Venezuela: Diagnostic Equipment Market 2024

Diagnostic Equipment Market Size in Venezuela

In 2021, the Venezuelan diagnostic equipment market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, showed a sharp contraction. Diagnostic equipment consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Diagnostic Equipment Exports

Exports from Venezuela

In 2021, shipments abroad of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus decreased by -22.3% to X units, falling for the third year in a row after two years of growth. Over the period under review, exports saw a abrupt contraction. The pace of growth was the most pronounced in 2015 with an increase of 381% against the previous year. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, diagnostic equipment exports expanded to $X in 2021. Overall, exports continue to indicate a abrupt decline. The growth pace was the most rapid in 2015 with an increase of 86% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Italy (X units), Guyana (X units) and Poland (X units) were the main destinations of diagnostic equipment exports from Venezuela.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +17.0%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) emerged as the key foreign market for electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus exports from Venezuela, comprising 91% of total exports. The second position in the ranking was taken by Guyana ($X), with a 0.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guyana (0.0% per year) and Poland (-14.4% per year).

Export Prices by Country

In 2021, the average diagnostic equipment export price amounted to $X per unit, with an increase of 31% against the previous year. In general, the export price, however, continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2016 an increase of 81% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Guyana ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+25.0%), while the prices for the other major destinations experienced mixed trend patterns.

Diagnostic Equipment Imports

Imports into Venezuela

In 2021, supplies from abroad of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus increased by 109% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a sharp slump. The pace of growth was the most pronounced in 2018 when imports increased by 130%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, diagnostic equipment imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a significant curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X units) constituted the largest diagnostic equipment supplier to Venezuela, with a 62% share of total imports. Moreover, diagnostic equipment imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X units), sevenfold. The third position in this ranking was held by Hong Kong SAR (X units), with a 3% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to -28.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-21.4% per year) and Hong Kong SAR (-33.3% per year).

In value terms, the United States ($X) constituted the largest supplier of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus to Venezuela, comprising 177% of total imports. The second position in the ranking was taken by Germany ($X), with an 8.7% share of total imports. It was followed by Hong Kong SAR, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled -17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-9.8% per year) and Hong Kong SAR (-24.5% per year).

Import Prices by Country

In 2021, the average diagnostic equipment import price amounted to $X per unit, picking up by 24% against the previous year. Overall, the import price continues to indicate a tangible expansion. The most prominent rate of growth was recorded in 2019 when the average import price increased by 104%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+41.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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