Argentina’s medical device market to grow at CAGR of 13.3% over 2015-2020
The medical devices industry of Argentina is estimated to grow at a CAGR of 13.3% over 2015-2020 in local currency terms, higher than the CAGR of 6.6% in USD terms due to a steady depreciation of the peso in 2016. The market would achieve a record double-digit growth. The peso is expected to stabilize over a longer time period and appreciate due to rising foreign direct investments. This will turn into a return to growth in 2017, preceded by a marked decrease in 2016. Among the factors contributing to the market growth include increasing real GDP growth under the provisions of the new government, a large population pool with a significant elderly population component, rising incidence of chronic ailments, a well-developed healthcare framework, sound international loan funding for healthcare and high medical device import reliance.Imports of medical equipment fell by 18.1% to USD155.4 million in the second quarter of 2016 and contracted by 4.3% to USD331.4 million in the first half of this year.Exports fell by 17.1% to USD14.6 million in the second quarter of 2016 and contracted by 16.5% to USD27.4 million in the first half of this year.