£810 / $1295 / €985
Argentina has recovered from a severe economic crisis in 2002, which affected the healthcare sector and medical device imports. According to new figures released by BMI, GDP is expected to increase by real growth of 0.9% in 2013, reaching US$420.9 billion, equal to US$10,147 per capita. This slow forecast is due to a poor business environment, a weakening domestic demand and a high inflation caused by a large currency devaluation. Inflation, which makes medical imports more expensive, remains a problem. High public spending and the government use of central bank reserves to pay off debts are contributory factors.
The medical device market is valued at US$722.0 million in 2012. Diagnostic imaging takes the largest share of the market (US$194.6 million), followed by other medical devices (US$159.4 million) and consumables (US$148.0 million). The share for dental products is the smallest. Although GDP growth will be modest for the next five years, Espicom projects the medical device market will grow at a considerably faster rate, with an estimated 2012-17 CAGR of 11.6%. Prior to the economic crisis, Argentina had the highest medical expenditure per capita in Latin America, but in US dollars it now lags behind Mexico, Brazil and Venezuela. Imports account for around 89% of the market.
Medical device imports for the latest 12 months to September 2012 increased by 5.7% in US dollar terms over the previous 12 months to September 2011, reaching US$612.2 million. Dental products grew the fastest at 16.8%, followed by diagnostic imaging apparatus (11.9%), patient aids (6.1%), orthopaedic & prosthetic devices (5.1%) and consumables (1.7%). Medical device exports for the latest 12 months to September 2012 fell by 12.7% in US dollar terms over the previous 12 months to September 2011, to US$96.4 million. Orthopaedic & prosthetic devices, patient aids and other medical devices had strong growth, whilst diagnostic imaging apparatus, consumables and dental products registered high falls.
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