Medical Technology - Panama

Panama

Panama is expected to see a significant increase in revenue within the Medical Technology market market.
In 2024, it is projected to reach a staggering amount of US$619.10m.
The largest market within this market is Medical Devices, which is forecasted to have a market volume of US$517.50m in the same year.
The Medical Technology market industry in Panama is anticipated to experience a steady annual growth rate of 6.15% between 2024 and 2028.
This growth will result in a market volume of US$785.90m by 2028.
When compared globally, it is worth noting that the United States is expected to generate the highest revenue within the Medical Technology market market, with a projected amount of US$215.80bn in 2024.
Panama's medical technology market is witnessing a surge in demand for telehealth solutions due to the country's dispersed population and limited access to healthcare facilities.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Panama is experiencing significant growth and development in recent years.

Customer preferences: Customers in Panama have shown a growing preference for advanced medical technologies and equipment. They are increasingly seeking out innovative and state-of-the-art solutions for their healthcare needs. This shift in preferences can be attributed to several factors, including the rising awareness about the benefits of advanced medical technologies, the increasing disposable income of the population, and the growing demand for high-quality healthcare services.

Trends in the market: One of the key trends in the Medical Technology market in Panama is the increasing adoption of digital health solutions. This includes the use of telemedicine, electronic health records, and mobile health applications. These technologies are enabling healthcare providers to deliver more efficient and convenient care to patients, while also improving the overall quality of healthcare services. Additionally, there is a growing demand for minimally invasive surgical procedures, which require the use of advanced medical devices and equipment. This trend is driven by the desire for faster recovery times, reduced scarring, and improved patient outcomes.

Local special circumstances: One of the unique aspects of the Medical Technology market in Panama is the presence of a large expatriate population. Many foreigners choose to retire in Panama due to its favorable climate, affordable cost of living, and high-quality healthcare system. This has created a demand for medical technologies and equipment that cater to the specific needs of this population. Additionally, Panama is a popular destination for medical tourism, with many international patients seeking medical treatments and procedures in the country. This has further fueled the demand for advanced medical technologies and equipment.

Underlying macroeconomic factors: The growth of the Medical Technology market in Panama can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, which has resulted in an increase in healthcare spending. This has allowed healthcare providers to invest in advanced medical technologies and equipment. Secondly, Panama has a well-developed healthcare infrastructure, with a strong network of hospitals, clinics, and healthcare professionals. This has created a conducive environment for the adoption of innovative medical technologies. Lastly, the government of Panama has implemented policies to promote the development of the healthcare sector, including tax incentives for medical technology companies and initiatives to attract foreign investment. These factors have contributed to the growth and development of the Medical Technology market in Panama.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.