Latin America and the Caribbean: Medical Instruments Market 2024

Medical Instruments Market Size in Latin America and the Caribbean

In 2022, the Latin American medical instruments market decreased by -2.2% to $X for the first time since 2017, thus ending a four-year rising trend. Over the period under review, consumption showed a pronounced downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Medical Instruments Production in Latin America and the Caribbean

In value terms, medical instruments production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 43% against the previous year. Over the period under review, production attained the peak level at $X in 2021, and then declined in the following year.

Medical Instruments Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of instruments used in medical sciences were finally on the rise to reach X tons after two years of decline. Total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 20% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, medical instruments exports expanded sharply to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +133.4% against 2012 indices. The pace of growth was the most pronounced in 2014 with an increase of 22%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Mexico was the main exporting country with an export of around X tons, which reached 83% of total exports. It was distantly followed by the Dominican Republic (X tons), comprising an 11% share of total exports. Costa Rica (X tons) took a little share of total exports.

Exports from Mexico increased at an average annual rate of +6.5% from 2012 to 2022. At the same time, Costa Rica (+10.2%) displayed positive paces of growth. Moreover, Costa Rica emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +10.2% from 2012-2022. The Dominican Republic experienced a relatively flat trend pattern. From 2012 to 2022, the share of Mexico and Costa Rica increased by +7.7 and +1.6 percentage points, respectively.

In value terms, Mexico ($X) remains the largest medical instruments supplier in Latin America and the Caribbean, comprising 67% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Mexico totaled +9.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Costa Rica (+15.7% per year) and the Dominican Republic (+1.6% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of 4.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The pace of growth was the most pronounced in 2020 when the export price increased by 16% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+5.0%), while the other leaders experienced more modest paces of growth.

Medical Instruments Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of instruments used in medical sciences were imported in Latin America and the Caribbean; with an increase of 2% against the previous year. Overall, imports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2019 with an increase of 22%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, medical instruments imports expanded markedly to $X in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 13% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Mexico (X tons), distantly followed by Brazil (X tons), Chile (X tons), Bolivia (X tons), Colombia (X tons) and Argentina (X tons) were the largest importers of instruments used in medical sciences, together mixing up 81% of total imports. Venezuela (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +34.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported instruments used in medical sciences in Latin America and the Caribbean, comprising 53% of total imports. The second position in the ranking was held by Brazil ($X), with a 14% share of total imports. It was followed by Chile, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +7.4%. In the other countries, the average annual rates were as follows: Brazil (+2.6% per year) and Chile (+6.2% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, with an increase of 8.3% against the previous year. Overall, the import price showed strong growth. The pace of growth was the most pronounced in 2017 an increase of 117% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+35.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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