Medical Devices

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Colombia has successfully positioned itself as the third largest medical device market in Latin America, after Brazil, and Mexico. Business Monitor International forecasts indicate that Colombia is projected to stay in this rank for 2024.

This position is the result of the dynamism of the sector in Colombia. This segment has an estimated average annual growth rate between 2020 and 2024 of 5.3% in USD. In Colombia, the medical device sector presents strong reliance on imports, these represent 81% of the total sales. This is one of the reasons that bring up great opportunities for local production, to gain competitiveness in strong variations cycles of the exchange rate.

Bogota represents 75% of the sales. The city offers several advantages for producers, this is demonstrated with the concentration of manufacturers in Bogota, 50% of them locates in the capital.