Costa Rica: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Costa Rica

In 2022, the Costa Rican orthopedic prosthetics market decreased by -23.5% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, enjoyed a resilient expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Orthopedic Prosthetics Production in Costa Rica

In value terms, orthopedic prosthetics production reached $X in 2022 estimated in export price. Overall, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 36% against the previous year. Orthopedic prosthetics production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Orthopedic Prosthetics Exports

Exports from Costa Rica

In 2022, shipments abroad of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) increased by 8.2% to X units, rising for the second year in a row after two years of decline. Overall, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 54%. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, orthopedic prosthetics exports declined remarkably to $X in 2022. Over the period under review, exports recorded resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of 89%. As a result, the exports attained the peak of $X, and then plummeted in the following year.

Exports by Country

The United States (X units), Belgium (X units) and Canada (X units) were the main destinations of orthopedic prosthetics exports from Costa Rica, together comprising 68% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +42.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) exports from Costa Rica, comprising 58% of total exports. The second position in the ranking was held by Belgium ($X), with a 17% share of total exports. It was followed by Japan, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+16.0% per year) and Japan (+17.0% per year).

Export Prices by Country

In 2022, the average orthopedic prosthetics export price amounted to $X per unit, dropping by -29.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2021 when the average export price increased by 23%. As a result, the export price reached the peak level of $X per unit, and then dropped dramatically in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+23.9%), while the prices for the other major destinations experienced more modest paces of growth.

Orthopedic Prosthetics Imports

Imports into Costa Rica

Orthopedic prosthetics imports into Costa Rica fell dramatically to X units in 2022, with a decrease of -18.3% on the previous year's figure. Overall, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 143% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, orthopedic prosthetics imports contracted to $X in 2022. In general, imports, however, posted resilient growth. The pace of growth was the most pronounced in 2019 with an increase of 102%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest orthopedic prosthetics supplier to Costa Rica, accounting for a 78% share of total imports. Moreover, orthopedic prosthetics imports from the United States exceeded the figures recorded by the second-largest supplier, Panama (X units), more than tenfold. Brazil (X units) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +17.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-0.7% per year) and Brazil (-3.6% per year).

In value terms, the United States ($X) constituted the largest supplier of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) to Costa Rica, comprising 75% of total imports. The second position in the ranking was held by Brazil ($X), with a 9.9% share of total imports. It was followed by the Netherlands, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-5.0% per year) and the Netherlands (+1.7% per year).

Import Prices by Country

In 2022, the average orthopedic prosthetics import price amounted to $X per unit, with an increase of 12% against the previous year. Overall, the import price, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2013 when the average import price increased by 52% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a 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 Brazil ($X per unit), while the price for Panama ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform