US medical instruments trade has received an upend growth this year so far, comparing the total value of exports till the third quarter of 2022 with the full value of exports amounting to the same period in last year.
The market value of medical devices and instruments in the US was nearly $456.9 billion in 2020. The market value of medical devices in the US is expected to reach an amazing value of $612.7 billion by 2025.
Medical Instruments Import
The quarterly imports of the US’s medical instruments are represented below. As per the shown data, the imports have continued to grow by each quarter, except for the first quarter of 2022. From an import value of $7.4 billion in Q1-2021, the import value stood at $8.8 billion in Q3-2022.
According to the US’s import data 2021, the top importing countries for medical instruments are—Mexico with a share value of 26.9%, followed by Germany with a share value of 11.6%, Costa Rica with a value of 8.5%, Ireland with a value of 8.3%, and China with a value of 7.6% with other countries as shown below.
Medical Instruments Export
The exports of medical instruments from the US shown below feature quarterly values from Q1-2021 to Q3-2022. As can be seen from the representation of the US export data 2022, the export values have continued to grow frequently from $7.3 billion (Q1-2021) to $8.5 billion (Q3-2022).
According to the US export data 2021, the top exporting countries for medical instruments are—the Netherlands with a share value of 13.9%, followed by China with a share value of 12.1%, Mexico with a value of 9.9%, Japan with a value of 8.4%, and Canada with a value of 8.2%, with other countries as shown below.
US Medical Instruments Trade – YoY
The trade comparison between the total value of imports & exports in 2021 and the total value of imports & exports in 2022 is represented below. The shown image highlights the increase in the value of imports and exports for medical instruments (Heading 9018) for the US in 2022 so far.
The total imports in 2021 (combining the import values of Q1, Q2, and Q3) show a value of $23.58 billion. On the other hand, the total value of imports in 2022 (combining the import values of Q1, Q2, and Q3) shows a value of $25.92 billion.
The total value of exports in 2021 (combining the export values of Q1, Q2, and Q3) shows $22.98 billion amount. On the other hand, the value of exports in 2022 (combined value of Q1, Q2, and Q3) shows a total value of $24.88 billion.
From the final findings, it can be seen that the imports grew by a percentile of 9.92% (almost 10%) with an increase of $2.33 billion in values, in comparison to the total value of 2021 for the same period.
While, on the other hand, it can be seen that the exports grew by a percentile of 8.25% (almost 8%) with an increase of $1.89 billion in the value of 2022 exports as compared to the total value of exports in 2021 for the same period.
This also goes to show that while the value of exports and imports are nearly identical, lying in the same counts of amount; the imports are evidently higher than the exports, showing that while the US exports medical instruments, it also imports commodities, that too in a higher amount.
Recommendation: Global Nuclear Medicine Market – Trends and Data Analysis