MEXICO IN-VITRO DIAGNOSTICS MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.