Dominican Republic: Medical Instruments Market 2024

Medical Instruments Market Size in the Dominican Republic

The Dominican medical instruments market surged to $X in 2022, jumping by 59% against the previous year. In general, consumption posted buoyant growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Medical Instruments Production in the Dominican Republic

In value terms, medical instruments production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 19% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Medical Instruments Exports

Exports from the Dominican Republic

Medical instruments exports from the Dominican Republic dropped to X tons in 2022, waning by -4.5% on the previous year's figure. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 34%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, medical instruments exports shrank to $X in 2022. The total export value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 18%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for medical instruments exports from the Dominican Republic, accounting for a 82% 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), more than tenfold. The third position in this ranking was taken by Germany (X tons), with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+3.2% per year) and Germany (+32.4% per year).

In value terms, the United States ($X) remains the key foreign market for instruments used in medical sciences exports from the Dominican Republic, comprising 78% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 5.2% share of total exports. It was followed by Germany, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+11.7% per year) and Germany (+32.6% per year).

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, flattening at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 22% against the previous year. The export price peaked at $X per ton in 2021, and then contracted modestly in the following year.

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 the Netherlands ($X per ton), while the average price for exports to South Korea ($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 (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Instruments Imports

Imports into the Dominican Republic

In 2022, medical instruments imports into the Dominican Republic stood at X tons, flattening at 2021 figures. Over the period under review, imports, however, continue to indicate a perceptible slump. The pace of growth appeared the most rapid in 2018 when imports increased by 1,001%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, medical instruments imports reached $X in 2022. Overall, imports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 21%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of medical instruments to the Dominican Republic, accounting for a 37% share of total imports. Moreover, medical instruments imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Japan (X tons) ranked third in terms of total imports with an 11% share.

From 2016 to 2022, the average annual growth rate of volume from the United States stood at -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-17.5% per year) and Japan (-12.8% per year).

In value terms, the United States ($X) constituted the largest supplier of instruments used in medical sciences to the Dominican Republic, comprising 40% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by Japan, with a 12% share.

From 2016 to 2022, the average annual growth rate of value from the United States amounted to -12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.5% per year) and Japan (-22.4% per year).

Import Prices by Country

In 2022, the average medical instruments import price amounted to $X per ton, increasing by 4.2% against the previous year. Over the period under review, the import price, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 when the average import price increased by 648% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2016 to 2022, the most notable rate of growth in terms of prices was attained by China (+20.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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