Colombia: Diagnostic Equipment Market 2024

Diagnostic Equipment Market Size in Colombia

The Colombian diagnostic equipment market expanded modestly to $X in 2022, picking up by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Diagnostic equipment consumption peaked in 2022 and is likely to see gradual growth in years to come.

Diagnostic Equipment Exports

Exports from Colombia

In 2022, shipments abroad of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus was finally on the rise to reach X units after three years of decline. Overall, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, diagnostic equipment exports rose slightly to $X in 2022. Over the period under review, exports saw a buoyant increase. The growth pace was the most rapid in 2013 with an increase of X%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), Germany (X units) and Peru (X units) were the main destinations of diagnostic equipment exports from Colombia, with a combined X% share of total exports. Costa Rica, Poland, Venezuela and South Korea lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus exports from Colombia, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with an X% share of total exports. It was followed by Peru, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Peru (X% per year).

Export Prices by Country

The average diagnostic equipment export price stood at $X per unit in 2022, which is down by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by X%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Diagnostic Equipment Imports

Imports into Colombia

In 2022, supplies from abroad of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus decreased by X% to X units for the first time since 2017, thus ending a four-year rising trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports attained the maximum at X units in 2021, and then contracted modestly in the following year.

In value terms, diagnostic equipment imports reached $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), the United States (X units) and the Dominican Republic (X units) were the main suppliers of diagnostic equipment imports to Colombia, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Germany ($X) appeared to be the largest diagnostic equipment suppliers to Colombia, together comprising X% of total imports. Japan, Italy, Mexico and the Dominican Republic lagged somewhat behind, together accounting for a further X%.

The Dominican Republic, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average diagnostic equipment import price stood at $X per unit in 2022, rising by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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