Mexico Diabetes Devices Market Report 2022 to 2030

Mexico Diabetes Devices Market Analysis

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The Mexico Diabetes Devices Market is expected to witness growth from $341 Mn in 2022 to $606 Mn in 2030 with a CAGR of 7.45% for the forecasted year 2022-2030. The demand for diabetes devices is rising as the Mexican population's discretionary income rises. As the economy improves and the middle class grows, this tendency is anticipated to persist. The market is segmented by type and by the end user. Some key players in this market include Famous Tijuana, Medstent, Medyssey, Johnson & Johnson, Philipps Healthcare, Medtronic, Roche and Dexcom.

ID: IN10MXMD007 CATEGORY: Medical Devices GEOGRAPHY: Mexico AUTHOR: Jigyasu Bhandari

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Mexico Diabetes Devices Healthcare Market Executive Analysis

The Mexico Diabetes Devices Market is at around $341 Mn in 2022 and is projected to reach $606 Mn in 2030, exhibiting a CAGR of 7.45% during the forecast period. Health expenditure in Mexico will grow significantly as a percentage of GDP, from 6.2% in 2020 to 7.3% in 2024. Mexico spent 6.2% of its Gross Domestic Product (GDP) on healthcare in 2020. The Newborn mortality rate in Mexico is 13 per 1,000 live births, compared to an average of 3.8 in the Organization for Economic Cooperation and Development (OECD). Although the percentage of out-of-pocket expenses in Mexico has dropped from 55% to 45%, the populace still bears the burden.

The economy of Mexico, a nation in North America, is mixed and has elements of both developing and established nations. It has the 14th-largest economy in the globe and is Latin America's second-largest economy. Mexico is a founding member of the North American Free Trade Agreement (NAFTA), which has aided in accelerating its economic growth. It is also a member of the G20 and the United Nations. Mexico came sixth globally in terms of the number of adult diabetics with 13.4 million. The prevalence of diabetes in Mexico has been steadily rising over time. In comparison to the worldwide norm of 9.3%, adults aged 20 to 79 had a diabetes prevalence of 10.7% in 2021. Similarly, common in Mexico is diabetes. In Mexico between the ages of 20 and 79 in 2022, there were 576,000 freshly identified cases of diabetes. The overwhelming majority of cases of diabetes in Mexico are of type 2, which has a strong connection with obesity and lifestyle choices.

Mexico Diabetes Devices Market Analysis

Market Dynamics

Market Growth Drivers

The demand for diabetes devices is rising as the Mexican population's discretionary income rises. As the economy improves and the middle class grows, this tendency is anticipated to persist. Diabetes is becoming more widely known and understood in Mexico, which has increased the demand for diabetes devices. The use of diabetes devices has increased as a result of increased awareness of the value of blood glucose monitoring and efficient diabetes management. The Mexican government is implementing multiple initiatives in an effort to combat the diabetes pandemic. For example, the National Diabetes Program aims to avert and control diabetes through education, prevention, and treatment. These efforts have boosted exposure for the general population to diabetes devices, which has accelerated the market's expansion in Mexico's diabetes devices market.

Market Restraints

In Mexico, there is an abundance of players vying for dominance in the market in the diabetes device industry. In addition to creating rising costs and lowering profitability, this rivalry may make it harder for new competitors to find their presence. In Mexico, the price of diabetes devices like insulin pumps, continuous glucose monitoring systems, and other monitoring instruments can make them expensive for many patients. Therefore, there is little demand for these devices, and manufacturers might have trouble meeting sales goals in the Mexican healthcare market.

Competitive Landscape

Key Players

Famis Tijuana (MX)
Medstent (MX)
Johnson & Johnson
Medtronic
Philipps Healthcare
Dexcom
Ascensia Diabetes Care

Healthcare Policies and Regulatory Landscape

The regulatory authority in charge of regulating diabetes devices in Mexico is the Federal Commission for Protection against Health Risks (COFEPRIS). Diabetes devise registration and approval are governed by COFEPRIS, which also establishes guidelines for the quality, efficacy, and safety of these devices. The COFEPRIS must approve the marketing and sale of diabetes devices in Mexico for makers. Technical paperwork and data on the quality, safety, and efficacy of the device must typically be submitted as part of the approval process, along with meeting labelling and packaging specifications.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Diabetes Devices Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into blood glucose monitoring systems, insulin delivery systems, and mobile applications for managing diabetes within the type segment. Due to its convenience, ease of use, and usefulness in providing patients and healthcare professionals with real-time insights regarding diabetic conditions for integrated diabetes management, the segment for diabetes management mobile applications is anticipated to grow at the highest rate during the forecast period. Bare-metal Stents

Blood glucose monitoring systems
Self-monitoring blood glucose monitoring systems
Continuous glucose monitoring systems
Test strips/Test papers
Lancets/Lancing Devices
Insulin delivery Devices
Insulin pumps
Insulin pens
Insulin syringes and needles
Diabetes management mobile applications

By End User (Revenue, USD Billion):

The diabetes market is divided into hospitals & specialty clinics and self & home care, based on the end user.

Hospitals & Specialty Clinics
Self & Home Care

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.