers, Free Zones, with a CAGR of +129.5%, 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 medicaments containing corticosteroid hormones import price stood at $X per ton in 2021, reducing by -21.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2014 an increase of 17% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020, and then dropped notably in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Denmark ($X per ton), while the price for Free Zones ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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