by The Mexico in-vitro diagnostics market consists of various medical devices and consumables used to perform diagnostic tests on biological samples such as blood, urine, and tissue. Some of the products include reagents, instruments, and software which analyze biological samples collected from the human body to aid healthcare professionals in detecting diseases. The increasing prevalence of chronic diseases like diabetes, cancer and cardiovascular diseases have enhanced the importance of early diagnosis which helps to curb the severity of the disease. In-vitro diagnostics plays a pivotal role in disease screening and monitoring responses to clinical treatment for chronic patients.
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:
One of the key trends evident in the Mexico in-vitro diagnostics market is the increasing adoption of Point-of-Care testing products. POCT devices offer advantages like rapid testing and decentralized laboratory testing which can aid prompt clinical decisions. The growing popularity of self-testing kits for conditions like HIV, pregnancy among others has also increased the need for portable and easy-to-use diagnostic devices. This has accelerated investments by players into developing rapid diagnostic platforms suitable for resource-limited settings and intended for self-testing. This shift towards convenient testing solutions without delays is expected to significantly contribute to the Mexico in-vitro diagnostics market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the IVD market in Mexico requires huge investments and regulatory compliances. However, small businesses can enter with niche products.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many global as well as local players providing a variety of product options. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and less differentiation in raw materials. However, suppliers of specialty inputs have some control over pricing.
Threat of new substitutes: The threat is moderate as new substitutes for diagnostic tests are emerging slowly with advancements in technology.
Competitive rivalry: The competitive rivalry is high due to the presence of global and local players competing on new product launches, pricing, and brand positioning.
Key Takeaways
The Mexico In-Vitro Diagnostics Market Growth is expected to witness high growth driven by increasing healthcare expenditure, rapid urbanization, growing elderly population and rising prevalence of chronic and infectious diseases. 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.
The Northern region dominates the market due to concentration of private hospitals and availability of advanced healthcare facilities. The central region is expected to witness fastest growth owing to improving medical infrastructure and various government initiatives to boost healthcare access.
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 players are focusing on new product launches and collaborations to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
