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The Medical Device Market: Peru
Espicom Business Intelligence Ltd, Sep 2009, Pages: 102
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
With an estimated population of just over 29 million in 2009, Peru is the fourth largest country in South America, behind Brazil, Colombia and Argentina. The country undertook a wide range of market reforms in the 1990s. This has improved the economic situation, although Peru remains significantly poorer than Argentina, Brazil or Chile.
Health services are predominantly provided in the public sector, although most facilities are severely under-funded. Around 7.5 million people are covered under ESSALUD, the main public insurance system, which operates its own hospitals and clinics. The private sector is small, advanced and based in Lima. A total of 15.9 million were covered by some kind of health insurance in 2008.
On 1st February 2009, a Trade Promotion Agreement came into effect between Peru and the USA. This will significantly liberalise the trade in goods between the USA and Peru and address customs administration, technical barriers to trade and intellectual property issues.
At around US$201 in 2009, health expenditure per capita is low, and comparable to Central American countries such as Nicaragua or El Salvador. In South America, only Ecuador, Paraguay and Bolivia have lower levels of spending. That said, the government has invested US$333 million to improve Peru’s health establishments, building 20 new hospitals in 2008 and one a month in 2009, as part of a wider goal of decentralising health services, to ensure health coverage for all.
The medical equipment market grew well in the early 1990s, but then stagnated for much of the next decade. Imports have, however, performed well again since 2003. The market is valued at US$183 million in 2009. Per capita expenditure is US$6.2, a low level of spending for South America, ranking it 56th out of the 67 world countries. Purchases of medical equipment often rely on donations and international aid.
Peru has very little domestic manufacturing, and few multinationals have plants there. As a result, the market is heavily dependent on imports. Around 30% of imports are supplied direct from the USA, although the US share has slipped in recent years as manufacturers in Europe and Asia are able to compete well in a number of sectors. Low tech items such as bandages are often supplied from nearby countries such as Brazil.
Peru has high inflation and a rapid reduction is not foreseen in the near future. The National Statistics Institute found the 2008 domestic inflation level to be 7.3%. Purchasing power has been reduced on a large scale, particularly amongst the poorest regions of the country and the capital, Lima, has high levels of poverty. Short term GDP forecasts have been revised downwards to reflect current global economic conditions.
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