Market Insights Health Medical Technology

In Vitro Diagnostics - Mexico

Mexico

The projected revenue in the In Vitro Diagnostics market market of Mexico is estimated to reach US$1.42bn by 2024.
It is anticipated that the revenue will experience an annual growth rate of 2.67% from 2024 to 2029, resulting in a market volume of US$1.62bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, with US$30,100.00m in 2024.
In Mexico, the In Vitro Diagnostics market is experiencing a surge in demand due to increased investment in healthcare infrastructure and a growing aging population.

Key regions: Europe, Italy, Spain, Germany, China

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Currency

Analyst Opinion

The In Vitro Diagnostics market in Mexico is experiencing significant growth due to several key factors.

Customer preferences: Customers in the In Vitro Diagnostics market in Mexico are increasingly demanding more accurate and reliable diagnostic tests. They are seeking tests that can provide quick and accurate results, allowing for early detection and treatment of diseases. Additionally, customers are looking for tests that are cost-effective and accessible, as healthcare costs continue to rise.

Trends in the market: One of the major trends in the In Vitro Diagnostics market in Mexico is the increasing adoption of point-of-care testing. Point-of-care testing allows for diagnostic tests to be performed at the patient's bedside or in a doctor's office, providing immediate results. This trend is driven by the need for faster and more convenient testing, particularly in remote areas where access to healthcare facilities may be limited. Another trend in the market is the growing demand for molecular diagnostics. Molecular diagnostics involve the analysis of DNA, RNA, and proteins to detect genetic disorders and infectious diseases. This type of testing offers higher sensitivity and specificity compared to traditional methods, leading to more accurate diagnoses. The increasing prevalence of chronic diseases and infectious diseases in Mexico is driving the demand for molecular diagnostics.

Local special circumstances: Mexico has a large population with a high burden of chronic diseases such as diabetes and cardiovascular diseases. This has created a significant demand for diagnostic tests related to these conditions. Additionally, Mexico has a growing elderly population, which is more prone to age-related diseases and requires regular diagnostic testing. The government of Mexico has also implemented various initiatives to improve access to healthcare services, including diagnostic testing, which has further fueled the growth of the In Vitro Diagnostics market in the country.

Underlying macroeconomic factors: Mexico has been experiencing steady economic growth in recent years, which has led to an increase in healthcare spending. This has allowed for greater investment in healthcare infrastructure and the adoption of advanced diagnostic technologies. Additionally, Mexico has a well-established healthcare system with a strong regulatory framework, which has facilitated the growth of the In Vitro Diagnostics market. The government of Mexico has also been actively promoting the development of the healthcare sector, attracting both domestic and international companies to invest in the market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.