Mexico Nuclear Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Mexico Nuclear Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Mexico's nuclear imaging market was valued at USD 172.95 million in 2021 and is projected to register a CAGR of 3.47% during the forecast period (2022-2027).

COVID-19 has a significant impact on the market studied in Mexico. As stated by the report from the National Institute of Health published in January 2022, the past two years i.e. 2020 and 2021 have witnessed a considerable decrease in the overall number of nuclear medicine procedures. For instance, during the year 2020, Latin American countries including Mexico witnessed a decrease of around 79% in PET scan procedures. Hence, it is observed that the utilization of PET and SPECT in the country was reduced drastically during the pandemic which affected the market studied significantly. However, after the COVID-19 pandemic came into control, the market is gaining pace rapidly as people who had planned their diagnostic or therapeutic procedures are visiting hospitals which are augmenting the demand for imaging procedures.

Major factors contributing to the market growth include the rising prevalence of chronic diseases along with the increasing adoption of nuclear imaging techniques in the country. Several chronic conditions such as cancer, neurological diseases, and cardiovascular issues, along with geriatric population suffering from these chronic conditions are on the rise in Mexico which is accelerating the demand for nuclear imaging procedures across the country. For instance, According to the World Population Ageing 2021 report, the Mexican population aged 65 years and older is projected to reach 9.31 million by 2030. As for various chronic disorders, nuclear maging is highly preferred, and it is a beneficial factor for the Mexican nuclear imaging market.

Therefore, with the above-mentioned factors, it is expected that the market studied will be witnessing a steady growth in Mexico over the forecast period.

Key Market TrendsCardiology is Expected to Witness a Steady Growth

There has been an increasing burden of cardiac diseases in Mexico which is one of the major fueling factors for the market studied. Atherosclerotic cardiovascular disease (ASCVD), a buildup of fats, cholesterol, and other substances inside the arteries and on their walls, can narrow the arteries and obstruct blood flow. As per the data from the American Heart Association 2022, in Mexico, 56.1% of adults have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. With financing from Novartis, the American Heart Association has implemented a new science program in Mexico aimed at enhancing care for patients with ASCVD, often known as atherosclerosis. With such initiative, cardiology care in the country will increase in terms of prevention as well as treatment which will ultimately boost the demand for imaging equipment in the country as diagnosis is an integral part of cardiac care.

Additionally, Mexico has several cardiology-related associations that work for the betterment of cardiac care. For instance, the Mexican Society of Cardiology is dedicated to creating awareness about the risk factors associated with cardiac diseases and the treatments for heart failure. With such awareness, the general population can understand the importance of diagnostic imaging in cardiovascular diseases which is ultimately increasing the number of people going for diagnostic imaging procedures in the country. Additionally, smoking is one of the leading risk factors for cardiovascular diseases. As per the World Population Review Report 2022, around 13.9% of the Mexican population smokes tobacco. This considerable number of smokers in the country is adding up to the overall burden of cardiovascular diseases.

Therefore, owing to the above-mentioned factors, it is believed that the segment will witness steady growth in Mexico's nuclear imaging market.

Competitive Landscape

The nuclear imaging market is highly competitive and consists of a few major players. In terms of market share, few of the major players currently dominate the market. Companies, like Bracco Imaging SpA, Curium, Cardinal Health Inc., Koninklijke Philips NV, GE Healthcare, and Siemens Healthineers, among others, hold the substantial share in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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