Venezuela Healthcare (Pharma and Medical Devices) Market Analysis, Regulatory, Reimbursement and Competitive Landscape

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Published: September 15, 2022 Report Code: GDHC0070CHR-ST

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The Venezuelan healthcare system consists of both public and private sectors.​ Due to the extensive use of foreign currency and the devaluation of the national currency, the private sector has been able to continue operating and growing in Venezuela. Additionally, Venezuela has a strategic location that links North and South America and makes the country an important trading location.​ However, macroeconomic instability brought on by low oil prices and an unusually high inflation rate has caused documented financial losses for several big pharmaceutical corporations.​

The Venezuela healthcare market research report gives an overview of the pharmaceutical and medical device markets, comprising market size, segmentation, and key drivers and barriers. It profiles and provides a SWOT analysis of the major players in the pharmaceutical and medical device market. It also provides insights into its demographic, regulatory and reimbursement landscape, and healthcare infrastructure.

Venezuela Pharmaceutical Market Analysis

The Venezuelan pharmaceutical market size was $115.1 billion in 2021 and is expected to grow at a CAGR of more than 37% during 2021 – 2025. Colombia, Panama, Ecuador, the US, and Curacao are major export partners of pharmaceutical products. Meanwhile, Germany, the US, Mexico, Brazil, and Cuba are major suppliers of medical equipment to Venezuela.

Venezuela Pharmaceutical Market Segments

The key segments of the Venezuelan pharmaceutical market are generic drugs, biologics, biosimilars and over the counter (OTC) medicines. The Venezuelan OTC medicines market is the largest segment and is expected to grow significantly during the forecast period. ​

Venezuela Medical Devices Market Analysis by Segments

Venezuela Medical Devices Market Analysis by Segments

To know more about Venezuela pharmaceutical market segments, download a free report sample

Competitive Landscape

Some of the leading companies in the Venezuelan pharmaceutical market are Pfizer, F. Hoffmann-La Roche Ltd., Bayer, Novartis, and GlaxoSmithKline (GSK) among others.

Venezuela Pharmaceutical Market, by Leading Companies

Venezuela Pharmaceutical Market, by Leading Companies

To know more about leading companies in the Venezuela pharmaceutical market, download a free report sample

Venezuela Medical Devices Market Analysis

The Venezuelan medical devices market is mainly dependent on imported products from countries such as the US, Cuba, Mexico, and Brazil. Disposable products such as syringes, surgical clothes, and hospital furniture are manufactured domestically.  ​

Venezuela Medical Devices Market Analysis by Key Segments

The Venezuelan medical devices market segments are aesthetics & health, diagnostic devices, treatment, instrumental, disposable, auxiliary devices, and life support among others. The diagnostic devices segment held the highest share in Venezuela’s medical devices market, followed by treatment and instrumental devices.

Venezuela Medical Devices Market Analysis by Segments

Venezuela Medical Devices Market Analysis by Segments

To know more about Venezuela medical devices market segments, download a free report sample

Competitive Landscape

Some of the leading companies in the Venezuelan medical devices market are F. Hoffmann-La Roche, Fresenius SE & Co. KGaA, Abbott, Medtronic, and Coloplast A/S among others.

Venezuela Medical Devices Market, by Leading Players

Venezuela Medical Devices Market, by Leading Players

To know more about leading companies in the Venezuela medical devices industry, download a free report sample

Venezuela Healthcare Market Report Overview

Pharmaceutical Market Size (2021) $115.1 Billion
Pharmaceutical CAGR (2021 – 2025) >37%
Pharmaceutical Market Segments Generic Drugs, Biologics, Biosimilars, and Over the Counter (OTC) Medicines
Leading Companies (Pharmaceutical) Pfizer, F. Hoffmann-La Roche Ltd., Bayer, Novartis, and GlaxoSmithKline (GSK)
Medical Devices Market Segments Aesthetics & Health, Diagnostic Devices, Treatment, Instrumental, Disposable, Auxiliary Devices, and Life Support
Leading Companies (Medical Devices) F. Hoffmann-La Roche, Fresenius SE & Co. KGaA, Abbott, Medtronic, and Coloplast A/S

Scope

The report provides information on the healthcare, regulatory, and reimbursement landscape in Venezuela, and includes:

  • An overview of the pharmaceutical and medical device markets, comprising market size, segmentation, and key drivers and barriers.
  • Profiles and SWOT analyses of the major players in the pharmaceutical market: Roche, Pfizer, GSK, Novartis, and Bayer.
  • Profiles and SWOT analyses of the major players in the medical device market: Roche, Fresenius, Medtronic, Abbott, and Coloplast.
  • An insightful review of the COVID-19 epidemiology, COVID-19 impact and developments in the healthcare market, HealthTech landscape, reimbursement, and regulatory landscape, with analysis covering details of the country’s healthcare reimbursement process, regulatory agencies, and the approval processes for new drugs and medical devices.
  • Detailed analysis of the country’s healthcare policy highlights, demographics, healthcare infrastructure, and healthcare expenditure.
  • An overview of the opportunities for and challenges to growth in the Venezuelan healthcare market.

Reasons to Buy

This report will enhance your decision-making capability by allowing you to:

  • Develop business strategies by understanding the trends shaping and driving Venezuelan healthcare market

  • Drive revenues by understanding the key trends, reimbursement and regulatory policies, pharmaceutical market segments and companies likely to impact Venezuelan healthcare market in the future

  • Formulate effective sales and marketing strategies by understanding the competitive landscape and analyzing competitors’ performance

  • Organize your sales and marketing efforts by identifying the market categories and segments that present the most opportunities for consolidation, investment and strategic partnership

Table of Contents

1. Table of Contents

1.1 List of Figures

1.2 List of Tables

2. Executive Summary

2.1 Executive Summary

2.2 Key Highlights – Facts about the Venezuelan Healthcare Market

2.3 Key Highlights: Healthcare Startups in Venezuela

2.4 Key Events: Venezuelan Healthcare Timeline, 2016–22

2.5 Key Events: Venezuelan Pharmaceutical Market

2.6 Key Events: M&As, VC & PE Deals, Global Pharmaceutical Market, 2020–22

2.7 Key Events: Mergers and Acquisitions

2.8 Country Profile, Venezuela, 2021

3. Overview of Pharmaceutical Market

3.1 Pharmaceutical Market – Overview

3.2 Pharmaceutical Market – Exports

3.3 Pharmaceutical Market – Imports

3.4 Pharmaceutical Market – Supply Channels, Venezuela

3.5 Pharmaceutical Market – Market Segments

3.6 Pharmaceutical Market – Market Segments, OTC Medicines, Venezuela

3.7 COVID-19 Epidemiology, Venezuela

3.8 COVID-19 Impact and Developments in the Healthcare Market, Venezuela

3.9 COVID-19 Clinical Trials Landscape, Venezuela

3.10 Pharmaceutical Market – Major Players

4. Overview of Medical Devices Market

4.1 Medical Device Market – Overview

4.2 Medical Devices Market – Major Players

5. Pharmaceutical and Medical Devices Market – Drivers and Barriers

5.1 Drivers

5.2 Barriers

6. Deal Analysis

6.1 Deal Analysis: Pharmaceutical Market, Venezuela, 2021–22

6.2 Deal Analysis: Medical Device Market, Venezuela, 2020–22

7. HealthTech Landscape

7.1 HealthTech Landscape, Venezuela

7.2 Adoption of Technology in Healthcare, Venezuela

7.3 Digital Regulations, Venezuela

7.4 HealthTech Landscape: Benefits and Risks, Venezuela

8. Market Access

8.1 Overview of Healthcare System, Venezuela

8.2 Reimbursement Landscape, Venezuela

8.3 Overview of Insurance Providers, Venezuela

8.4 Healthcare Spending and Consumer Price Index Trends, Venezuela

8.5 Pricing Policies, Venezuela

8.6 Regulatory Landscape, Venezuela

8.6.1 Marketing Authorization for Pharmaceutical Products, Venezuela

8.6.2 Marketing Authorization for Medical Devices, Venezuela

8.6.3 Intellectual Property Rights, Patent, Venezuela

8.6.4 Intellectual Property Rights, Trademark, Venezuela

8.6.5 Clinical Trial Regulation Process, Venezuela

8.6.6 Pharmaceutical Clinical Trials Landscape, Venezuela

8.6.7 Pharmaceutical Import and Export, Venezuela

8.6.8 Pharmaceutical Advertising Regulations, Venezuela

8.6.9 Labeling and Packaging Regulations, Venezuela

9. Country Healthcare Landscape

9.1 Venezuela Healthcare Policy Highlights

9.2 Healthcare Resources and Healthcare Personnel, Venezuela

9.3 Life Expectancy and Immunization Rate, Venezuela

9.4 Environmental Health, Venezuela

9.5 Disease Burden, Venezuela

9.6 Healthcare Expenditure, Venezuela

10 Trade Associations, Venezuela

11 Trade Fairs, Venezuela

12 Opportunities and Challenges

13 Appendix

13.1 Research Methodology

13.1.1 Coverage

13.1.2 Secondary Research

13.1.3 Forecasts

13.2 Bibliography

13.3 About GlobalData

13.4 Contact Us

13.5 Disclaimer

Table

Table 1: COVID-19 indicators (number of cases), global and Venezuela, 2022

Table 2: Available COVID-19 IVD products, Venezuela, 2020–22

