The Medical Device Market: Venezuela

Published : April 2013
No. of Pages : 78

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In the short-term, Business Monitor International (BMI) believes that investor confidence in Venezuela's private sector will remain low following the re-election of President Hugo Chávez, adding pressure to reinforce political ties with allies such as China, Russia and Iran to secure investment. However, given the uncertainty surrounding Chávez's health, who is battling cancer, and the growing unity among the opposition, BMI believes that a regime change cannot be ruled out in the coming years.

Venezuela’s economy relies on petroleum prices, which can be unpredictable. According to BMI, real GDP growth is forecast at 4.7% in 2012, with GDP reaching US$393.1 billion, equal to US$13,119 per capita. GDP is expected to fall to US$357.4 billion in 2017, equal to US$10,313 per capita. The Venezuelan bolivar (VEF) is expected to weaken considerably against the US dollar over the forecast period, passing from VEF4.3 in 2012 to VEF12.5 in 2017, which might affect the value of the medical market. Inflation is among the highest in the world, valued at 24.4% in 2012, which adds pressure to the economy, but it is projected to fall to 15.0% in 2017.

Venezuela’s full membership of the Southern Common Market (MERCOSUR) (MERCOSUR – Mercado Común del Sur) became effective in July 2012, along with Argentina, Brazil, Paraguay and Uruguay. This ratification took place during the temporary suspension of Paraguay from the trading block, as Paraguay had previously blocked Venezuela’s full membership. MERCOSUR could fuel Venezuela’s industrialisation, as Venezuela has the potential to produce more, replace imports and increase exports.

Diagnostic imaging apparatus represents 19.5% of the market in 2012, followed by consumables (11.5%), patient aids (10.5%), orthopaedic & prosthetic appliances (8.5%) and dental products (7.3%); other medical products, which are not categorised, represent the remaining 42.7% of the total. Medical market growth has historically been volatile, but much of the recent growth is explained by the implementation of Barrio Adentro. The 12-17 CAGR is projected at 8.8% in US dollar terms. Medical imports have increased rapidly, reaching US$1.9 billion in 2011, but this level is not expected to be maintained in the forecast period.

Between January and September 2012, the Foreign Exchange Administration Agency (CADIVI – Comisión de Administración de Divisas) authorised funding of US$3,007.7 million for the health sector, including pharmaceutical and medical products. The health sector had the second highest authorised funding, behind the food sector, and represented 16.3% of the total.

Table Of Contents

Executive Summary 1

Key Background Data 4
Geographic 4
Political 4
Economic 4
Healthcare 5
Healthcare System 5
IVSS 6
Metropolitan Public Health System 6
MPPS 6
Health Expenditure 7

Market Developments 9
Major Political Transition 9
Devaluation of the Bolivar 9
Mercosur Potential 9
Threatened Market 9
Medical Imports Fall in 2012 9
Negligible Medical Exports 9
CADIVI’s Authorised Funding 9

Medical Market Analysis 10
Overview 10
The Market in 2012 12
Past Performance 2007-11 13
Future Performance 2012-17 14
The Venezuelan Market for Consumables 20
The Venezuelan Market for Diagnostic Imaging 22
The Venezuelan Market for Dental Products 24
The Venezuelan Market for Orthopaedic & Prosthetic Products 27
The Venezuelan Market for Patient Aids 29
The Venezuelan Market for Other Medical Devices 31

Annual Imports 34
Consumables 35
Diagnostic Imaging Apparatus 35
Dental Products 35
Orthopaedic & Prosthetic Products 35
Patient Aids 35
Others 35

Monthly Imports 47

Annual Exports 48
Consumables 49
Diagnostic Imaging 49
Dental Products 49
Orthopaedic & Prosthetic Products 49
Patient Aids 49
Others 49

Monthly Exports 64

Domestic Production 65
Production 65
Public Research & Production 65
Trade Associations 65
Avedem 65
Cafame 68

Domestic Manufacturing 69
National Manufacturers 69
AGA Gas 69
Bligsen Electronics 69
Dental Aldana 69
Descart Industries 69
Ingeniería Médica 69
La Vasconia 69
Medinca 69
Oxicar 69
Piemca 69
Sulcagel 69

Multinational Activity 70

Accessing the Market 71
Pricing & Reimbursement 71
Foreign Exchange Controls 71
Distribution 71
Trade Shows 71
Expodena 71
Expomédica 71

Medical Device Regulations 72
Competent Authority 72
Regulations 72
Registration 72
Labelling 73
Taxes & Duties 73

