Cuba: Diagnostic Equipment Market 2024

Diagnostic Equipment Market Size in Cuba

The Cuban diagnostic equipment market rose markedly to $X in 2021, growing by 8.1% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Diagnostic Equipment Production in Cuba

In value terms, diagnostic equipment production expanded markedly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 55%. Diagnostic equipment production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Diagnostic Equipment Exports

Exports from Cuba

After two years of decline, overseas shipments of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus increased by 3.9% to X units in 2021. In general, exports, however, faced a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of 151% against the previous year. As a result, the exports reached the peak of X units. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, diagnostic equipment exports expanded markedly to $X in 2021. Overall, exports, however, saw a abrupt slump. The growth pace was the most rapid in 2014 when exports increased by 159%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Colombia (X units) was the main destination for diagnostic equipment exports from Cuba, with a 22% share of total exports. Moreover, diagnostic equipment exports to Colombia exceeded the volume sent to the second major destination, Slovakia (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Colombia amounted to +4.0%.

In value terms, Colombia ($X) remains the key foreign market for electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus exports from Cuba, comprising 16% of total exports. The second position in the ranking was taken by Slovakia ($X), with a 0.3% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Colombia stood at +10.7%.

Export Prices by Country

The average diagnostic equipment export price stood at $X per unit in 2021, increasing by 4.4% against the previous year. Overall, the export price, however, saw a slight curtailment. The pace of growth was the most pronounced in 2019 when the average export price increased by 166%. Over the period under review, the average export prices attained the maximum 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 Colombia ($X per unit), while the average price for exports to Slovakia stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+70.5%), while the prices for the other major destinations experienced more modest paces of growth.

Diagnostic Equipment Imports

Imports into Cuba

Diagnostic equipment imports into Cuba declined dramatically to X units in 2021, reducing by -45.1% on the year before. Over the period under review, imports saw a deep slump. The most prominent rate of growth was recorded in 2014 when imports increased by 115%. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, diagnostic equipment imports rose markedly to $X in 2021. Overall, imports saw a pronounced decline. The growth pace was the most rapid in 2015 when imports increased by 98% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Japan (X units), China (X units) and Spain (X units) were the main suppliers of diagnostic equipment imports to Cuba.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of +293.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus to Cuba, comprising 79% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Spain, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.5% per year) and Spain (-2.8% per year).

Import Prices by Country

The average diagnostic equipment import price stood at $X per unit in 2021, increasing by 93% against the previous year. Over the period under review, the import price saw a resilient expansion. The most prominent rate of growth was recorded in 2013 an increase of 130%. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see steady growth in years to come.

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 Belgium ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+0.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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