In-vitro diagnostics (IVDs) involves medical devices and reagents used to perform laboratory testing on various body fluid samples like blood, urine and tissue in order to detect, diagnose and monitor diseases. IVD tests help in detecting chronic illnesses early, guiding disease management and monitoring treatment efficacy. The growing burden of chronic diseases and rising demand for preventive healthcare in Mexico is driving the demand for IVD technologies. The availability of advanced IVD products is helping healthcare providers reduce errors and healthcare costs. Moreover, increasing healthcare expenditure by both public and private players is leading to greater access to affordable diagnostics.
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 Opportunity:
The opportunity in preventive healthcare is driving the Mexico In-Vitro Diagnostics Market. Chronic illnesses like diabetes, cancer and cardiovascular diseases lead to substantial healthcare costs if not detected early and managed properly.Growing public awareness about the benefits of early disease detection is encouraging citizens to undergo regular health checkups. IVD tests play a vital role in screening for diseases even before symptoms appear. They help physicians design customized treatment and management plans. This is resulting in improved health outcomes and quality of life for patients. It is also helping lower treatment costs for the healthcare system in the long run. As preventive healthcare gains more prominence, demand for affordable and accurate IVD technologies is likely to increase significantly in Mexico over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Mexico in-vitro diagnostics market requires high capital investments and established distribution channels. There are stringent regulations for product approval that new companies must comply with.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as diagnostic tests are not highly differentiated and buyers can switch between brands easily. This forces companies to keep prices competitive.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers for the industry. Companies can source materials from alternative suppliers if needed.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for in-vitro diagnostic tests used for testing and monitoring health conditions.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous international and local players competing on the basis of product quality, reliability, pricing and customer service.
SWOT Analysis
Strengths: Access to advanced technologies, strong brand recognition, wide diagnostic test menus, extensive distribution networks.
Weaknesses: High capital requirement, stringent regulations, pricing pressures, dependence on rembursement policies.
Opportunities: Growing geriatric population, rising lifestyle diseases, expansion in rural areas.
Threats: Delay in product approvals, reimbursement cuts, economic slowdowns.
Key Takeaways
The Mexico In-Vitro Diagnostics Market Growth is expected to witness high growth driven by the increasing incidence of chronic and infectious diseases. The aging population is rising which is increasing the demand for diagnostic testing.
North America dominates the Mexico in-vitro diagnostics market currently. It accounted for the largest share of over 35% in 2023 owing to the well-established healthcare system and high adoption of advanced technologies. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period with increasing healthcare spending and growing medical tourism industry.
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. They are focusing on new product launches, acquisitions and geographic expansions to strengthen their market position.
