Dominican Republic: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in the Dominican Republic

The Dominican orthopedic prosthetics market dropped dramatically to $X in 2022, waning by -15.1% 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, however, enjoyed modest growth. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Orthopedic Prosthetics Exports

Exports from the Dominican Republic

In 2022, shipments abroad of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) decreased by -10% to X units, falling for the third year in a row after two years of growth. Overall, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 339% against the previous year. As a result, the exports reached the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, orthopedic prosthetics exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of 676% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units), Argentina (X units) and Australia (X units) were the main destinations of orthopedic prosthetics exports from the Dominican Republic, together accounting for 50% of total exports. The Netherlands, China, Haiti, Serbia, Spain, Panama, North Macedonia, South Korea and Norway lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Serbia (with a CAGR of +1,231.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) exports from the Dominican Republic, comprising 41% of total exports. The second position in the ranking was taken by Argentina ($X), with a 20% share of total exports. It was followed by Australia, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +267.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+5.4% per year) and Australia (+8.7% per year).

Export Prices by Country

The average orthopedic prosthetics export price stood at $X per unit in 2022, with an increase of 30% against the previous year. Over the period under review, the export price showed a buoyant expansion. The pace of growth was the most pronounced in 2015 when the average export price increased by 78%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per unit), while the average price for exports to Haiti ($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 the United States (+19.0%), while the prices for the other major destinations experienced more modest paces of growth.

Orthopedic Prosthetics Imports

Imports into the Dominican Republic

In 2022, orthopedic prosthetics imports into the Dominican Republic declined significantly to X units, which is down by -15.8% against the previous year. Overall, imports, however, continue to indicate a perceptible expansion. The growth pace was the most rapid in 2017 when imports increased by 104% against the previous year. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, orthopedic prosthetics imports dropped to $X in 2022. In general, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +16.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 72%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of orthopedic prosthetics to the Dominican Republic, accounting for a 38% share of total imports. Moreover, orthopedic prosthetics imports from the United States exceeded the figures recorded by the second-largest supplier, Ireland (X units), threefold. The third position in this ranking was held by China (X units), with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (-4.5% per year) and China (+5.1% per year).

In value terms, the United States ($X) constituted the largest supplier of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) to the Dominican Republic, comprising 41% of total imports. The second position in the ranking was taken by Ireland ($X), with a 10% share of total imports. It was followed by Brazil, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (-7.3% per year) and Brazil (+2.3% per year).

Import Prices by Country

In 2022, the average orthopedic prosthetics import price amounted to $X per unit, with an increase of 4.2% against the previous year. In general, the import price, however, recorded a mild decrease. The growth pace was the most rapid in 2020 when the average import price increased by 17% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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