by
Gus Iversen, Editor in Chief | December 16, 2024
Costa Rica has positioned itself as a global hub for medical device manufacturing, with exports doubling since 2017 and sector-related jobs growing by 127%.
The country exported more than $7.5 billion worth of medical devices in 2023, achieving an average annual export growth of 18% over the past six years.
Those figures are courtesy of CINDE, Costa Rica's investment promotion agency.
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Costa Rica is now the second-largest exporter of medical devices in Latin America and the fifth-largest supplier to the U.S. The growth is underpinned by diversification, strategic partnerships, and a supportive ecosystem, with 14 of the world's top 30 medical device multinationals operating in the country.
Driving factors for growth
CINDE managing director Marianela Urgellés emphasized the country’s balance between economic growth, sustainability, and investment, pointing to Costa Rica’s expansion into 16 specialized areas, such as cardiovascular and orthopedic devices, up from five in 2000.
"The Costa Rican experience has not been improvised but rather built over decades," Urgellés said.
The sector has grown from 67 companies in 2017 to 86 in 2023, while the number of OEMs rose by 39%. Notably, precision and medical equipment products accounted for 42% of exports in 2023, up from 26% in 2017.
Competitive edge and challenges
Costa Rica’s success stems from political stability, a defined regulatory framework, and access to skilled talent, according to CINDE. The country's free trade zones further support advanced manufacturing, ensuring high quality and efficiency.
However, the nation faces increasing competition from Asia and other emerging markets. While Costa Rica ranks third globally on the FDI Greenfield Investment Index, retaining and sustaining foreign investment remains a key challenge.
The next frontier for the sector lies in advancing research and development capabilities, including Class III device manufacturing and process automation. "The goal is clear: consolidate as a leader not only in export volume but also quality, innovation, and sustainability," Urgellés said.
