Panama: Medical Instruments Market 2024

Medical Instruments Market Size in Panama

In 2022, the Panamanian medical instruments market decreased by -4.3% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, recorded a buoyant increase. Medical instruments consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Medical Instruments Production in Panama

In value terms, medical instruments production expanded notably to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 100%. Medical instruments production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Medical Instruments Exports

Exports from Panama

In 2022, overseas shipments of instruments used in medical sciences decreased by 0% to X tons, falling for the fourth year in a row after two years of growth. Overall, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2015 with an increase of 77% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, medical instruments exports stood at $X in 2022. In general, exports showed a abrupt decline. The pace of growth was the most pronounced in 2018 with an increase of 55% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for medical instruments exports from Panama, accounting for a 36% share of total exports. Moreover, medical instruments exports to the United States exceeded the volume sent to the second major destination, Colombia (X tons), twofold. Guatemala (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +48.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-5.6% per year) and Guatemala (+3.2% per year).

It was followed by Chile, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +39.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+43.3% per year) and Chile (+7.1% per year).

Export Prices by Country

The average medical instruments export price stood at $X per ton in 2022, almost unchanged from the previous year. In general, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2020 an increase of 0.5% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Colombia ($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 Costa Rica (+17.9%), while the prices for the other major destinations experienced more modest paces of growth.

Medical Instruments Imports

Imports into Panama

In 2022, overseas purchases of instruments used in medical sciences decreased by -19.5% to X tons, falling for the fourth consecutive year after three years of growth. Over the period under review, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2017 when imports increased by 146% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, medical instruments imports declined to $X in 2022. Overall, imports, however, posted a tangible expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 493%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Free Zones (X tons), the United States (X tons) and China (X tons) were the main suppliers of medical instruments imports to Panama, together accounting for 72% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Free Zones (with a CAGR of +51.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Free Zones ($X) and Germany ($X) were the largest medical instruments suppliers to Panama, together comprising 67% of total imports.

In terms of the main suppliers, Free Zones, with a CAGR of +49.7%, saw the highest rates of growth with regard to 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 2022, the average medical instruments import price amounted to $X per ton, rising by 11% against the previous year. Over the period under review, the import price, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 141%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 Belgium ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform