The Mexico in-vitro diagnostics market size was valued at USD 9.1 billion in 2020 and is projected to reach USD 12.12 billion by 2028 at a CAGR of 5.9% during the forecast period. Growth of the market is attributed to increasing population, advancement in genetics, and enhanced efficiency of in-vitro diagnostics in diagnosis of cancer.
In vitro diagnostics are tests done on tissue and blood samples of the human body. In vitro diagnostics can monitor patient’s health and discover other conditions to help them treat, cure, and prevent diseases.
The Covid-19 pandemic affected the demand and supply of Mexico in-vitro diagnostics market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing product launches with advanced features is projected to boost the market in the coming years.
- Increasing awareness about environmental concerns is the major factor fueling the market in coming years.
- Decrease in adaptation rate of in-vitro diagnostics is anticipated to restrict the market growth.
- Stringent regulatory guidelines and reimbursement policies are projected to hamper the market expansion.
- R&D investment and technological advancement in in vitro diagnostics is projected to create lucrative opportunities for the market players.
Scope of the Report
The report on the Mexico in-vitro diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Mexico In-vitro Diagnostics Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2021–2028
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Segmentation
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Utilization (Disposable IVD Devices and Reusable IVD Devices), Product (Instrument, Reagent, and Others)
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Country Scope
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Mexico
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BioMerieux, Bio-Rad Laboratories, Inc., Sysmex Corporation, Abbott Laboratories, Thermo Fisher Scientific Inc.
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Market Segment Insights:
The reusable IVD devices segment accounts for a major share of the market
Based on utilization, the Mexico in-vitro diagnostics market is segregated into disposable IVD devices and reusable IVD devices. The reusable IVD devices segment accounts for a major share of the market. Growth of the market is attributed to increasing demand of in-vitro toxicology testing in pharmaceuticals sector and increasing advancement in genetics. The disposable IVD devices segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising prevalence of diabetes disease and rapid technological advancement in in-vitro toxicology testing methods.
The reagent segment accounts for a significant share of the market
On the basis of product, the Mexico in-vitro diagnostics market is segregated into instrument, reagent, and others. The reagent segment accounts for a significant share of the market. Growth of the market is attributed to well-established healthcare infrastructure and increasing healthcare expenditure. The instrument segment is anticipated to expand at a rapid pace during the forecast period due to rapid adoption of point of care testing.
Segments
Segments Covered in the Report
The Mexico in-vitro diagnostics market is segmented on the basis of
Utilization
- Disposable IVD Devices
- Reusable IVD Devices
Product
- Instrument
- Reagent
- Others
Country
Key Players
Competitive Landscape
Key players competing in the Mexico in-vitro diagnostics market include BioMerieux, Bio-Rad Laboratories, Inc., Sysmex Corporation, Abbott Laboratories, Thermo Fisher Scientific Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming year.
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