Dallas, Texas (PRWEB) March 05, 2013
The Medical Device markets in Latin America are worth US$10.5 billion and are still growing! The Outlook for Medical Devices in Latin America represents a market of 485 million people with a GDP of US$5.2 trillion in 2011. The region is better prepared to face global instability than in the past, economic growth is expected to be steady, after a recent period of remarkable growth. The region is now seeing all markets re-evaluate their health provision. Levels of service in the buoyant private health sector are among the best to be found, but the challenge is to provide better levels of basic healthcare to the mass of the population. Opportunities for manufacturers of medical equipment and supplies do exist, but it is knowing where and how to develop them. Brazil is the largest medical market, followed by Mexico, Columbia and Venezuela. Peru is the latest Latin American country to sign an FTA with the USA. Venezuela has tried to align neighbors into a separate bloc but these countries are reliant on US imports.
With the exception of Brazil and Mexico, the medical regulatory environment in the region is less stable than in developed markets. These young markets have not matured yet; therefore their regulatory systems are being consolidated. Brazil and Mexico, however, have more complex and mature regulatory systems. MERCOSUR members tend to follow the medical regulation established by Brazil, and there is some degree of regulatory harmonization among them. Andean members such as Colombia are also modeling Brazil’s medical regulation. Mexico operates closer to its North American allies, and follows the US’ FDA regulation.
Trade in medical devices and equipment is key to the region’s development with all markets dependent on imports, with the exception of Brazil, which has a strong local domestic industry. Brazil, Argentina and Chile import more high specification medical technology products, whilst Peru, Mexico and Venezuela import more consumables. Regional medical exports are low, with the exception of Mexico, which represents nearly 90% of the region’s export capabilities.
Continuing strong export growth in the country is almost entirely due to US manufacturers’ ‘maquiladora’ activities. Brazil’s exports are low compared to the size of its medical market, even though exports have almost doubled in the last five years. The deficit in the balance of trade is negligible for the region, due to the weight of Mexico’s exports.
Highlights from the region: Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela
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The Outlook for Medical Device Markets in Northern Europe provides an individual and highly-detailed analysis of each market, looking at the key regulatory, political, economic and corporate developments in the wider context of market structure, service and access. The reports are available individually or as a discounted collection, and the price include 4 completely updated reports sent quarterly plus a comprehensive tabula review of healthcare data and details of local medical equipment distributors.
Highlights from the region: Denmark, Norway
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