Latin America and the Caribbean: Pacemaker Market 2024

Pacemaker Market Size in Latin America and the Caribbean

The Latin American pacemaker market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Pacemaker Production in Latin America and the Caribbean

In value terms, pacemaker production expanded significantly to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 33% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Pacemaker Exports

Exports in Latin America and the Caribbean

In 2021, pacemaker exports in Latin America and the Caribbean expanded notably to X units, picking up by 8.4% compared with 2020. Overall, exports saw prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 179% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the near future.

In value terms, pacemaker exports expanded to $X in 2021. Over the period under review, exports posted a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 97% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Mexico represented the key exporting country with an export of about X units, which accounted for 54% of total exports. It was distantly followed by Uruguay (X units) and Brazil (X units), together mixing up a 35% share of total exports. Chile (X units), Panama (X units) and Costa Rica (X units) held a minor share of total exports.

Exports from Mexico increased at an average annual rate of +39.0% from 2012 to 2021. At the same time, Panama (+58.6%), Costa Rica (+29.4%), Brazil (+28.2%) and Uruguay (+20.8%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +58.6% from 2012-2021. By contrast, Chile (-2.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Brazil, Uruguay and Panama increased by +40, +3.9, +2.8 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest pacemaker supplying countries in Latin America and the Caribbean were Uruguay ($X), Mexico ($X) and Costa Rica ($X), with a combined 88% share of total exports. Panama, Brazil and Chile lagged somewhat behind, together comprising a further 5.6%.

Panama, with a CAGR of +49.1%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, declining by -3.2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 28% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+13.4%), while the other leaders experienced more modest paces of growth.

Pacemaker Imports

Imports in Latin America and the Caribbean

Pacemaker imports stood at X units in 2021, picking up by 8.3% compared with 2020 figures. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 17% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, pacemaker imports skyrocketed to $X in 2021. In general, imports, however, recorded a deep contraction. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

Brazil represented the main importer of pacemakers for stimulating heart muscles (excl. parts and accessories) in Latin America and the Caribbean, with the volume of imports resulting at X units, which was near 39% of total imports in 2021. It was distantly followed by Colombia (X units), Argentina (X units), Chile (X units) and Peru (X units), together committing a 47% share of total imports. The following importers - Ecuador (X units) and the Dominican Republic (X units) - each resulted at a 4.4% share of total imports.

Brazil experienced a relatively flat trend pattern with regard to volume of imports of pacemakers for stimulating heart muscles (excl. parts and accessories). At the same time, the Dominican Republic (+29.4%), Chile (+14.1%), Ecuador (+12.9%), Peru (+12.4%) and Colombia (+6.5%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +29.4% from 2012-2021. By contrast, Argentina (-1.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile, Colombia, Peru, the Dominican Republic and Ecuador increased by +8.1, +6.9, +3.2, +1.8 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest pacemaker importing markets in Latin America and the Caribbean were Colombia ($X), Brazil ($X) and Argentina ($X), with a combined 59% share of total imports. These countries were followed by Chile, Ecuador, Peru and the Dominican Republic, which together accounted for a further 20%.

Among the main importing countries, the Dominican Republic, with a CAGR of +21.1%, saw the highest growth rate of 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 import price in Latin America and the Caribbean amounted to $X per unit, growing by 9.9% against the previous year. In general, the import price, however, showed a perceptible decline. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Colombia ($X per unit), while Brazil ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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