2013-09-02 10:37:07 - Recently published research from Espicom Business Intelligence, "The Medical Device Market: Argentina", is now available at Fast Market Research
OVERVIEW OF THE MEDICAL MARKET IN ARGENTINA
Geographically, Argentina covers an area of 2,766,890 km2 and occupies most of the southern part of South America, being the eighth largest country in the world and the second largest country in South America. To
the east is Uruguay and a long coastline bordering the South Atlantic Ocean. To the west lies Chile and the Andes mountains. In the north, Argentina has boundaries with Brazil, Paraguay and Bolivia. The capital,
Buenos Aires, lies on the eastern coast, at the mouth of the River Plate, on the edge of the central zone of the country known as the Pampas plains, a rich agricultural area. Argentina also claims the Falkland Islands
(Islas Malvinas), South Georgia, the South Sandwich Islands
and part of Antarctica, currently all British territories.
Economically, Argentina has recovered from a severe economic crisis in 2002, which affected the healthcare sector and medical device imports. GDP is valued at US$399.9bn in 2013, equal to US$9,643 per
capita. BMI forecasts that the economy will continue to slow in 2013, with real GDP growth of 1.8%, as a currency devaluation pushes inflation higher, weighing on consumer and government spending, and
liberalised import policies result in a greater net export drag on real GDP growth. BMI believes that the Argentine peso will continue to weaken slowly, but the rapid depletion of foreign currency reserves, which
are being used for budget support, debt payment, and keeping the peso over-valued, will eventually force the government to devalue the peso, likely sometime in mid-2013.
Full Report Details at
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GDP growth will be modest for the next five years, but Espicom projects the medical device market will grow at a considerably faster rate, with an estimated 2013-2018 CAGR of 10.9% in US dollar terms. The
market is valued at US$692.1mn in 2013, ranking fifth in Latin America. Diagnostic imaging is the largest product area, with US$193.8mn, equal to 28.0% of the total, followed by other medical devices (19.9%),
consumables (17.5%), patient aids (17.4%), orthopaedic & prosthetic products (13.1%) and dental products (4.2%). Prior to the economic crisis, Argentina had the highest medical expenditure per capita in Latin
America, but it now lags behind Venezuela, Chile, Mexico, Brazil and Colombia, at US$16.7 in 2013. Imports account for 89.4% of the market.
The medical device trade balance remains negative. Imports for the latest 12 months to December 2012 increased by 0.7% in US dollar terms over the previous 12 months to December 2011, reaching US
$618.5mn. Consumables grew the fastest at 4.7%, followed by diagnostic imaging (4.5%), orthopaedic & prosthetic devices (1.4%) and dental products (0.3%). Other medical devices fell by 4.5%, followed by
patient aids (3.4%). Exports for the latest 12 months to December 2012 fell by 25.9% in US dollar terms over the previous 12 months to December 2011, to US$84.4mn. Patient aids and other medical devices
recorded a strong growth, whilst diagnostic imaging, consumables, dental products and orthopaedic & prosthetic products registered falls, with a particular high incidence for diagnostic imaging.
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