June 18, 2024

The Mexico In-Vitro Diagnostics Market Driven By Rising Healthcare Expenditure

The Mexico in-vitro diagnostics market has witnessed significant growth in recent years owing to the rising demand for point-of-care testing and screening. In-vitro diagnostics involves the analysis of human specimens such as blood, urine, and tissue to detect diseases, manage treatment, and monitor health conditions. The increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases has boosted the demand for early detection and diagnostic tools. The global in-vitro diagnostics industry also benefits from ongoing medical advances that allow for convenient and easy-to-use testing equipment ideal for home use and point-of-care settings.

The global Mexico In-Vitro Diagnostics Market is estimated to be valued at US$ 3 Billion in 2023 and is expected to exhibit a CAGR Of 22% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The Mexico in-vitro diagnostics market is witnessing rising demand for point-of-care testing devices owing to their convenience and quick result advantages. Point-of-care testing allows for rapid medical evaluation and management decisions in settings closer to patients without the need for transfer to a laboratory. This trend is expected to continue as patients increasingly prefer quick access to healthcare services. Furthermore, the ongoing technological advancements have allowed the development of portable and easy-to-use devices suitable for point-of-care testing of various diseases. Major companies operating in the Mexico market are focusing on expanding their product portfolio with innovative point-of-care devices in order to capitalize on the growth opportunities.

 

Porter’s Analysis:

Threat of new entrants: Low, as the IVF market in Mexico is already dominated by few major players and requires high investment.

Bargaining power of suppliers: Moderate, as few key suppliers dominate the market. However, ease of switching provides moderate power.

Bargaining power of buyers: High, as buyers have a variety of options from existing players. Price sensitivity is also high.

Threat of new substitutes: Moderate, as new diagnostic technologies can emerge as alternatives. However, branding and reliability keep threats at moderate level.

Competitive rivalry: High, as major players compete aggressively on pricing, innovation, and brand positioning.

Key Takeaways:

 

The Global Mexico In-Vitro Diagnostics MarketĀ  Demand is expected to witness high growth.

North America region currently dominates the Mexico IVD market due to rising healthcare expenditure and presence of major players in the region. The Mexican in-vitro diagnostics market is expected grow at a CAGR of 22% during the forecast period due to increasing adoption of advanced diagnostics systems in the country.

Key players operating in the Mexico In-Vitro Diagnostics market are Sysmex Corporation, F. Hoffmann-La Roche Ltd, Danaher Corporation, Abbott Laboratories, Thermo Fisher Scientific Inc. Sysmex Corporation holds the leading position in Mexico’s IVD market followed by F. Hoffmann-La Roche Ltd and Danaher Corporation. Sysmex focuses on expanding its products portfolio for clinical diagnostics as well as introduces new software such as hematology analyzers in Mexico.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it