Cuba: Medical Furniture Market 2024

Medical Furniture Market Size in Cuba

The Cuban medical furniture market dropped to $X in 2021, with a decrease of -7.8% against the previous year. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +8.1% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Medical Furniture Production in Cuba

In value terms, medical furniture production reduced to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 66% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Medical Furniture Exports

Exports from Cuba

For the seventh year in a row, Cuba recorded growth in overseas shipments of medical, surgical or veterinary furniture, which increased by 5.8% to X tons in 2021. In general, exports showed a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 1,435%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, medical furniture exports dropped to $X in 2021. Overall, exports enjoyed buoyant growth. The growth pace was the most rapid in 2013 with an increase of 766%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Venezuela (X tons) was the main destination for medical furniture exports from Cuba, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Venezuela stood at +31.0%.

In value terms, Venezuela ($X) also remains the key foreign market for medical furniture exports from Cuba.

From 2012 to 2021, the average annual growth rate of value to Venezuela amounted to +16.7%.

Export Prices by Country

In 2021, the average medical furniture export price amounted to $X per ton, waning by -6.5% against the previous year. In general, the export price faced a abrupt slump. The most prominent rate of growth was recorded in 2014 when the average export price increased by less than 0.1%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Venezuela.

From 2012 to 2021, the rate of growth in terms of prices for Venezuela amounted to -11.0% per year.

Medical Furniture Imports

Imports into Cuba

In 2021, the amount of medical, surgical or veterinary furniture imported into Cuba surged to X tons, growing by 145% compared with the year before. Overall, imports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 224% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, medical furniture imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a deep reduction. The growth pace was the most rapid in 2014 with an increase of 198%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Italy (X tons) constituted the largest medical furniture supplier to Cuba, with a 50% share of total imports. Moreover, medical furniture imports from Italy exceeded the figures recorded by the second-largest supplier, Portugal (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy stood at +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+19.6% per year) and South Korea (+19.9% per year).

In value terms, the largest medical furniture suppliers to Cuba were Italy ($X), South Korea ($X) and China ($X), together accounting for 69% of total imports.

Among the main suppliers, South Korea, with a CAGR of +20.1%, recorded the highest rates of growth with regard to 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

In 2021, the average medical furniture import price amounted to $X per ton, which is down by -28.3% against the previous year. In general, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 an increase of 39%. As a result, import price reached the peak level of $X per ton, and then fell markedly in the following year.

Prices varied noticeably country of origin: the country with the highest price was France ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+35.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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