State of the 2017 Medical Device Market in Argentina
Despite economic downturn in recent years, Argentina is definitely showing signs of a comeback. After one of the deepest recessions in the country’s history, Argentina has rebounded with two consecutive quarters of growth. Its GDP is up 1.2 percent from a quarter ago and 2.9 percent from a year ago.
According to ShareScope, a service from Global Health Intelligence (GHI) that analyzes import data and uses it to analyze market size/share for medical equipment/device brands in Latin America, one major area of growth for Argentina is in the medical device and equipment market. Argentina is certainly a growth market in for medical equipment and devices, and the numbers are beginning to reflect this. Here’s a closer look at how Argentina’s medical equipment and device market is surging in 2017.
Imported Medical Equipment Value into Argentina for 2017
ShareScope projects that in 2017 the total value of medical equipment and devices imported into Argentina will be more than US$900 million, a 10% increase compared to 2016, when the value of medical equipment imported into Argentina actually went down by 15%.
In fact, 2017 snaps a downward trend in the value of medical equipment imported into Argentina: the country actually showed strong growth in this area in 2015, at 20 percent, but then faced a steep downturn in 2016…though clearly we’re seeing a strong uptick in 2017.
Quantities of Imported Medical Equipment into Argentina for 2017
According to import numbers analyzed through ShareScope, in 2017 Argentina is forecast to import more than 1 billion units of medical equipment and devices. On the surface, it may seem like a high figure, but this is because it factors in not only capital equipment like MRI machines and CT scanners but also smaller pieces like syringes, stents, parts and other smaller instruments that are ordered in mass quantities.
Hot Growth Areas with Argentina’s Medical Device/Equipment Market in 2017
Based on ShareScope analysis of 2017 numbers regarding imports, among the growth areas with strong sales potential in Argentina are:
- Other breathing appliances: a forecast growth of 268% in quantities imported
- Electrocardiographs, scintigraphic equipment, syringes and related equipment: 17% forecast growth in value imported and 7% forecast growth in quantities imported
- Orthopedics, heart valves, pacemakers, artificial joints, etc.: 13% forecast growth in import value
- Massage equipment, ozone therapy equipment, oxygen therapy equipment and other therapeutic respiration equipment: 9% forecast growth in value of imports and 1% forecast growth in quantities imported
- Machines and appliances for testing metals, other machines and appliances: a 13% forecast growth in import value
Outpacing the Region
But perhaps the best news for Argentina is how it stacks up against the rest of Latin America. ShareScope forecasts a 5% overall decrease in the imports of medical devices and equipment into Latin America in 2017 with just a 1% overall increase in quantities imported. Argentina, on the other hand, is projected to post 10% growth in value of medical equipment/devices imported and 7% growth in quantities imported.
Taking Advantage of the Growth
To really understand what’s happening with Argentina, medical device sales and marketing teams need to take advantage of GHI’s healthcare market intelligence services, such as:
In-Scope: Through In-Scope, GHI can drill down to specifics regarding these import numbers to help your company know the exact quantities of equipment types were imported, rather than just an overall amount for a given category. This way, you can have a true picture of the growth areas and the sales opportunities.
ShareScope: You can gain an even more detailed understanding of the market with our datapacks for market share/size, available through ShareScope. This tells you which companies have the highest market share for a category in Argentina. Coupled with custom research showing amounts of imported medical equipment types in your area of interest, this can help you further identify opportunities and challenges so as to plan more strategically.
Competitive Intelligence: Beyond drilling down to really understand where Argentina’s medical device/equipment growth is happening, you can engage GHI for competitive intelligence via In-Scope to understand what your competition is up to so you can edge them out more effectively in a given sector or in all sectors. We can uncover data on pricing, strategies and more to help you checkmate the competition.
Contact GHI today to explore further how our services can help you take advantage of Argentina’s surge.