Panama: Medical Gel Preparations Market 2024

Medical Gel Preparations Market Size in Panama

The Panamanian medical gel preparations market soared to $X in 2022, picking up by 17% against the previous year. Over the period under review, consumption posted a strong expansion. Medical gel preparations consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Medical Gel Preparations Production in Panama

In value terms, medical gel preparations production reached $X in 2022 estimated in export price. Over the period under review, production saw a temperate expansion. The pace of growth was the most pronounced in 2019 with an increase of 53% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Medical Gel Preparations Exports

Exports from Panama

In 2022, exports of gel preparations for human or veterinary medicine from Panama skyrocketed to X tons, growing by 695% against 2021. Overall, exports saw a temperate expansion. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, medical gel preparations exports surged to $X in 2022. Over the period under review, exports recorded a notable expansion. The growth pace was the most rapid in 2019 when exports increased by 343% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Dominican Republic (X tons), Guatemala (X tons) and Colombia (X tons) were the main destinations of medical gel preparations exports from Panama, together accounting for 62% of total exports. Chile, Venezuela, Nicaragua, Cuba and Costa Rica lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +43.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for medical gel preparations exported from Panama were Guatemala ($X), Chile ($X) and Colombia ($X), with a combined 58% share of total exports. Nicaragua, Venezuela, the Dominican Republic, Cuba and Costa Rica lagged somewhat behind, together comprising a further 26%.

Among the main countries of destination, Nicaragua, with a CAGR of +36.0%, recorded the highest rates of growth with regard to the value of exports, 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 medical gel preparations export price amounted to $X per ton, waning by -81.8% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 520% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped remarkably 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 Guatemala ($X per ton), while the average price for exports to the Dominican Republic ($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 Colombia (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Gel Preparations Imports

Imports into Panama

In 2022, approx. X tons of gel preparations for human or veterinary medicine were imported into Panama; growing by 195% compared with the previous year's figure. In general, imports showed significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 387% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, medical gel preparations imports skyrocketed to $X in 2022. Overall, imports posted significant growth. The pace of growth was the most pronounced in 2017 with an increase of 464%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest medical gel preparations supplier to Panama, with a 64% share of total imports. Moreover, medical gel preparations imports from Malaysia exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fivefold. Free Zones (X tons) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia totaled +55.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+43.4% per year) and Free Zones (+46.8% per year).

In value terms, Malaysia ($X), Free Zones ($X) and Thailand ($X) constituted the largest medical gel preparations suppliers to Panama, together accounting for 79% of total imports.

Free Zones, with a CAGR of +92.6%, recorded the highest growth rate of the value of imports, in terms of 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 medical gel preparations import price stood at $X per ton in 2022, dropping by -32% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 21%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a 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 Free Zones ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+31.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform