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The Medical Device Market: Peru
Espicom Business Intelligence Ltd, Oct 2011, Pages: 68
With an estimated population of 30 million in 2010, Peru is the fourth largest country in Latin 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.
With an estimated population of just over 30 million in 2011, 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 improved the economic situation, and Peru is now one of the world’s fastest growing economies. In addition it has investment grade ratings thanks to a wealth of natural resources which attract foreign investors. Despite this, 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 8.1 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 people 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. The USA was indeed lead trading partner for imports and exports in 2009. Also China, looking to source raw materials, signed an FTA in 2008 with Peru, including an accord on health.
At around US$265 in 2011, health expenditure per capita is low, and comparable to Central American countries such as Nicaragua or El Salvador. 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$317.9 million in 2011. Per capita expenditure is US$10.5, a low level of spending for South America. 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.
Includes 3 quarterly updated outlook reports!
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