State of the 2017 Medical Device Market in Colombia
As is the case with a number of Latin American nations, there’s no question that the economy of Colombia has struggled a bit of late. GDP growth has steadily decreased in recent years, from 4.9% in 2013 to 4.4% in 2014, 3.1% in 2015 and 2.2% in 2016. Luckily, this year Colombia is seeing a bit of a bump, with GDP expected to grow by 2.7%.
Not surprisingly, the medical device market in Colombia has followed suit in terms of a bit of a downturn, as you can see from the import data we break down below.
Imported Medical Equipment Value into Colombia in 2017
According to ShareScope—Global Health Intelligence’s market size/share tool for medical device brands in LatAm—the value of medical equipment and devices imported into Colombia in 2017 will drop by 7% compared to 2016. This comes after a drop in value of 15% in 2016 and a drop of 7% in 2015.
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Quantities of Imported Medical Equipment into Colombia in 2017
ShareScope analysis also projects that in 2017, a total of 112 million units of medical equipment and devices will be imported into Colombia, which is a drop of 37% compared to the amount imported in 2016, which was more than 179 million units.
Growth Areas with Colombia’s Medical Device/Equipment Market in 2017
Despite Colombia having a forecasted drop of 19% in both value and quantities of medical equipment imported into the country, there are some areas of growth as per ShareScope:
- Other breathing appliances and gas masks: An increase of 95% in quantities imported into Colombia
- CAT scanners, X-ray machines, radiography tubes, radiotherapy equipment: An increase of 23% in the amounts imported into Colombia
The Need for Deeper Data
Though it may seem counter-intuitive, the downturn in Colombia’s imports of medical devices and equipment makes the need for more detailed data stronger than ever. That’s because a contracting market makes competition more intense—medical device companies will struggle to maintain or increase market share against competitors trying to encroach.
How Your Company Can Stay Strong in the Colombian Market
Global Health Intelligence’s data resources can help you strengthen your position in Colombia’s medical equipment and devices market in a couple of key ways:
#1 ShareScope: Via ShareScope, we measure market share for different companies when it comes to specific types of products, allowing you to see at a glance how well your company is faring—or may not be—in the highly competitive Colombian medical devices market. Contact us to obtain these crucial data portraits of different market sectors.
#2 Competitive Intelligence: A tighter market means you need to know what your competition has up its sleeve…and our services in this area can give you insight into what rivals are planning to do so you can counteract their moves with even better strategies.
#3 HospiScope: Import data is just part of the picture when it comes to the Colombian medical devices market. Subscribing to our hospital database will also let you see installed based equipment for different hospitals in Colombia so you can truly see what market conditions are like—and find new sales prospects quickly and efficiently.
#4 In-Scope: Import data lumps together products into broader categories, but you may just need to know what the status is for one specific product type. Our In-Scope service can get that information for you while also answering tougher questions you may have about the devices market in Colombia.
Contact GHI today to explore further how our services can help you take advantage of the opportunities in Colombia’s medical devices market. Also please see our state of the medical equipment/device market portraits for Brazil, Mexico and Peru to understand the trends in those markets as well.