Chile medical device market estimated to grow at CAGR of 7.2% (2015-16); expected to reach value of USD 1.2 billion by 2020
According to a report published by BMI research, Chile’s medical device market is estimated to grow at a CAGR of 7.2% (2015-16) and expected to reach a value of USD 1.2 billion by 2020. Chile has generally avoided regional full membership in trading blocs such as MERCOSUR or CAN, preferring bilateral agreements such as its FTA with the US, which will continue to shape market trends. Few highlights of the report are:
- The market will continue to be dominated by imports, primarily from the US, the European Union and China. Imports rose by 5.2% in US dollar terms in Q116 as compared to Q115, and by 5.3% in the 12-month period ending March 2016.
- Exports will remain low, resulting in a significant balance of trade deficit. In Q116, exports were down by 0.1% y-o-y in US dollar terms, while an increase of 3.6% was recorded in the 12 months to March 2016, bringing the total to USD21.7mn.
- Chile is one of 12 countries that signed the Trans-Pacific Partnership (TPP) in October 2015 and the only country to have existing free trade agreements in place with every member of the TPP. Nonetheless, the TPP will provide Chile with greater access to the markets of the other signatory countries than was previously possible.