With a free market economy, Mexico is considered to be the 12th largest economy worldwide and a potential health care market worth almost € 28 Bln (with projections of CAGR of about 7 percent until 2016).
Improving health care coverage, addressing the aging population, and a high growth medical tourism present unique market opportunities for companies in the sector and take advantage of the supporting demand.
Capital equipment and medical instruments
Mexico is the top medical device importer in Latin America and the market is dominated by imports, principally from the US which is geographically convenient and has preferential terms under NAFTA.
Drivers for growth in this industry include:
- Increases in Government healthcare sending
- Aging population (increasing demand for diagnostics and imaging equipment)
- Increased demand for quality care from a growing middle- class
- MOH focus on preventive care and diagnostics
- Improved economic outlook
Future growth will depend in part on growth within the US economy, which remains the country’s main trade and investment partner. The ministry of Health or “Secretaría de Salud” (SSA), (by means of COFEPRIS) is responsible for sanitary registry grants of both capital equipment and medical devices.
Information on safety and efficacy must be provided for approval and once the code is granted, all marketing and commercial activity can be started. However, in order to sell it to public health institutions, the product must be submitted to the CSG in order to receive a CB code, which is the National Formulary list.
In terms of domestic activity, Mexico has made significant advances in the last decades. Hova Health, one of Mexico’s largest tele-radiology groups, recently implemented a web-based system to provide radiologists with secure access to patient images and reports from multiple locations. This is just an example of the strides that are being made by local players.
About Ritza Suazo
Researches and creates Clinical Pathways and Country Deep Dive Reports at TforG. With almost a decade of experience in Clinical Market research she also manages and recruits the TforG advisory board.
She graduated with a double major in psychology and international business management from Stony Brook University in New York and continues to apply her experience in research specializing in the US, UK, Spain and South American Markets.