Methodology & Sources 74
Trade Code Classifications 74
Methodology 76
Sources 77

List Of Tables

Espicom Analysis of the Venezuelan Medical Market, 2013 2
SWOT Analysis of the Venezuelan Medical Device Market, 2013 3
Economic Projections, 2013-18 5
Summary of Key Data, 2006-12 8
Venezuelan Medical Device Market, Key Ratios, 2012 11
Venezuelan Medical Device Market by Category, 2012 12
Projected Medical Device Market, 2012-17 14
The Venezuelan Medical Device Market, 2007-17 (US$ Millions) 15
The Venezuelan Medical Device Market, 2007-17 (US$ per Capita) 17
The Venezuelan Medical Device Market, 2007-17 (% of Total) 18
The Venezuelan Medical Device Market, 2007-17 (% Change) 19
The Venezuelan Consumables Market, 2007-17 (US$ Millions) 20
The Venezuelan Consumables Market, 2007-17 (US$ per Capita) 20
The Venezuelan Consumables Market, 2007-17 (% Change) 20
The Venezuelan Diagnostic Imaging Market, 2007-17 (US$ Millions) 22
The Venezuelan Diagnostic Imaging Market, 2007-17 (US$ per Capita) 22
The Venezuelan Diagnostic Imaging Market, 2007-17 (% Change) 23
The Venezuelan Dental Products Market, 2007-17 (US$ Millions) 25
The Venezuelan Dental Products Market, 2007-17 (US$ per Capita) 25
The Venezuelan Dental Products Market, 2007-17 (% Change) 25
The Venezuelan Orthopaedic & Prosthetic Products Market, 2007-17 (US$ Millions) 27
The Venezuelan Orthopaedic & Prosthetic Products Market, 2007-17 (US$ per Capita) 27
The Venezuelan Orthopaedic & Prosthetic Products Market, 2007-17 (% Change) 27
The Venezuelan Patient Aids Market, 2007-17 (US$ Millions) 29
The Venezuelan Patient Aids Market, 2007-17 (US$ per Capita) 29
The Venezuelan Patient Aids Market, 2007-17 (% Change) 29
The Venezuelan Market for Other Medical Devices, 2007-17 (US$ Millions) 31
The Venezuelan Market for Other Medical Devices, 2007-17 (US$ per Capita) 31
The Venezuelan Market for Other Medical Devices, 2007-17 (% Change) 32
Summary Medical Equipment Imports by Product Area, 2007-11 (US$ 000s) 35
Summary Medical Equipment Imports by Product Area, 2007-11 (US$ 000s % Change) 36
Summary Medical Equipment Imports by Product Area, 2007-11 (VEB 000s) 36
Summary Medical Equipment Imports by Product Area, 2007-11 (VEB 000s % Change) 37
Summary Medical Equipment Imports by Product Area, 2007-11 (% of Total) 38
Leading Medical Equipment Suppliers by Product Area, 2011 (US$ 000s) 39
Leading Medical Equipment Suppliers by Product Area, 2011 (% of Total) 39
Top 20 Suppliers to the Venezuelan Market, 2011 (US$ 000s) 40
Detailed Imports of Medical Equipment, 2007-11 (US$ 000s) 41
Detailed Imports of Medical Equipment, 2007-11 (Growth Trends) 43
Detailed Imports, Leading Suppliers, 2011 (US$000s) 45
Monthly Medical Equipment Imports, November 2009-October 2012 (US$ Millions) 47
Summary Medical Equipment Exports by Product Area, 2007-11 (US$000s) 49
Summary Medical Equipment Exports by Product Area, 2007-11 (US$000s % Change) 50
Summary Medical Equipment Exports by Product Area, 2007-11 (VEB 000s) 50
Summary Medical Equipment Exports by Product Area, 2007-11 (VEB 000s % Change) 51
Summary Medical Equipment Exports by Product Area, 2007-11 (% of Total) 52
Leading Medical Equipment Destinations by Product Area, 2011 (US$000s) 53
Leading Medical Equipment Destinations by Product Area, 2011 (% of Total) 53
Top 20 Destinations for the Venezuelan Market, 2011 (US$000s) 54
Detailed Exports of Medical Equipment, 2007-11 (US$000s) 55
Detailed Exports of Medical Equipment, 2007-11 (Growth Trends) 57
Detailed Exports, Leading Destinations, 2011 (US$000s) 59
Balance of Medical Trade, 2007-2011 (US$000s) 61
Monthly Medical Equipment Exports, November 2009-October 2012 (US$ Millions) 64
Members of AVEDEM, 2012 65
HS Trade Codes Used in This Report 74
HS Trade Codes, Rearranged 75

List Of Charts

Venezuelan Medical Device Market by Category, 2012 (%) 12
Change in the Venezuelan Medical Device Market, 2007-17 (%) 13
CAGR of the Venezuelan Medical Device Market by Product Area, 2007-11 (%) 13
Market Projections, 2012-17 (US$ Millions) 14
Projected CAGR of Medical Device Market by Product Area, 2012-17 (%) 15
The Venezuelan Market for Consumables, 2007-17 (US$ Millions) 21
The Venezuelan Market for Consumables, 2007-17 (CAGR) 21
The Venezuelan Market for Diagnostic Imaging, 2007-17 (US$ Millions) 23
The Venezuelan Market for Diagnostic Imaging, 2007-17 (CAGR) 24
The Venezuelan Market for Dental Products, 2007-17 (US$ Millions) 26
The Venezuelan Market for Dental Products, 2007-17 (CAGR) 26
The Venezuelan Market for Orthopaedic & Prosthetic Products, 2007-17 (US$ Millions) 28
The Venezuelan Market for Orthopaedic & Prosthetic Products, 2007-17 (CAGR) 28
The Venezuelan Market for Patient Aids, 2007-17 (US$ Millions) 30
The Venezuelan Market for Patient Aids, 2007-17 (CAGR) 30
The Venezuelan Market for Other Medical Devices, 2007-17 (US$ Millions) 32
The Venezuelan Market for Other Medical Devices, 2007-17 (CAGR) 33
Medical Equipment Imports, 1990-2011 (US$ Millions) 34
Change in Medical Equipment Imports, 1991-2011 (%) 34
CAGR of Medical Imports by Product Area, 2007-11 (%) 37
Medical Equipment Imports by Product Area, 2011 (%) 38
Leading Medical Equipment Suppliers, 2011 (%) 40
Medical Equipment Exports, 1990-2011 (US$ Millions) 48
Change in Medical Equipment Exports, 1991-2011 (%) 48
CAGR of Medical Exports by Product Area, 2007-11 (%) 51
Medical Equipment Exports by Product Area, 2011 (%) 52
Leading Medical Equipment Destinations, 2011 (%) 54

The Medical Device Market: Venezuela

Published By: Espicom Limited

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