Venezuela: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Venezuela

The Venezuelan orthopedic prosthetics market reduced to $X in 2022, declining by -11% 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). Over the period under review, consumption recorded a precipitous slump. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Orthopedic Prosthetics Exports

Exports from Venezuela

In 2022, overseas shipments of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) were finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, continue to indicate a abrupt decrease. The growth pace was the most rapid in 2018 when exports increased by 1,178% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, orthopedic prosthetics exports rose slightly to $X in 2022. Over the period under review, exports, however, saw a abrupt contraction. The pace of growth appeared the most rapid in 2018 when exports increased by 887%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Panama (X units) was the main destination for orthopedic prosthetics exports from Venezuela, accounting for a 81% share of total exports. Moreover, orthopedic prosthetics exports to Panama exceeded the volume sent to the second major destination, Germany (X units), more than tenfold. Costa Rica (X units) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to Panama amounted to +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+3.8% per year) and Costa Rica (+4.2% per year).

In value terms, Panama ($X), Germany ($X) and the United States ($X) were the largest markets for orthopedic prosthetics exported from Venezuela worldwide, with a combined 97% share of total exports.

Among the main countries of destination, Germany, with a CAGR of +28.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average orthopedic prosthetics export price stood at $X per unit in 2022, shrinking by -19.3% against the previous year. In general, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when the average export price increased by 43%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Costa Rica ($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 Germany (+24.1%), while the prices for the other major destinations experienced mixed trend patterns.

Orthopedic Prosthetics Imports

Imports into Venezuela

In 2022, approx. X units of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) were imported into Venezuela; with a decrease of -13.3% against the previous year's figure. Overall, imports saw a deep reduction. The pace of growth was the most pronounced in 2013 when imports increased by 43% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, orthopedic prosthetics imports reduced to $X in 2022. Over the period under review, imports showed a sharp slump. The most prominent rate of growth was recorded in 2013 with an increase of 62% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United States (X units), Cuba (X units) and France (X units) were the main suppliers of orthopedic prosthetics imports to Venezuela, with a combined 78% share of total imports. Costa Rica, Barbados, Germany, Brazil, China and Panama lagged somewhat behind, together comprising a further 9.7%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Barbados (with a CAGR of +10.6%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X), Cuba ($X) and France ($X) appeared to be the largest orthopedic prosthetics suppliers to Venezuela, together accounting for 86% of total imports. Barbados, Costa Rica, Brazil, Germany, Panama and China lagged somewhat behind, together accounting for a further 4.6%.

Among the main suppliers, Barbados, with a CAGR of +5.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average orthopedic prosthetics import price stood at $X per unit in 2022, increasing by 5.1% against the previous year. Overall, the import price, however, saw a pronounced shrinkage. The growth pace was the most rapid in 2020 when the average import price increased by 36%. Over the period under review, average import prices attained the maximum at $X per unit in 2014; however, from 2015 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 Panama ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cuba (-1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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