Costa Rica drives 18% annual growth in medical device exports: CINDE
SAN JOSÉ, Costa Rica — Costa Rica has solidified its position as a global hub for medical device manufacturing, with exports doubling since 2017.
In 2023, the sector’s exports exceeded $7.5 billion, reflecting an impressive average annual growth rate of 18%. This growth has made Costa Rica the second-largest exporter of medical devices in Latin America and the fifth-largest supplier to the United States.
A strategic vision has driven this success, attracting 14 of the world’s top 30 medical technology multinationals to establish operations in the country. Over two decades later, the sector has expanded from five to sixteen areas of specialization, including cardiovascular, respiratory, neuro-endovascular, and orthopedic devices.
A specialized ecosystem fuels expansion
Costa Rica’s medical device ecosystem has evolved into a manufacturing hub. Since 2017, the number of companies in this sector has grown from 67 to 86, while jobs have surged by 127%, rising from 22,399 to over 55,000 in 2023.
Original equipment manufacturers (OEMs) have increased by 39%, with precision and medical equipment now accounting for 42% of total exports — up from just 26% in 2017.
The country’s success is supported by specialized free trade zones that maintain high standards of quality and efficiency. Political stability, a robust regulatory framework, and a highly skilled workforce have further enhanced Costa Rica’s appeal to life sciences investors.
“Costa Rica is a singular opportunity for investors,” said CINDE Managing Director Marianela Urgellés. “We have achieved a high level of sophistication with a unique value proposition for investors, but we can still do more.”
Facing competition and preparing for MD&M West 2025
Despite its achievements, Costa Rica faces increasing competition from emerging markets in Asia and other regions. To stay ahead, the country must focus on retaining foreign investment and fostering sustainable growth.
CINDE is preparing to showcase Costa Rica’s strengths at MD&M West 2025, North America’s premier trade fair for medical devices. Partners such as BAC and Baker Tilly will join CINDE to highlight the nation’s unique value proposition for life sciences investors.
Innovation and sustainability: The next frontier
Costa Rica is advancing its capabilities in research and development while maintaining its commitment to sustainability. The country has expanded into Class III medical devices requiring high precision and rigorous certifications. It also supports automation, product redesign, and new product development processes.
“The “next frontier’ for the medical device industry in Costa Rica will be its transition to an integrated hub for research, development, and advanced manufacturing,” added Urgellés.
With public-private collaboration and coherent strategies, Costa Rica is poised not only to lead in export volume but also to set global benchmarks for quality, innovation, and sustainability in medical technology manufacturing.
