by The Mexico in-vitro diagnostics market is primarily driven by the increasing prevalence of chronic and infectious diseases in the country. In-vitro diagnostics test kits are used for diagnosing diseases and health conditions such as cancer, diabetes, cardiovascular diseases, infectious diseases, and prenatal testing. The demand for high-quality rapid POC diagnosis is increasing rapidly. Technological advancement in diagnostic methods enables developing portable and easier point-of-care testing solutions.
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. and Broadcom Corporation, Inc. These players are focusing on new product launches, partnerships, and investment in R&D activities to strengthen their presence in the Mexico market.
The key opportunities in the Mexico In-Vitro Diagnostics Market include growing demand for rapid testing technologies, emergence of lab-on-chip technology, increasing healthcare expenditure, and rising number of hospitals and clinical testing laboratories in Mexico. The market players are investing in the development of innovative portable diagnostics devices with minimally invasive features.
Globally, the Mexico in-vitro diagnostics market is expanding significantly driven by growing geriatric population, increasing incidence of chronic and infectious diseases, favourable government policies. The players are focusing on geographic expansion plans in South American countries to boost sales revenue.
Market drivers
The major driver for the growth of the Mexico in-vitro diagnostics market is rising awareness about early disease detection and prevention. The demand for home-use rapid diagnostic tests is increasing as customers want solutions for quick self-testing. This has prompted market players to invest in developing affordable point-of-care testing kits and devices which provides results faster without lab visits.
PEST Analysis
Political: The government regulations related to healthcare standards and facilities impact the market. Mexico is working towards universal healthcare and encouraging medical devices and diagnostic sector.
Economic: As the economy grows at a steady pace, demand for quality and affordable healthcare is rising. Growth in healthcare spending impacts investments in diagnostics.
Social: Awareness about early detection and preventive healthcare is increasing which drives demand for diagnostic tests. Urbanization and lifestyle changes influence disease patterns and testing requirements.
Technological: Advanced diagnostics technologies like molecular diagnostics, DNA sequencing are improving diagnostic accuracy and speed. Investments in R&D of integrated diagnostics devices are impacting the market. Adoption of digital health solutions and artificial intelligence is also influencing the sector.
Geographical regions of concentration
The market in terms of value is majorly concentrated in the northern and central regions of Mexico, which includes cities like Mexico City, Monterrey, Guadalajara. These urban centers have well-established healthcare infrastructure and hospitals with diagnostic laboratories. The large patient pools and higher disposable incomes in these regions contribute heavily to the overall market revenues.
Fastest growing region
The southern states of Mexico comprising of Chiapas, Tabasco, Veracruz are expected to witness the fastest market growth during the forecast period. Factors such as rising governmental investments in healthcare facilities, increasing incidence of chronic diseases and growing medical tourism are expected to drive stronger demand for diagnostic services in these regions. Initiatives to expand access to diagnostic labs in rural areas will further support market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
