State of the 2017 Medical Device Market in Peru
As with most of Latin America, Peru has suffered from recession and an economic downturn in recent years. But the last year has indicated strong signs of growth. GDP is up 3.5% over the second half of 2017, and 4.2% for the year as a whole. It’s also had a spike in sales in several consumer areas during the first half of 2017.
And according to the extensive data tabulated by Global Health Intelligence (GHI), Peru’s medical and device market is still lagging behind some areas of Latin America, with a forecasted 14% drop in 2017 value after three consecutive years of growth. That said, the overall forecasted increase of 48% in the quantity of medical devices imported into Peru in 2017 offer some solid reasons for optimism.
Imported Medical Equipment Value into Peru
Global Health Intelligence projects that the total value of medical equipment and devices imported into Peru will be more than US$389 million in 2017. Though this is a 14% decrease compared to 2016, it could indicate a small course correction in a period of consistent growth.
Quantities of Imported Medical Equipment into Peru
According to import numbers analyzed by GHI, Peru imported a forecast amount of more than 636 million units of medical equipment and devices in 2017. 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.
In terms of overall quantity, Peru’s numbers actually skyrocketed in 2017, with 48% growth in the quantities of medical devices/equipment imported over previous years. So despite the drop in value, the demand is certainly there for medical devices and equipment in Peru in 2017.
Hot Growth Areas with Peru’s Medical Device/Equipment Market in 2017
Based on GHI’s analysis of 2017 numbers regarding imports, among the growth areas with strong sales potential in Peru are:
- Thermometers and pyrometers in Peru in 2017: 43% forecast growth in value of imports and 15% forecast growth in quantities
- Massage equipment, oxygen therapy equipment and other respiration equipment in Peru in 2017: 9% forecast growth in import value
- Other breathing appliances in Peru in 2017: 9% forecast growth for import value and 20% forecast growth in quantities imported
- Machines and appliances for testing metals in Peru in 2017: 9% forecast growth in value of medical devices imported and 178% forecast growth of quantities of medical devices
How Peru Stacks Up
Overall, GHI forecasts a 14% decrease in the import value of medical device and equipment imported into Peru in 2017 yet a 48% projected increase in the quantities of medical devices imported into Peru in 2017. While Peru is lagging behind this forecast compared to some countries — for example, the value of Argentina’s imports of medical devices are forecast to go up by 10% and both Brazil and Chile will post a forecast 15% increase in value of medical device imports for 2017 —, signs are strong that an uptick may be on the way for Peru in 2018.
Taking Advantage of the Growth
To really understand what’s happening with Peru, medical device and equipment managers need to take advantage of GHI’s healthcare market intelligence services, such as:
- #1 Hospitals Database: Subscribing to GHI’s hospitals database allows you to see base installed equipment levels for specific hospitals in Peru, so you can see which hospitals have stronger needs.
- #2 Custom Research: Through our custom research services, 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.
- #3 Market Size/Share: You can gain an even more detailed understanding of the market with our datapacks for market share/size. This tells you which companies have the highest market share for a category in Peru. 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.
- #4 Competitive Intelligence: Beyond drilling down to really understand where Peru’s medical device/equipment growth is happening, you can engage GHI for competitive intelligence 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 Peru’s rebounding economy.