Ecuador: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Ecuador

The Ecuadorian orthopedic prosthetics market fell sharply to $X in 2022, waning by -16.9% 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). Overall, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +63.2% against 2017 indices. As a result, consumption reached the peak level of $X, and then fell sharply in the following year.

Orthopedic Prosthetics Exports

Exports from Ecuador

In 2022, the amount of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) exported from Ecuador skyrocketed to X units, with an increase of 236% on 2021 figures. Over the period under review, exports, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2020 with an increase of 778% against the previous year. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, orthopedic prosthetics exports skyrocketed to $X in 2022. In general, exports posted a strong expansion. The pace of growth appeared the most rapid in 2020 with an increase of 511%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Netherlands (X units), Peru (X units) and Panama (X units) were the main destinations of orthopedic prosthetics exports from Ecuador, with a combined 56% share of total exports. Canada, Chile, Colombia, Switzerland, France, the United States and Costa Rica lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +5,733.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for orthopedic prosthetics exported from Ecuador were Panama ($X), Colombia ($X) and the Netherlands ($X), together comprising 70% of total exports. Chile, the United States, Canada, Switzerland, Peru, France and Costa Rica lagged somewhat behind, together accounting for a further 28%.

Switzerland, with a CAGR of +8,673.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average orthopedic prosthetics export price amounted to $X per unit, surging by 12% against the previous year. In general, the export price saw a resilient increase. The most prominent rate of growth was recorded in 2013 an increase of 64% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, 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 ($X per unit), while the average price for exports to Costa Rica ($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 Switzerland (+50.4%), while the prices for the other major destinations experienced more modest paces of growth.

Orthopedic Prosthetics Imports

Imports into Ecuador

Orthopedic prosthetics imports into Ecuador fell to X units in 2022, shrinking by -10.6% on 2021 figures. In general, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -18.6% against 2019 indices. The growth pace was the most rapid in 2019 when imports increased by 81% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, orthopedic prosthetics imports shrank sharply to $X in 2022. Over the period under review, total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +28.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 58%. As a result, imports attained the peak of $X, and then contracted markedly in the following year.

Imports by Country

In 2022, Costa Rica (X units) constituted the largest supplier of orthopedic prosthetics to Ecuador, accounting for a 30% share of total imports. Moreover, orthopedic prosthetics imports from Costa Rica exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. Ireland (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Costa Rica amounted to +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.8% per year) and Ireland (+8.0% per year).

In value terms, the largest orthopedic prosthetics suppliers to Ecuador were the United States ($X), Ireland ($X) and Costa Rica ($X), together accounting for 49% of total imports. Mexico, India, Singapore, the Netherlands, Brazil, Germany, Belgium, France, the UK and China lagged somewhat behind, together accounting for a further 42%.

Mexico, with a CAGR of +55.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average orthopedic prosthetics import price stood at $X per unit in 2022, reducing by -8.6% against the previous year. Over the period under review, the import price continues to indicate a slight setback. The most prominent rate of growth was recorded in 2021 when the average import price increased by 25%. Over the period under review, average import prices reached the maximum at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+17.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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