Market Insights Health Medical Technology Medical Devices

Orthopedic Devices - Mexico

Mexico

The projected revenue for the Orthopedic Devices market market in Mexico is expected to reach US$0.82bn by 2024.
This indicates a significant growth potential for the orthopedic industry in the country.
Furthermore, it is estimated that the market will experience an annual growth rate of 4.05% from 2024 to 2029, resulting in a market volume of US$1.00bn by the end of the forecast period.
When compared to other countries, the United States is expected to generate the highest revenue in the Orthopedic Devices market market, with a projected revenue of US$16,020.00m in 2024.
This demonstrates the dominance of the United States in the global orthopedic market.
Mexico's orthopedic device market is experiencing a rise in demand due to the country's aging population and increasing prevalence of chronic diseases.

Key regions: United States, United Kingdom, France, Germany, Europe

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Analyst Opinion

The Orthopedic Devices market in Mexico is experiencing significant growth due to several factors.

Customer preferences: Customers in Mexico are increasingly seeking orthopedic devices to address a variety of musculoskeletal conditions. The growing aging population in the country is driving the demand for orthopedic devices, as older individuals are more prone to orthopedic conditions such as arthritis and fractures. Additionally, the rising awareness about the importance of maintaining an active lifestyle is leading to an increased demand for orthopedic implants and prosthetics among athletes and individuals engaged in sports activities.

Trends in the market: One of the key trends in the Orthopedic Devices market in Mexico is the adoption of minimally invasive procedures. Patients are increasingly opting for less invasive surgical techniques that result in shorter recovery times and reduced post-operative complications. This trend is driving the demand for advanced orthopedic devices, such as arthroscopic instruments and robotic-assisted surgical systems. Furthermore, the market is witnessing a shift towards the use of biodegradable implants and materials, as they offer several advantages such as reduced risk of infection and improved healing.

Local special circumstances: Mexico has a large population with limited access to healthcare services, especially in rural areas. This has created a demand for affordable orthopedic devices that can be accessed by a wider population. As a result, there is a growing market for low-cost orthopedic implants and prosthetics in the country. Additionally, the Mexican government has implemented healthcare reforms aimed at improving access to healthcare services, which is expected to further boost the demand for orthopedic devices.

Underlying macroeconomic factors: Mexico's economy has been growing steadily in recent years, which has resulted in an increase in disposable income among the population. This has enabled individuals to afford expensive orthopedic procedures and devices. Furthermore, the country has a well-established medical tourism industry, attracting patients from the United States and Canada who seek affordable orthopedic treatments. This influx of medical tourists has contributed to the growth of the Orthopedic Devices market in Mexico. In conclusion, the Orthopedic Devices market in Mexico is witnessing significant growth due to customer preferences for orthopedic devices, trends towards minimally invasive procedures, local special circumstances such as limited access to healthcare services, and underlying macroeconomic factors such as a growing economy and medical tourism. These factors are expected to continue driving the growth of the market in the coming years.

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.