Costa Rica: Medical Instruments Market 2024

Medical Instruments Market Size in Costa Rica

After three years of growth, the Costa Rican medical instruments market decreased by -42.6% to $X in 2022. Over the period under review, consumption, however, saw a strong increase. As a result, consumption attained the peak level of $X, and then dropped significantly in the following year.

Medical Instruments Production in Costa Rica

In value terms, medical instruments production fell remarkably to $X in 2022 estimated in export price. Overall, production, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 92% against the previous year. Medical instruments production peaked at $X in 2021, and then reduced markedly in the following year.

Medical Instruments Exports

Exports from Costa Rica

In 2022, shipments abroad of instruments used in medical sciences was finally on the rise to reach X tons after two years of decline. Over the period under review, exports showed a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 48% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, medical instruments exports reduced to $X in 2022. Overall, exports saw prominent growth. The growth pace was the most rapid in 2014 when exports increased by 39%. Over the period under review, the exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

The United States (X tons) was the main destination for medical instruments exports from Costa Rica, accounting for a 80% share of total exports. Moreover, medical instruments exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), sevenfold. Belgium (X tons) ranked third in terms of total exports with a 1.5% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+40.2% per year) and Belgium (+0.3% per year).

In value terms, the United States ($X) remains the key foreign market for instruments used in medical sciences exports from Costa Rica, comprising 75% of total exports. The second position in the ranking was held by the Netherlands ($X), with an 11% share of total exports. It was followed by Belgium, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+61.0% per year) and Belgium (+3.2% per year).

Export Prices by Country

In 2022, the average medical instruments export price amounted to $X per ton, reducing by -26.7% against the previous year. Overall, the export price, however, enjoyed prominent growth. The growth pace was the most rapid in 2021 when the average export price increased by 86% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to the Dominican Republic ($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 the Netherlands (+14.8%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Instruments Imports

Imports into Costa Rica

Medical instruments imports into Costa Rica surged to X tons in 2022, increasing by 25% on the year before. In general, imports, however, showed a mild decline. The growth pace was the most rapid in 2015 with an increase of 43%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, medical instruments imports contracted to $X in 2022. Over the period under review, imports recorded a slight increase. The most prominent rate of growth was recorded in 2015 with an increase of 60%. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest medical instruments supplier to Costa Rica, accounting for a 67% share of total imports. Moreover, medical instruments imports from the United States exceeded the figures recorded by the second-largest supplier, Mexico (X tons), ninefold. China (X tons) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+37.3% per year) and China (+8.6% per year).

In value terms, the United States ($X) constituted the largest supplier of instruments used in medical sciences to Costa Rica, comprising 78% of total imports. The second position in the ranking was held by China ($X), with a 3.5% share of total imports. It was followed by Germany, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+22.7% per year) and Germany (+9.2% per year).

Import Prices by Country

The average medical instruments import price stood at $X per ton in 2022, dropping by -25.9% against the previous year. Over the period under review, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, medical instruments import price increased by +40.4% against 2018 indices. The growth pace was the most rapid in 2021 an increase of 76% against the previous year. As a result, import price attained the peak level of $X per ton, and then shrank sharply in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform