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Costa Rica: A Leader in the Medical Device Industry

In recent years, Costa Rica has made significant strides in the medical device sector, establishing itself as a prominent player on the global stage. A study conducted by the Trade Investment Promotion Agency (PROCOMER) revealed that the country recorded an impressive average annual growth rate of 22% in medical device exports from 2020 to 2024. By the end of this period, medical exports reached a staggering US$8.675 billion, making Costa Rica the 10th largest exporter globally and the number one in per capita terms.

Innovation at the Forefront

The result of such robust growth is attributed to Costa Rica's focus on innovation and high-tech manufacturing. The country has become a hub for advanced medical technology, with more than 100 companies from various nations, including the United States, Germany, Ireland, and Japan, establishing operations within its borders. These companies specialize in crucial areas like endoscopy, cardiology, and orthopedics, enhancing Costa Rica's reputation as a go-to destination for high-quality medical products.

Notably, medical devices now account for a significant 48% of the country's total goods exports, spanning markets across the Americas, Europe, and Asia. Data collected until October this year showed that exports had already surpassed US$9.199 billion—an impressive 30% increase year-on-year.

Laura López, CEO of PROCOMER, enthusiastically noted, "Costa Rica exports diversity—of talent, capabilities, and solutions that improve lives around the world. This industry proves that our capacity to innovate and deliver cutting-edge technology knows no borders."

A Diverse Product Portfolio

Currently, Costa Rica exports an impressive 164 different types of medical devices to 88 markets worldwide. The major categories include needles, catheters, and cannulas (41.5%), along with other medical devices (30.8%) and medical prostheses (14.5%). The United States remains the largest market, accounting for 66.5% of these exports, followed closely by destinations like the Netherlands and Belgium.

Strengthened Local Supply Chain

Additionally, the country's local supply chain has significantly evolved, benefiting from specialized providers in tooling, plastics, sterilization, clean rooms, and precision assembly. This robust ecosystem not only fosters efficient operations but also promotes knowledge transfer, enabling Costa Rican suppliers to meet the growing demands of the global medical device market.

Factors Supporting Growth

According to the PROCOMER study, several key factors underpin Costa Rica's leadership in the medical device industry:

• - Economic, political, and social stability
• - A competitive renewable electricity matrix
• - Highly skilled workforce
• - Advanced productive and logistical infrastructure
• - Strong local supply chain connections
• - Three decades of advanced manufacturing experience

These strengths have facilitated Costa Rica’s transition from basic manufacturing to producing highly sophisticated, technology-driven products and quadrupling its high-tech medical product exports in less than a decade.

Looking Ahead

The ongoing growth of the medical device sector illustrates its pivotal role in Costa Rica's development. The industry's expansion has led to the creation of high-quality jobs, enhanced supplier integration, and increased technology transfer, thereby broadening the country's footprint in global healthcare value chains.

With sustained international demand and ongoing innovation being the driving forces, Costa Rica's medical device sector is poised for future growth. Collaboration among PROCOMER, the private sector, academic institutions, and global strategic partners is critical in maintaining this momentum.

In conclusion, Costa Rica's remarkable achievements in the medical device industry reflect its commitment to quality and innovation, reinforcing its position as a leader in the global market. The future looks bright for this dynamic industry and its positive impact on the nation’s economy.