Research and Markets: The Medical Device Market: Colombia

DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/20c97c/the_medical_device) has announced the addition of the "The Medical Device Market: Colombia" report to their offering.

With a population set to reach 50 million by 2015, Colombia is currently the third largest country in Latin America, behind Brazil and Mexico. The capital, Santa Fe de Bogot, has a population of around 7 million. Colombia announced an Emergency Social Plan in 2010, to tackle corruption and find new sources of income for the public healthcare sector. Ten decrees have been signed with a view to protecting the aim of providing health coverage for all.

In June 2010 former defence minister Juan Manuel Santos was elected new Colombian President for a four-year term with 69% of the vote. He has promised to continue US-backed security policies begun by Alvaro Uribe. Revised estimates from the EIU in May 2010 showed Colombia's GDP shrank from US$243.4 billion in 2008 to US$236.4 billion in 2009, less severe than previous estimates, the decline was experienced because of budget tightening and inflation in Colombia and global economic problems. GDP should recover to US$278.1 billion in 2010.

Colombia has a reputation for political instability and lawlessness in more remote areas. Drug trafficking remains a major concern but the overall picture has improved since the 1980s. Colombia remains one of South America's poorer countries, having more in common with its Andean and Central American neighbours than the more developed Mercosur economies.

Colombia has universal health insurance as a goal and currently has around 80% of the population covered. Allowing insurers to compete for clients creates competition between insurers and healthcare providers. In 2008, the country stated it would invest over US$16.5 billion up to 2010 to fund this scheme with a view to improving health indicators in maternal and child health and priority transmissible diseases.

The country's healthcare infrastructure is adequate in the larger urban areas, but in need of modernisation. The healthcare system is complex, and coverage is not yet universal. Funding is generally very low; expenditure on medical equipment is just over US$13 per person in 2010. The medical device market is heavily reliant on imports, especially in the more high tech sectors. There is some domestic capacity for more basic items. A few multinationals manufacture in the country. The medical device industry is concentrated around the capital Bogot. Within the capital a free trade zone has encouraged international companies to the market.

Colombia's planned Free Trade Agreement with the US was put on hold indefinitely in 2008. President Bush pushed for a fast track decision on the agreement in April, bypassing the normal voting timetable. Congress, as a consequence, voted against this and to delay the decision.

Key Topics Covered:

• Medical Market Analysis
• Size
• Projections
• Consumables
• Diagnostic Imaging
• Dental Products
• Orthopaedic & Implantables
• Outlook
• Imports
• Consumables
• Diagnostic Imaging
• Dental
• Orthopaedic Products
• Others
• Domestic Manufacturing
• Domestic Production
• Local Manufacturers
• Multinational Manufacturers
• Exports
• Consumables
• Diagnostic Imaging
• Dental Products
• Orthopaedic & Implantable Products

Companies Mentioned:

• Asepsis Products De Colombia 'Proasepsis'
• Bio-Com
• Biogenix
• G Barco
• Imcolmedica
• Odontomedica (Colombia)
• Quirurgil
• Suplemedicos
• Tecnomedicas

For more information visit http://www.researchandmarkets.com/research/20c97c/the_medical_device

Source: Espicom Business Intelligence Ltd

Research and MarketsLaura Wood, Senior Manager,
[email protected]
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Source: Research and Markets