Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Panama

Panama

The revenue in the Other Medical Devices market market in Panama is forecasted to reach US$171.60m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 7.47%, leading to a market volume of US$246.00m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$58,900.00m in 2024.
Panama's Other Medical Devices market is witnessing a surge in demand due to the country's growing healthcare infrastructure and increasing focus on medical tourism.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in Panama is experiencing significant growth and development.

Customer preferences: Customers in Panama are increasingly demanding advanced and innovative medical devices to improve patient care and treatment outcomes. They are seeking devices that are more accurate, efficient, and user-friendly. Additionally, there is a growing preference for portable and wearable medical devices that allow for remote monitoring and personalized healthcare.

Trends in the market: One of the key trends in the Other Medical Devices market in Panama is the increasing adoption of telemedicine and remote patient monitoring. This trend has been driven by advancements in technology and the need to provide healthcare services to remote areas. Telemedicine allows healthcare professionals to remotely diagnose and treat patients, reducing the need for in-person visits and improving access to healthcare services. This has led to a growing demand for medical devices that can facilitate telemedicine, such as remote monitoring devices, video conferencing equipment, and mobile health applications. Another trend in the market is the growing focus on preventive healthcare and wellness. There is a shift towards early detection and prevention of diseases, leading to an increased demand for medical devices that can monitor and track health parameters. This includes devices such as fitness trackers, blood pressure monitors, glucose meters, and sleep trackers. The emphasis on preventive healthcare is driven by the rising healthcare costs and the desire to lead a healthier lifestyle.

Local special circumstances: Panama has a rapidly aging population, which is driving the demand for medical devices. As the population ages, there is an increased prevalence of chronic diseases and a greater need for medical interventions. This has created a significant market opportunity for medical devices that can assist in the management and treatment of chronic conditions. Additionally, Panama has a growing middle class with increased disposable income, which has contributed to the rising demand for medical devices.

Underlying macroeconomic factors: The economic growth and stability in Panama have played a significant role in the development of the Other Medical Devices market. The country has experienced steady economic growth, which has led to an increase in healthcare spending. The government has also implemented policies to improve healthcare infrastructure and access to healthcare services, further driving the demand for medical devices. Additionally, Panama has a favorable business environment and regulatory framework, which has attracted international medical device manufacturers to enter the market. This has led to increased competition and a wider range of medical devices available to customers 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.