Table 3: Authorized COVID-19 vaccines, Venezuela, 2022

Table 4: Old age, disability, and survivors’ source of funds, Venezuela, 2022

Table 5: Trade fairs, Venezuela, 2022

Figures

Figure 1: Pharmaceutical market sales ($B), Venezuela, 2014–21

Figure 2: OTC market revenue ($B), Venezuela, 2014–21

Figure 3: Healthcare start-ups in Venezuela, 2022

Figure 4: Country profile, Venezuela, 2021

Figure 5: Pharmaceutical market sales ($B), Venezuela, 2014–21

Figure 6: Pharmaceutical market sales forecast ($B), Venezuela, 2022–25

Figure 7: Pharmaceutical exports ($M), Venezuela, 2010–13

Figure 8: Top export partners, Venezuela, 2013

Figure 9: Pharmaceutical imports ($M), Venezuela, 2013–21

Figure 10: Top import partners, Venezuela, 2013

Figure 11: OTC medicines market ($M), major categories, Venezuela, 2015

Figure 12: OTC market revenue ($B), Venezuela, 2014–21

Figure 13: COVID-19 cases, Venezuela, 2020–22

Figure 14: COVID-19 deaths, Venezuela, 2020–22

Figure 15: COVID-19 stringency index (based on the share of people who are vaccinated), Venezuela, 2020–22

Figure 16: COVID-19 containment and health index, Venezuela, 2020–22

Figure 17: WHO’s components of the National Coronavirus Prevention and Control Plan, Venezuela, 2020

Figure 18: COVID-19 clinical trials count by trial status, Venezuela, 2020–22

Figure 19: COVID-19 clinical trials count by trial phase, Venezuela, 2020–22

Figure 20: Top COVID-19 clinical trial sponsors by trial count, Venezuela, 2020–22

Figure 21: Certified medical devices, Venezuela, 2020

Figure 22: Medical devices market, revenue ($B) of major companies, Venezuela, 2021

Figure 23: Deal value and deal count, medical devices market, Venezuela, 2020–22

Figure 24: Deal value and deal count subtypes, medical devices market, Venezuela, 2020–22

Figure 25: Deal value and deal count, quarterly, medical devices market, Venezuela, 2020–22

Figure 26: Top equipment sectors by deal value ($M), medical devices market, Venezuela, 2020–22

Figure 27: Top equipment sectors by deal count, medical device market, Venezuela, 2020–22

Figure 28: Digital collaborations in Venezuela, 2020-22

Figure 29: Overview of healthcare system, Venezuela, 2022

Figure 30: OOP expenditure (% off current expenditure on health), Venezuela, 2013–19

Figure 31: Consumer Price Index (% annual change), Venezuela, 2012–16

Figure 32: Organizational structure of INHRR, Venezuela, 2022

Figure 33: Organizational structure of MPPS, Venezuela, 2022

Figure 34: Drug approval process, Venezuela, 2022

Figure 35: Medical device certification stages, Venezuela, 2022

Figure 36: Patent application process, Venezuela, 2022

Figure 37: Pharmaceutical clinical trial count by trial status, Venezuela, 2021–22

Figure 38: Pharmaceutical clinical trial count by indication, Venezuela, 2021–22

Figure 39: Pharmaceutical clinical trial count by phase, Venezuela, 2021–22

Figure 40: Top five pharmaceutical clinical trial sponsors by count, Venezuela, 2021–22

Figure 41: Hospital beds (per 1,000 population), Venezuela, 2014–21

Figure 42: Nurses and midwives (per 1,000 population), Venezuela, 2017–21

Figure 43: Life expectancy at birth (years), Venezuela, 2013–20

Figure 44: Immunization rate (%), Venezuela, 2013–20

Figure 45: CO2 emissions (million tons), Venezuela, 2013–21

Figure 46: PM2.5 (µg per m3), Venezuela, 2013–21

Figure 47: Major causes of mortality (per 100,000 population), Venezuela, 2019

Figure 48: Major causes of male mortality (per 100,000 population), Venezuela, 2019

Figure 49: Major causes of female mortality (per 100,000 population), Venezuela, 2019

Figure 50: DALYs by major disease (per 100,000 population), Venezuela, 2019

Figure 51: Healthcare expenditure as percentage of GDP (%), Venezuela, 2013–21

Figure 52: Health expenditure share (% of total health spending), Venezuela, 2013–21

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