London, United Kingdom – Mexico's medical devices market is set to grow from $4.9 billion in 2015 to $6.5 billion by 2020 as the population increases, adopts more unhealthy lifestyles, and grows older, according to research and consulting firm GlobalData.
The company's latest report* states that the resultant prevalence of non-communicable diseases such as cardiovascular disease, respiratory disease, metabolic disorders, and cancer means that Mexico's healthcare infrastructure has had to grow to keep pace.
Adam Dion, GlobalData's senior analyst covering industry dynamics, elaborates: "A large part of the demand for medical devices in Mexico is met through imports. The US is the leading supplier of medical devices to Mexico, followed by Brazil, China, Canada, France, and Germany. Domestic medical technology companies attribute the high dependence on imports to low expenditure on research and development".
Companies leading the medical devices sector in Mexico include Fresenius, Roche, DePuy, Medtronic, Siemens Healthcare, Baxter, Gambro, and GE Healthcare.
Dion explains: "With Mexico's increase in healthcare demand, a number of opportunities are open for such manufacturers. Indeed, the government has been aiming to provide universal healthcare coverage, which would increase public healthcare expenditure and create better market opportunities for the medical device industry.
"In addition, it has signed various free trade agreements, which will increase the opportunities for businesses in Mexico and strengthen its exports and imports. It 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."
*CountryFocus: Healthcare, Regulatory, and Reimbursement Landscape – Mexico