Mexico In-Vitro Diagnostics Market Growth Accelerated By Increasing Healthcare Spending

In-vitro diagnostics play a crucial role in disease diagnosis and treatment monitoring. Rapid diagnostics kits help detect diseases quickly and enable early treatment interventions. The growing burden of chronic and infectious diseases in Mexico is driving demand for advanced diagnostic solutions. Rising healthcare spending by the Mexican government aims to strengthen the country's healthcare infrastructure and facilitate widespread access to diagnostic facilities.

The global Mexico In-Vitro Diagnostics Market is estimated to be valued at US$ 2.5 Billion in 2023 and is expected to exhibit a CAGR Of 22% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing healthcare spending in Mexico is one of the major trends fueling the growth of the in-vitro diagnostics market in the country. The Mexican government has been incrementally raising its healthcare budget to improve public health facilities and medical services. In 2022, the healthcare expenditure was increased by 15% to $68 billion. This rise in funding is enabling wider availability of advanced diagnostic technologies across Mexico. It is helping drive massive demand for IVD products ranging from small rapid test kits to fully automated diagnostic analyzers used in large laboratories. The augmented healthcare investments are effectively addressing the expanding burden of diseases and expanding access to diagnostics. This key trend of elevated healthcare spending continues to accelerate the Mexico in-vitro diagnostics market at a rapid pace over the forecast period.

Segment Analysis

Mexico In-Vitro Diagnostics market is segmented into clinical chemistry, infectious diseases, hematology, immunochemistry, molecular diagnostics, point of care testing, and others. Among these, clinical chemistry dominates the market and accounted for the largest revenue share in 2021 owing to increased awareness regarding the clinical testing and preventive care in the country. Factors such as increasing prevalence of chronic diseases, growing geriatric population, rising healthcare expenditure are the key factors driving growth of clinical chemistry diagnostics in Mexico.

Key Takeaways

The Global Mexico In-Vitro Diagnostics Market  Demand is expected to witness high growth during the forecast period 2023-2028.

Regional analysis showed that Mexico dominates the Latin America IVD market and is the fastest growing region. Increased healthcare spending by the government through public health programs and demand for point of care testing and home diagnostics are the key factors responsible for the growth of Mexico IVD industry.

Key players operating in the Mexico In-Vitro Diagnostics market are Abbott Laboratories, Roche Diagnostics, Danaher Corporation, Sysmex Corporation, Thermo Fisher Scientific, Bio-Rad Laboratories, BD, Biomerieux. Abbott Laboratories holds the leading position with strong presence across clinical chemistry, immunoassay and point of care testing segments in Mexico IVD industry.

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