June 13, 2024

Mexico In-Vitro Diagnostics Market Is Expected To Be Flourished By Rising Consumer Awareness Regarding Early Disease Detection

In-vitro diagnostics are laboratory-based medical tests that are conducted on biological samples such as blood, urine, and tissue for diagnosis and management of diseases. Rapid antigen detection tests, clinical chemistry, molecular diagnostics, hematology, immunochemistry, and microbiology are some of the key applications of in vitro diagnostics. In Mexico, the in-vitro diagnostics market is driven by the increasing prevalence of chronic and infectious diseases, rising geriatric population, growing consumer awareness regarding early disease detection, and technological advancements in point-of-care testing devices. However, factors such as high product costs, lack of skilled laboratory professionals, and limited healthcare access in rural areas are restraining the market growth.

The global Mexico In-Vitro Diagnostics Market is estimated to be valued at US$ 3.5 Billion in 2023 and is expected to exhibit a CAGR Of 22% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

 

The Mexico In-Vitro Diagnostics Market is driven by the rising consumer awareness regarding early disease detection as it helps in the timely diagnosis and management of chronic conditions like diabetes, cardiovascular diseases, and cancer. As per statistics, chronic diseases account for over 80% of all deaths in Mexico. Early detection through routine diagnostic screenings can help reduce mortality rates. Additionally, the rising prevalence of infectious diseases such as respiratory infections, HIV/AIDS, and hepatitis in Mexico is another major factor augmenting the demand for in vitro diagnostic tests. As per estimates, Mexico currently has the highest prevalence of HIV/AIDS in Latin America. Robust diagnostic capabilities are critical for effective disease surveillance and management of such outbreaks. Furthermore, rapid technological advancements are enabling the development of point-of-care testing devices with enhanced portability, ease of use, and faster turnaround times. This is positively impacting the adoption of in vitro diagnostic services.

 

Segment Analysis

The Mexico In-Vitro Diagnostics market is dominated by the clinical chemistry sub-segment, which accounts for over 30% of the total market share. Clinical chemistry analyzes blood and other body fluids to determine concentrations of certain chemicals. It is widely used in Mexico to test for conditions like diabetes, liver/kidney disorders, and electrolyte imbalance. The high disease prevalence of these conditions and growing elderly population drives demand for clinical chemistry testing in the country.

PEST Analysis

Political: The Mexican government continues to increase healthcare spending to expand access to diagnosis and treatment. This helps promote the growth of the IVD market.

Economic: Mexico has a growing economy with rising disposable incomes. This enables more patients to afford expensive diagnostic tests.

Social: Changing lifestyles and diets have led to increased prevalence of chronic diseases in Mexico. This social trend drives demand for preventive health checkups using IVD technologies.

Technological: Automation and digitalization are reducing testing timelines in Mexico. Laboratories are widely adopting advanced instruments for clinical chemistry, immunology and molecular testing.

Key Takeaways

The Global Mexico In-Vitro Diagnostics Market  Demand is estimated to reach USD 3 billion by 2030, growing at a CAGR of 22%.

 

Regional analysis:

 

The Central region of Mexico generates the highest IVD revenues, driven by its concentration of private healthcare facilities and economic activity. States like Mexico City, Querétaro and Hidalgo have witnessed over 25% IVD revenue growth between 2020-2025. Leveraging the growing private insurance coverage, global medtech giants are expanding their presence across Central Mexico through acquisitions and direct sales routes.

Key players operating in the Mexico In-Vitro Diagnostics market are Abbott Laboratories, Roche Diagnostics, Sysmex Corporation and Danaher Corporation. Abbott Laboratories is a leading provider of clinical chemistry systems and reagents. Roche Diagnostics offers a wide range of immunoassay and molecular diagnostic tests. Sysmex Corporation has a strong position in hematology analyzers. Danaher Corporation supplies technologies for clinical microbiology and automated workflows.

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