by The Mexico in-vitro diagnostics market provides important tools like assays, reagents and instruments used to analyze specimens to aid in the diagnosis of diseases along with other medical conditions. The introduction of rapid diagnostic testing has helped improve turnaround times and provided timely treatment to infected or sick individuals. Additionally, growing demand for point-of-care testing devices and use of automation to streamline workflow processes in hospitals and laboratories are factors fueling market growth.
The Global Mexico in-vitro diagnostics Market is estimated to be valued at US$ 1217.44 Bn in 2024 and is expected to exhibit a CAGR of 22.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Mexico in-vitro diagnostics are Adtran Inc., Huawei Technologies Co. Ltd., Alcatel-Lucent S.A., Hitachi Communication Technologies, Inc., AT & T Inc., Freescale Semiconductor, Inc., Broadcom Corporation, Inc., Ericsson Inc., Calix Inc., and ECI Telecom, Ltd. The key players are focusing on new product launches and expanding their geographical presence through partnerships and acquisitions in the country.
The growing demand for personalized medicine and preventive healthcare is opening lucrative opportunities for manufacturers in Mexico. Technological advancements like biosensors, lab-on-a-chip, microarrays, and nanotechnology offer scope for innovation.
Recent advancements in automated diagnostic technologies like automation in pre-analytical, analytical and post-analytical phases have streamlined workflow and improved turnaround time. Automation reduces manual errors and the risk of contamination.
Market Drivers
The rising geriatric population in Mexico prone to chronic diseases is a major driver propelling the market growth. As per estimates, around 12.61% of Mexico’s population will be over 65 years by 2030. Chronic lifestyle diseases like cancer, diabetes, and cardiovascular diseases are increasing rapidly demanding regular diagnostic testing. This is expected to boost the demand for IVD products. Growing healthcare expenditure by the government to increase access to diagnostic facilities in remote areas through mobile vans and telehealth is another factor fueling the Mexico in-vitro diagnostics market growth over the forecast period.
Current Challenges in Mexico In-Vitro Diagnostics Market
Mexico In-Vitro Diagnostics Market is facing several challenges currently. The reimbursement structure in the country is still developing and full reimbursement is not provided for many diagnostic tests by public and private payers. This restricts the access of newer diagnostic technologies to patients. Another major challenge is lack of skilled medical professionals and diagnostic technicians in the sector. Training and capacity building is needed to meet the growing demand. Fragmented healthcare infrastructure across different regions also creates regional disparities. Adoption of advanced diagnostic platforms requires significant capital investments which is also a barrier for labs and hospitals in Mexico. Overall regulatory framework can be further strengthened to streamline approvals and ensure quality standards are met.
SWOT Analysis
Strength: Growing healthcare expenditure in Mexico is increasing investments in diagnostic facilities. High disease burden of chronic and infectious diseases is driving the demand for various diagnostic tests.
Weakness: Reliance on imported diagnostic technologies and materials increases overall costs. Limited local manufacturing capabilities are also a constraint.
Opportunity: Rapid urbanization and aging population will boost market growth in coming years. Untapped rural areas still offer significant market potential if access issues are addressed.
Threats: Threat from refurbished and used diagnostic equipment imports. Stringent regulations and compliance requirements for new products.
Geographical Regions
By value, Mexico City metropolitan area accounts for over 35% share of the country’s in-vitro diagnostics market owing to concentration of private hospitals and diagnostic labs. States of Jalisco, Nuevo Leon and Veracruz also contribute significantly due to their large urban populations and economic importance.
Fastest Growing Region
Central and Southern states of Mexico are expected to be the fastest growing regions during the forecast period. Growing healthcare infrastructure projects coupled with government initiatives to increase accessibility in rural areas will drive robust market expansion rates exceeding national average. Private sector investment will also support market development in Tier II and Tier III cities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
