Imported medical devices worth over USD10 billion in Latin America
19-Jun-15, Global Health Intelligence
In 2014, exports of medical devices to Latin America are expected to top $10 billion. Mexico, Brazil, Argentina and Colombia together accounted for more than 75% of imported devices.
Mexico is the largest importer of the region with over $2.5 billion in 2014; spurred primarily by its proximity to the U.S., the North American Free Trade Agreement (NAFTA) and relatively low degree of local manufacturing. Brazil and Argentina are also large import countries, with ~$2 billion each.
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Medical devices stand out because demand for innovative, high-tech solutions is largely driven by the private sector – in contrast to other types of healthcare expenditures, which are more evenly balanced between the private and public sector. with over 16,000 hospitals in the region, Latin America is an attractive market for many foreign manufacturers.