Image: Mexico\'s in vitro diagnostic (IVD) market is valued at USD 405 million for 2016, making it the second largest in Latin America (Photo courtesy of iStock).
Mexico's in vitro diagnostic (IVD) market is valued at USD 405 million for 2016, making it the second largest in Latin America, and is considered moderate in its regulatory process and foreign investment opportunities. These are the latest findings of Kalorama Information, (New York, NY, USA), an independent medical market research firm.
Mexico is the world’s twelfth most populated country with 123.2 million people residing in the country in 2016 and is the second-largest country in Latin America in terms of population, accounting for 20% of the region's total. The World Health Organization (WHO) estimates Mexico's healthy life expectancy at birth at 68 years, which is 9 years less than the total life expectancy for the country at birth. In spite of the increase in life expectancy and slight increase in healthy life expectancy, the Mexican population is likely to witness increasing chronic disease, disability and morbidity due to lifestyle trends resulting in obesity and diabetes. Thus, Mexico’s IVD market is being supported by its growing population and its more rapidly increasing aging population.
Mexico's health sector is a mix of both private and public structures with the private sector responsible for a majority of the laboratory business in the country. Mexico is exhibiting an upward trend in per capita spending on IVD, with large private hospitals in the country increasing their capital equipment budgets to accommodate more advanced testing technologies. The Mexican business environment for medical devices and equipment is favorable and relatively streamlined for U.S. and European participants. There is a growing demand for new technologies in the laboratory sector and, as government and private hospital budgets increase, the market is expected to witness an increase in demand for high-tech equipment and consumables.