The Medical Device Market: Cuba

Espicom Healthcare Intelligence
January 29, 2014
136 Pages - SKU: ESPI5193985
Countries covered: Cuba

OVERVIEW OF THE MEDICAL MARKET IN CUBA

Cuba does not publish economic data in any detail, and what is published rarely conforms to international standards. Raul Castro is more open to liberalising the economy whilst still retaining communist values. BMI values GDP at US$79.2bn in 2013, equal to US$7,044 per capita. Growth in recent years has been moderate, maintained in part by strong prices for raw material exports and subsidised oil from Venezuela. Cuba has consistently blamed the USA for its poor economic performance, citing the US trade embargo as a major cause of its continuing poverty. The US response has been that Cuba's communist economic system is to blame, and that only internal reform will improve the situation. Both sides are almost certainly correct, adding to the intractability of US-Cuban relations. Venezuela and China have become important trade partners, but the USSR was the principal trading partner prior to the late 1980s. The Soviet Union was eager to maintain a communist foothold in the area, and provided large amounts of aid to Cuba. This ended abruptly when the USSR collapsed. The Cuban economy collapsed with it, by official estimates shrinking by 34.8% during the 1990-1993 period.

The medical device market is heavily reliant on imports but, Raul Castro, who came to power in February 2008, has made a consolidated effort to cut import expenditure. In US dollar terms, imports for the latest 12 months to March 2013 rose by 2.3% over the previous 12 months, reaching US$81.6mn. Diagnostic imaging grew the fastest at 71.1%, followed by patient aids (58.1%) and orthopaedics & prosthetics (4.1%). Dental products, however, experienced the highest fall, at -37.6%, followed by other medical devices (-17.5%) and consumables (-10.0%). Relations between the USA and Cuba are marginally warmer. That said, US companies cannot directly supply the market because of the trade embargo. The US embargo does not really hurt Cuba because alternative products are available from other countries, particularly from China and the EU-27 countries.

Cuba usually exports a small amount of medical devices, although the amount fluctuates each year. The reason for the fluctuating export level is the rise and fall in exports to Venezuela. In US dollar terms, medical device exports for the latest 12 months to March 2013 rose by 48.3% over the previous 12 months, reaching US$17.5mn. Consumables and other medical devices had strong growth, whilst the remaining export product areas registered high falls. Comparatively, Cuba registered the highest export level in 2006, when US$104.6mn was exported, mostly to Venezuela.

WITH THIS MARKET REPORT YOU CAN

Evaluate the potential of the market
Assess risks and opportunities on the basis of knowledge
Profile the market for new product, licences or collaborations
Understand the operating and regulatory environment
Gain a complete picture on health expenditure and infrastructure
Review the competitive environment



More Country Overviews reports by Espicom Healthcare Intelligence

The World Medical Market Fact Book 2014 by Espicom Healthcare Intelligence
The World Medical Market Fact Book 2014 This report includes multiple year historical data. Where data is not available, BMI estimates have been included. The ...
Medical Device Pricing & Reimbursement 2014 by Espicom Healthcare Intelligence
Medical Device Pricing & Reimbursement 2014 Provides insight into medical device pricing and reimbursement systems and latest regulations across 17 key countries! This guide provides ...
The Medical Device Market: Venezuela by Espicom Healthcare Intelligence
OVERVIEW OF THE MEDICAL MARKET IN VENEZUELAThe Bolivarian Republic of Venezuela is situated on the northern coast of South America and is bordered by Brazil ...
The Medical Device Market: USA by Espicom Healthcare Intelligence
OVERVIEW OF THE MEDICAL MARKET IN THE USAAt an estimated US$127.1bn in 2013, the US medical device market is the world's largest. Per capita expenditure, ...
See all reports like this >>

 

SELECT A LICENSE

    Online Download  USD 1,295  
    Global Site License  USD 7,770  
 
US: 800.298.5699
Int'l: +1.240.747.3093
 

Share this report


    Other tasks

     
     
    Join Alert Me now!
    Receive bi-weekly email alerts on new market research

    Sign up today!