Boston, MA -- (SBWIRE) -- 04/02/2014 -- The Bolivarian Republic of Venezuela is situated on the northern coast of South America and is bordered by Brazil to the south, Colombia to the west and Guyana to the east. The country is divided into 23 administrative states, one capital district* and one federal dependency**: Amazonas, Anzoategui, Apure, Aragua, Barinas, Bolivar, Carabobo, Cojedes, Delta Amacuro, Dependencias Federales**, Distrito Capital*, Falcon, Guarico, Lara, Merida, Miranda, Monagas, Nueva Esparta, Portuguesa, Sucre, Tachira, Trujillo, Vargas, Yaracuy and Zulia. The federal dependency consists of 11 federally-controlled island groups with a total of 72 individual islands. The capital is Caracas.
In US dollar terms, the medical device market has fallen to US$1.4bn in 2013, due to the devaluation of the bolivar. Imports represent a high part of the market, with over 90% of the total, but are tightly controlled. The latest annual cumulative data shows that imports fell by 10.0% in the 12 months to October 2012, which indicates that imports are not expected to maintain the rapid growth experienced in 2010 and 2011. Taking into account maxi-devaluations of the bolivar, the market is projected to rise by a low 2013-2018 CAGR of 1.7%. Historical medical market growth has been volatile, but much higher, with a 2008-2013 CAGR of 9.2%, explained by the implementation of Barrio Adentro. Thanks to a huge import rise in recent years, per capita spending, valued at US$47.6 in 2013, has leapfrogged above even richer Latin American countries such as Mexico and Brazil. Expenditure is heavily concentrated in Caracas and other major urban areas.
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