Market Insights Health Medical Technology

Medical Devices - Mexico

Mexico

In 2024, the revenue in the Medical Devices market market in Mexico is expected to reach a substantial amount of US$8.20bn.
Among the various markets within the market, Cardiology_Devices holds the largest share with a projected market volume of US$1.28bn in the same year.
Looking ahead, the market is anticipated to grow at an annual growth rate of 5.41% (CAGR 2024-2029), leading to a market volume of US$10.67bn by 2029.
When compared globally, it is worth noting that the United States will generate the highest revenue in the Medical Devices market market, expected to reach a staggering US$179.80bn in 2024.
Mexico is experiencing a surge in demand for medical devices due to its growing healthcare industry and increasing focus on improving access to medical technology.

Key regions: Spain, Japan, United States, Europe, United Kingdom

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Analyst Opinion

The Medical Devices market in Mexico is experiencing significant growth and development.

Customer preferences: Customers in Mexico are increasingly seeking advanced and innovative medical devices that offer improved efficiency and accuracy in healthcare delivery. There is a growing demand for devices that can provide accurate and quick diagnoses, monitor patient health remotely, and assist in surgical procedures. Additionally, customers are also looking for devices that are cost-effective and can be easily integrated into the existing healthcare infrastructure.

Trends in the market: One of the key trends in the Medical Devices market in Mexico is the increasing adoption of digital health technologies. The use of telemedicine and remote patient monitoring devices has gained traction, especially in rural areas where access to healthcare services is limited. These technologies enable healthcare providers to reach a larger population and provide timely medical assistance. Additionally, there is a growing focus on the development of wearable devices that can track vital signs and provide real-time health data to both patients and healthcare professionals. Another trend in the market is the rising demand for minimally invasive surgical devices. These devices offer several advantages over traditional surgical methods, such as reduced pain, shorter recovery time, and lower risk of complications. As a result, there is a growing preference for surgical devices that allow for smaller incisions and precise surgical procedures.

Local special circumstances: Mexico has a rapidly aging population, which is driving the demand for medical devices. As the elderly population increases, there is a greater need for devices that can assist in managing chronic diseases and age-related conditions. This includes devices such as glucose monitors, insulin pumps, and mobility aids. Furthermore, Mexico has a large population of individuals with chronic diseases such as diabetes and cardiovascular diseases. This has created a significant demand for devices that can help in the management and treatment of these conditions. For example, there is a growing market for insulin pumps, continuous glucose monitoring systems, and cardiac monitoring devices.

Underlying macroeconomic factors: The growth of the Medical Devices market in Mexico is also supported by favorable macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in healthcare spending. The government has been investing in the healthcare sector, particularly in the development of healthcare infrastructure and the expansion of healthcare services. This has created a conducive environment for the growth of the Medical Devices market. In conclusion, the Medical Devices market in Mexico is witnessing significant growth and development. Customer preferences are shifting towards advanced and innovative devices that offer improved efficiency and accuracy in healthcare delivery. The market is also characterized by the increasing adoption of digital health technologies and the demand for minimally invasive surgical devices. Special circumstances, such as the aging population and the high prevalence of chronic diseases, further contribute to the growth of the market. Additionally, favorable macroeconomic factors, including steady economic growth and increased healthcare spending, support the development of 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.