Mexico In-Vitro Diagnostics Market to Surpass US$ 1,792.8 Mn by 2028

In vitro diagnostics (IVD) include instruments, reagents, & software used to evaluate samples such as tissues, stool, urine, blood, and other bodily fluids obtained from the human body to diagnose diseases or infections. In vitro diagnostic tests are done to determine the status of a person's health (overall health) to help treat, cure, or prevent diseases. There are several types of IVD devices that use diverse approaches, such as tissue diagnostics, immunodiagnostics, hematological, and molecular diagnostics. It is used as a diagnostic tool by clinicians for faster diagnosis and to ensure timely treatment for patients.

Market Statistics:

The Mexico in-vitro diagnostics market is estimated to account for US$ 980.0 Mn in terms of value by the end of 2022.

Market Drivers:

Emergence of COVID-19 (global pandemic) is expected to augment the growth of the Mexico in-vitro diagnostics market over the forecast period. Due to increase in number of COVID-19 cases, the demand for IVD tests for COVID-19 detection is also increasing. For instance, in 2020, Becton, Dickinson and Company (BD) developed the BD SARS-CoV-2 assay for BD MAX System, a real-time PCR test intended for the qualitative detection of nucleic acid from SARS-CoV-2 in nasal, nasopharyngeal, and oropharyngeal swab samples.

Market Opportunities:

Increasing prevalence of cancer and favorable government initiatives are expected to provide significant growth opportunities for players in the Mexico in-vitro diagnostics market. Instituto Nacional de Cancerologia (INCan), one of the 13 Mexican Institutes of Health, is the federal government's agency for cancer research, treatments, and training, provides specialized cancer care to patients from all over the country rich and poor, urban and rural, mainly those with low income and no-formal employment.

Market Restraints:

Stringent regulatory policies and poor reimbursement scenario are expected to hinder growth of the Mexico in-vitro diagnostics market during the forecast period. For instance, 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).

To know the latest trends and insights prevalent in the Mexico In-Vitro Diagnostics Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/mexico-in-vitro-diagnostics-market-5049

Mexico In-Vitro Diagnostics Market - Impact of Coronavirus (Covid-19) Pandemic

The outbreak of COVID-19 has had a positive impact on the in-vitro diagnostics market. With the increase in number of COVID-19 cases, the demand for diagnostics test, as well as demand for novel IVD tests for COVID-19 detection is also increasing. Moreover, the volume of point-of-care (POC) testing had risen during the pandemic in response to demand for faster on-site screening. For instance, in August 2021, Sorrento Mexico and National Institute of Genomic Medicine of Mexico Government execute Memorandum of Understanding (MOU) for the rapid clinical development of COVID-19 diagnostics, therapeutics, and multivalent mRNA-based vaccines against SARS-CoV-2 virus. This in turn is expected to drive market growth.

Key Takeaways:

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 2021 and 2028.

Among product segment reagent held dominant position in the Mexico in-vitro diagnostics market in 2021, accounting for 61.4% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

1. Shift from centralized to point-of-care testing is expected to boost the growth of the Mexico in-vitro diagnostics market. For instance, in March 2020, Abbott launched RealTime SARS-CoV-2 assay, a PCR-based test, for the diagnosis of COVID-19, and BioMedomics launched a point-of-care COVID-19 test that can detect antibodies in blood within 15 minutes.
2. Growing geriatric population in Mexico is expected to aid in the growth of 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.

Competitive Landscape:

Major players operating in the Mexico in-vitro diagnostics market include BioMerieux SA, Thermo Fisher Scientific Inc., Sysmex Corporation, Sysmex Corporation, Abbott Laboratories, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG, Siemens Healthineers, and Becton, Dickinson and Company, among others.

Recent Developments:

In June 2021, Bio-Rad Laboratories announced a partnership with Seegene Inc. for the clinical development and commercialization of infectious disease molecular diagnostic products.

In July 2020, DiaCarta Inc. patented XNA technology platform for the development of novel liquid biopsy tests, announced today that its QuantiVirus SARS-CoV-2 test has been approved for distribution in Mexico.