Mexico Ultrasound Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Mexico Ultrasound Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Mexico's ultrasound devices market was valued at USD 167.43 million in 2021 and is projected to register a CAGR of 5.8% during the forecast period (2022-2027).

The coronavirus pandemic has impacted Mexico's healthcare system. According to statistics published by Global Citizen Organization 2021, the number of diagnoses in Mexico reduced to more than half in 2020 compared to that in the year 2019 as COVID-19 overburdened the health system. Furthermore, as per the data published by Organization for Economic Co-operation and Development (OECD) in 2020, the total number of doctor consultations per capita in the year 2020 within the country was 2.1 in 2020 in comparison with 2.3 in 2019.

However, the utilization of ultrasound was increased during the pandemic to understand the level of infection of coronavirus which has resulted in the increasing demand for ultrasound scannings in Mexico. As a result of the high usage of ultrasound scanning, COVID-19 did not have a major negative impact on the market studied.

The major factors affecting the growth of the market are the rising incidence of breast cancer, huge R&D in breast cancer therapies, and advances in breast imaging modalities are the major drivers of this market. With the rise in the burden of certain diseases in the country such as Cervical cancers, and musculoskeletal diseases among others where ultrasound is used for the diagnostics and monitoring of the diseases, the use of ultrasound is expected to increase which will augment the growth of the studied market in the country. For instance, According to the Human papillomavirus center report 2021, Cervical cancer ranks as the 2nd most frequent cancer among women in Mexico and the 3rd most frequent cancer among women between 15 and 44 years of age. According to the Human papillomavirus center report 2021, Cervical cancer ranks as the 2nd most frequent cancer among women in Mexico and the 3rd most frequent cancer among women between 15 and 44 years of age. There are 48.8 million women in Mexico aged 15 and up who are at risk of developing cervical cancer. According to current statistics, 9,439 women are diagnosed with cervical cancer per year, with 4,335 dying from the disease.

With the above-mentioned statements, it is indicated that the market studied will be witnessing healthy growth over the forecast period in Mexico.

Key Market TrendsAnesthesiology is Expected to Witness Rapid Growth

Anesthesiology is the practice of medicine dedicated to the relief of pain and total care of the patient before, during, and after the surgery. Anesthesiologists and nurse anesthetists are increasingly using ultrasound-guided needle placement to improve operating efficiency while decreasing placement complications and patient discomfort. The major factors propelling the growth of the segment in Mexico are the growing focus on ultrasound imaging, technological advancements, and a growing number of surgical procedures.

In addition, Mexico is one of the most populous regions in North America with an average age of 29, as per the 2020 census published by the Mexican government in January 2021, and this population group is highly inclined toward sports activities, especially football, which is one of the most popular sports and are associated which many sports injuries which is expected to boost the growth of the studied market over the forecast period of the study.

Additionally, Mexico is a preferred location for medical tourism, therefore, there has been an increase in the number of people receiving medical treatment, which has increased the volume of surgical procedures in the country, as stated by MedicalTourism.com data 2021. Therefore, as anesthesia is widely used in surgical procedures through ultrasound guidance, the number of surgical procedures also contributes to the demand for an ultrasound for anesthesiology applications.

Hence, the above-mentioned factors are expected to improve the market growth in this segment.

Competitive Landscape

The market is concentrated with a few large players. Public and private companies are found investing in R&D to advance their technologies in the field of ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. The updated technological portable devices are praised globally, and the companies have a wide presence across the developed and emerging markets. Some of the major companies investing in ultrasound devices are Philips, Siemens, Canon, and Fujifilm.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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