by The in-vitro diagnostics market involves detection and diagnosis of medical conditions and disease through analysis of samples like blood, urine, tissues taken from human body in a controlled, artificial environment instead of inside the human body. In-vitro diagnostics help medical professionals to better diagnose, monitor and manage diseases by aiding in medical decisions and giving insights on patients’ health.
The global Mexico In-Vitro Diagnostics Market is estimated to be valued at US$ 1056.8 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising geriatric population suffering from chronic diseases like cancer, diabetes, cardiovascular diseases etc. is a key trend driving the growth of Mexico in-vitro diagnostics market. As per United Nations data, Mexico’s population aged 65 years and above is projected to increase from 12.4% in 2020 to 22.9% in 2050. The elderly are more susceptible to chronic diseases which requires in-vitro diagnostic tools and tests to properly diagnose and monitor the conditions. This will significantly boost the demand for various IVD technologies like clinical chemistry diagnostics, molecular diagnostics, immunoassays and other point of care testing devices over the forecast period in Mexico.
SWOT Analysis
Strength: The Mexico In-Vitro Diagnostics market is driven by expanding healthcare infrastructure and growing prevalence of chronic and infectious diseases.
Weakness: High capital investment requirements for diagnostic equipment and lack of skilled professionals are some limitations.
Opportunity: Rising medical tourism and government initiatives to modernize healthcare present significant growth opportunities.
Threats: Stringent regulatory approvals and reimbursement policies pose challenges. Prices of imported diagnostic devices also affect the market.
Key Takeaways
The Mexico In-Vitro Diagnostics Market Growth size is expected to grow from US$ 1056.8 Mn in 2023 to US$ 1779.5 Mn by 2030, expanding at a CAGR of 7.8% during the forecast period. Diagnostic tests are witnessing increased demand due to the growing burden of infectious diseases and rising healthcare awareness among Mexicans.
The central region dominates Mexico’s IVD market, accounting for over 30% revenue share in 2023. This is attributed to high disease prevalence and expanding diagnostic infrastructure in states like Mexico City and Jalisco. The northern region, led by states like Nuevo Leon and Sonora, is projected to witness 8.5% CAGR and emerge as the fastest growing market.
Key players:
Key players operating in the Mexico In-Vitro Diagnostics market are Danaher Corporation, BioMerieux SA, Thermo Fisher Scientific Inc., Siemens Healthineers, Sysmex Corporation, Abbott Laboratories, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG, and Becton, Dickinson and Company, among others. These companies focus on launching innovative products and leverage the latest technologies to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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