MEXICO IN-VITRO DIAGNOSTICS MARKET ANALYSIS

In vitro diagnostics (IVD) are tests performed on samples, such as blood or tissue, which have been taken from the human body. IVD can detect diseases or other conditions, and can be used to monitor overall health to help treat, cure, or prevent diseases. In-vitro diagnostics play a key role in advanced healthcare, as they provide vital information about an individual or patient after a sequence of tests. IVD is used as a diagnostic tool by clinicians for faster diagnosis and to ensure timely treatment for patients. Moreover, in vitro diagnostics (IVD) include software, instruments, reagents used to evaluate specimens such as urine, blood, tissues, stool, and other bodily fluids obtained from the human body to diagnose infections and diseases.

Market Statistics:

The Mexico in-vitro diagnostics market was valued at US$ 909.4 Mn in 2021 and is forecast to reach a value of US$ 1,540.1 Mn by 2028 at a CAGR of 7.8% between 2022 and 2028.

Figure 1. Mexico In-Vitro Diagnostics Market Share (%), by Technique, 2021

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Recent Developments:

In 2021, Bio-Rad Laboratories, Inc. announced the launch of the CFX Opus 96 Dx System and the CFX Opus 384 Dx System, real-time PCR detection systems that have been listed with the U.S. FDA for IVD testing and that meet CE-IVD requirement for IVD use in Europe.

In 2020, Biomerieux SA launched three complementary molecular biology tests in ARGENE and BIOFIRE ranges to detect active SARS-CoV-2 infections, as well as two serology tests in the VIDAS immunoassay range to confirm the presence of antibodies in patients.

Market Drivers:

1. Increasing prevalence of cancer and autoimmune diseases is expected to propel the growth of the Mexico in-vitro diagnostics market during the forecast period. For instance, according to the data published by the World Health Organization (WHO) in 2020, prostate cancer deaths in Mexico reached 7,494 or 1.21% of total deaths. In 2020, breast cancer was the most deadly type of cancer among Mexican women, whereas prostate cancer caused the largest number of deaths among Mexican male patients.
2. The outbreak of COVID-19 is expected to boost growth of the Mexico in-vitro diagnostics market during the forecast period. For instance, in May 2020, Co-Diagnostics Inc. announced that its Logix Smart Coronavirus COVID-19 test is approved for sale in Mexico by the Mexican Department of Epidemiology (InDRE) after the agency successfully concluded an evaluation of the test's sensitivity and specificity and its non-reactivity with other respiratory viruses.

Figure 2. Mexico In-Vitro Diagnostics Market Share (%) in Terms of Value, by Product, 2021

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Market Restraints:

1. Stringent regulatory policies are expected hamper growth of the Mexico in-vitro diagnostics market. In Mexico, medical devices and In-Vitro Diagnostic (IVD) devices are governed by COFEPRIS, a division within the Mexican Ministry of Health (the Mexican Government).
2. Poor reimbursement scenario is expected hinder growth of the Mexico in-vitro diagnostics market. Due to the lack of a stringent and universal reimbursement policy in the country, people hesitate to avail medical treatment facilities that are out of their budget.

Market Opportunities:

1. Increasing prevalence of chronic and infectious diseases is expected to provide significant growth opportunities for players in the Mexico in-vitro diagnostics market. Mexico's healthy life expectancy at birth is estimated by the World Health Organization (WHO) at 68 years, which is nine years less than the total life expectancy for the country at birth. Despite the slight increase in healthy life expectancy, population is expected to face increasing chronic disease, disability, and morbidity due to lifestyle trends resulting in obesity and diabetes.
2. Growing geriatric population is expected to offer lucrative growth opportunities for players in the Mexico in-vitro diagnostics market. For instance, according to the aarpinternational.org (AARP Mexico), Mexico's population age 65 and older is expected to grow by around 277% from 8.2 million in 2015 to over 30 million by 2050. Population ages 65 and above (% of total population) in Mexico was reported at 7.6181 % in 2020, according to the World Bank.

Market Trends/Key Takeaways:

1. Increasing product launches in the region is expected to drive growth of the Mexico in-vitro diagnostics market during the forecast period. For instance, in June 2021, Bio-Rad Laboratories and Seegene Inc. collaborated for the clinical development and commercialization of infectious disease molecular diagnostic products.
2. Market players are adopting various growth strategies, such as partnership or collaboration, is expected to drive growth of the Mexico in-vitro diagnostics market over the forecast period. For instance, in October 2020, PerkinElmer Inc. and BioMarin teamed up to enable diagnostic testing for rare diseases in Mexico.

Competitive Landscape:

1. BioMerieux SA
2. Danaher Corporation
3. F. Hoffmann-La Roche AG
4. Becton, Dickinson and Company
5. Bio-Rad Laboratories Inc.
6. Abbott Laboratories
7. Sysmex Corporation
8. Siemens Healthineers AG
9. Thermo Fisher Scientific Inc.