Market Research Report
Mexico In-Vitro Diagnostics Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||391054|
|Published||Content info||70 Pages
Delivery time: 2-3 business days
|Mexico In-Vitro Diagnostics Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: September 1, 2019||Content info: 70 Pages||
In Mexico, there is a growing demand for new diagnostic technologies, which is primarily fueled by a budget increase in both government and private hospitals. The prevalence of chronic diseases, like cancer and diabetes, is on the rise, which is further exacerbated by the country's high obesity rates, rising geriatric population, and other lifestyle-related disorders. These factors, coupled with increasing healthcare expenditure, are augmenting the demand for high-end diagnostic equipment and consumables, which are usually imported from the United States. In early 2018, Mexico's medical device regulatory authority, COFEPRIS, overhauled the IVD device classification rules. The changes have classified most of the IVD devices as class II, except reagents calibrators and solutions, which are now class I, and contrast media and/or radioactive substances, which are now under class III. According to COFEPRIS, these new classifications and clarified definitions will streamline the registration and approval process, which, in turn, will boost the growth of the IVD market. The Mexican in vitro diagnostics market presents a favorable environment for the US and European participants. Moreover, owing to its high growth potential, major global players are setting up operations in Mexico. Furthermore small local players are also setting up global operations, which are effectively resulting in the growth of both the import and export businesses of the country.
As per the scope of this report, in vitro diagnostics involves medical devices and consumables that are utilized to perform in vitro tests on various biological samples. They are used for the diagnosis of various medical conditions, such as chronic diseases.
Disposable IVD Devices segment dominates the Mexico In-Vitro Diagnostics market
A disposable IVD device is any in vitro diagnostic device intended for one-time or temporary use. The primary reason for creating disposable devices is infection control. When a device is used only once, it cannot transmit infectious agents to subsequent patients. The disposable IVD device segment includes rapid diagnostic test strips, such as HIV rapid test, malaria rapid test, rapid dengue test, syphilis test, pregnancy test, and influenza test, along with receptacles and other single-use apparatus. The increasing availability of over-the-counter tests and rise in the use of POC tests, coupled with other benefits offered by disposable IVD devices, such as improved mobility, low risk of transmitting infections, and low costs, are fueling the market expansion for disposable IVD devices. Disposable IVD devices segment is likely to register high growth. This may be primarily due to the increased mobility, faster diagnosis, lower costs, and no reprocessing requirements of disposable IVD devices, which enables their use in remote locations.
The Mexico In-Vitro Diagnostics market is highly fragmented. Market players focus on continuous product development and offer products at competitive prices, especially in developing countries. The companies in Mexico In-Vitro Diagnostics market are focusing on various growth strategies such to enhance their market presence such as M&A, partnerships, collaborations, geographical expansions, and new product launches.