The medical device market in Mexico is expected to reach $6.5bn by 2020, thanks to the increase in healthcare demand from a rapidly growing population, says a report by GlobalData.
Titled 'CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Mexico', the report outlines how the rise in population accompanied by unhealthy lifestyles will result in greater demand for medical equipment.
The country's medical device market was estimated to be worth $4.9bn in 2015. As the population ages, non-communicable diseases such as cardiovascular disease, respiratory disease, metabolic disorders and cancer will be more prevalent exerting greater pressure on Mexico's healthcare infrastructure.
The demand for medical devices in the country at present is highly dependent on imports mainly from the US, Brazil, China, Canada, France and Germany. The market's reliance on imports can be attributed to limited funding for research and development projects internally.
The GlobalData report elaborates that with an increase in healthcare demand, the country's medical device market is set to undergo a transformation as authorities plan to introduce universal healthcare coverage. With a predicted increase in the public healthcare expenditure, more opportunities will arise for the medical device industry.
The key players in the sector include Mexico include Fresenius, Roche, DePuy, Medtronic, Siemens Healthcare, Baxter, Gambro and GE Healthcare.
Adam Dion, GlobalData's Senior Analyst covering Industry Dynamics, says, "It (the government) has signed various free trade agreements, which will increase the opportunities for businesses in Mexico and strengthen its exports and imports. It (the country) will also benefit from a large number of medical tourists, primarily from the US, seeking treatment for conditions not covered by US insurance, such as cosmetic surgery, dental procedures and weight-loss surgery."