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The Medical Device Market: Argentina
Espicom Business Intelligence Ltd, Sep 2009, Pages: 126
This in-depth medical device market report is ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
The 2002 crisis severely affected the healthcare sector and the medical device market. In 1999, Argentina imported medical equipment worth US$326.4 million. By 2002, this had fallen to US$89.9 million. There has been a good recovery since, with imports reaching US$340.7 million in 2007. Imports of diagnostic imaging apparatus have increased considerably, valued at US$82.5 million in 2007. Their CAGR for the 2003-2007 period was 59.0%; the CAGR in the same period for total imports was 29.3%.
Healthcare providers either postponed spending plans or sought alternative suppliers after the economic recession. Argentina, however, has a medium-tech manufacturing sector which was able to supply many healthcare needs in lieu of expensive imports from the USA, although imports are once again recapturing market share. The US share of the import market was 32.5% in 2007, compared with 28.0% in 2003 and over 40.0% before the crisis. Alternative import sources have also been used, such as China or Brazil.
Local producers have increased exports since the depreciation of the peso. In many cases, they have re-established their links with foreign clients, as their trade worsened during the peso-dollar convertibility period. Most of the Latin American clients request small orders which are not attractive for foreign subsidiaries, but which local producers can fulfil. They also demand goods and services adapted to their lifestyle and wealth levels, which, on many occasions, cannot be offered by global companies which use standardised offers and high quality technological equipment. This is another area where domestic producers act.
With a population surpassing 40 million, Argentina is the fourth most populated country in Latin America, behind Brazil, Mexico and Colombia. About 45.6% of the population lives in the province of Buenos Aires, including the capital city. About 10.8% of the population is aged 65 years or over, one of the highest percentages in the region. This translates into 4.3 million, which is a relatively significant customer target, compared to 12.4 million in Brazil and 6.9 million in Mexico, which have nearly five and three times the Argentine population, respectively.
Argentina experienced a major economic crisis at the end of 2001, from which it had begun to recover. In consistency with the global economic slowdown, the Economist Intelligence Unit (EIU) projects GDP growth to be -2.8% in 2009, with a mild rebound of 1.5% in 2010. The peso weakness is expected to keep inflation relatively high and will make medical imports more expensive. The country’s GPD in dollar value is expected to fall to US$269.1 billion in 2009 and will only recover its 2008 value by 2014.
Cristina Fernández de Kirchner brought the mid-term congressional elections for a third of the Senate and a half of the Chamber of Deputies forward to 28th June 2009; they were going to be held in October 2009. The move, however, backfired and the government lost its majority in both the Senate and Chamber of Deputies to push through economic reforms. Mrs Fernández has reshuffled her Cabinet but she still faces two years as a ‘lame-duck’ President, unless there are further changes. In June 2009, the Minister of Health Graciela Ocaña resigned following increasing discrepancies with the President Kirchner. The new Minister of Health is Juan Luis Manzur.
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