Exponential Growth: The Medical Device Market in Colombia
The medical device market in Colombia has experienced significant growth in recent years, driven by various factors. According to data from the Ministry of Health and Social Protection of Colombia, the medical device sector has seen an average annual growth of 7.6% between 2017 and 2021.
One of the main drivers of this growth is the increasing awareness of the importance of health and the demand for quality medical care. The Colombian population is seeking advanced solutions for diagnosis, treatment, and monitoring of medical conditions, which has fueled the demand for innovative medical devices.
Another relevant factor is the aging population. Colombia has experienced a significant increase in the number of elderly individuals, leading to a growing demand for medical devices to meet their healthcare needs. According to the National Administrative Department of Statistics (DANE), it is estimated that the population over 65 years represents around 11.6% of the total in 2021, and this proportion is expected to continue increasing in the coming years.
Additionally, chronic diseases have become more prevalent in Colombia, driving the demand for medical devices for the treatment and control of these conditions. According to the Pan American Health Organization (PAHO), non-communicable chronic diseases such as diabetes, cardiovascular diseases, and cancer account for approximately 77% of deaths in the country.
Colombia has a well-developed healthcare system, comprising a combination of public and private institutions. The Colombian government has implemented policies to encourage innovation and the development of medical devices, attracting investments and stimulating sector growth. According to Invest in Bogota, an investment promotion agency, over US$2 billion was invested in the medical device sector in Colombia between 2015 and 2020.
According to the Medical Device Chamber of the National Business Association of Colombia (ANDI), the medical device market in the country reached approximately US$1.9 billion in 2020. The main segments of this market include diagnostic equipment, surgical devices, monitoring equipment, and life support devices.
The regulatory body responsible for medical device regulation in Colombia is the National Institute for Food and Drug Surveillance (INVIMA). INVIMA is a government entity linked to the Ministry of Health and Social Protection. The regulation of medical devices in Colombia is based on laws and regulations established by INVIMA, which are aligned with international guidelines for good regulatory practices. Medical devices are classified according to the risk they pose to patients and users, in accordance with Resolution 4725 of 2005, which establishes the classification and registration criteria for these products.
It is important to highlight that Colombia has been seeking harmonization of its regulations with international standards. The country is a member of the Southern Common Market (Mercosul), which aims for regulatory convergence among countries in the region. Additionally, INVIMA has been working to establish mutual recognition agreements with other regulatory bodies, facilitating access to the Colombian market for medical devices registered in other countries.
If you are interested in registering your brand in Colombia, a market full of opportunities, rely on Passarini Group to assist you! Contact us, and we will be pleased to guide you through the approval process for your brand.
If you still have any questions, feel free to reach out to our experts via email at contato@passarini.com.br.
Passarini Group
Published: 0/04/2023 – Source: CVN.COM
