Mexico PET Scan Market Analysis

Mexico PET Scan Market Executive Summary

The Mexico PET Scan market is at around $29.1 Mn in 2023 and is projected to reach $42.8 Mn in 2030, exhibiting a CAGR of 5.65% during the forecast period.

PET imaging (Positron Emission Tomography) is a diagnostic imaging tool used in Nuclear Medicine to obtain clinical information from the patient. An extension of this imaging modality is the PET-CT hybrid. The system consists of two scanning machines: PET imaging and an X-ray computed tomography (CT) scanner that are combined in a PET-CT scan to provide detailed information on the anatomy and physiology of the body. It is usually performed in a single scanning session and is an established technology which is widespread and accepted globally. A CT scan is a diagnostic imaging procedure that uses a combination of X-rays and computer technology to produce images of the inside of the body. A PET-CT scan is a hybrid imaging method that combines the anatomical and functional imaging of CT with PET to produce finely detailed, high-resolution pictures for use in the diagnosis and treatment of a variety of medical disorders. Another frequently used integrated diagnostic imaging method is PET-MRI scan. MRI is magnetic resonance imaging which uses strong magnetic fields and radio waves to produce finely detailed images of the brain and other soft tissues like muscles and ligaments. PET-MRI scan provides superior soft tissue contrast compared to CT scans in PET-CT which allows for more precise anatomical visualization alongside the functional data from the PET scan. Moreover, PET-MRI offers sharper images than CT scans, particularly in regions close to bones, which can introduce artifacts because of bone density. When identifying disorders of the pelvis, spine, or skull, this can be extremely important.

Chronic diseases are a significant healthcare burden in Mexico, contributing to high morbidity and mortality rates and placing considerable pressure on the healthcare system. The Mexico PET Scan Market is thus driven significant factors such as the increased healthcare expenditure, increased geriatric population, and rising prevalence of chronic diseases. However, the radiation exposure concerns, regulatory challenges, and lack of skilled professionals restrict the growth and potential of the market.

The major players of the Mexico PET Scan Market are GE Healthcare, Hitachi, Siemens Healthineers, Toshiba, and Canon Medical Systems, among others.

Market Dynamics

Market Growth Drivers

Increased Healthcare Expenditure: Increased healthcare expenditure facilitates the expansion and modernization of healthcare infrastructure, prompting new hospitals, diagnostic centres, and specialty clinics to integrate PET scanning services. This enhances their diagnostic capabilities and attracts patients seeking advanced medical care. Moreover, healthcare systems with higher expenditures emphasize integrated care approaches, leveraging PET scans alongside other imaging technologies like CT or MRI for comprehensive diagnostic insights. This integration enhances treatment planning and management, driving market growth. Additionally, increased spending supports research and development, with PET scans playing a crucial role in clinical trials, drug development, and medical research, thereby advancing PET scan technology and expanding its clinical applications.

Increasing Geriatric Population: In Mexico, 9% of the total population was covered by individuals aged 65 and above in 2023. As individuals age, their susceptibility to various age-related ailments, notably chronic conditions such as cancer, cardiovascular diseases, and neurodegenerative disorders, increases. PET scans are instrumental in diagnosing and monitoring these conditions, creating heightened demand among older populations. Consequently, older adults often present complex medical requirements that necessitate precise and comprehensive diagnostic tools. By providing detailed insights into disease progression, treatment effectiveness, and overall health management, PET scans facilitate personalized care strategies. Overall, the aging demographic underscores the necessity for PET scans, thereby stimulating growth in the PET scan market.

Rising Prevalence of Chronic Diseases: The increasing incidence of chronic diseases like cancer, cardiovascular disorders, and neurodegenerative conditions underscores the essential need for advanced diagnostic tools such as PET scans. To support this, according to the WHO Global Cancer Observatory, the age standardized cancer incidence rate was 141.3 and 141.8 in males and females, respectively in 2022. PET scan is crucial for precisely detecting, staging, planning treatments, and monitoring these ailments from an early stage. The advantages offered by PET scan drive the market growth.

Market Restraints

Radiation Exposure Concerns: PET scans offer significant medical benefits, but radiation exposure is a notable concern affecting patient safety, public perception, and regulatory compliance. The use of radiotracers emitting ionizing radiation, even in low doses, poses potential risks with repeated exposure, leading to patient hesitation. Pregnant women and children are particularly sensitive to radiation, restricting PET scan use in these populations. These concerns impact the overall growth of the PET scan market.

Regulatory Challenges: The regulatory approval process for radiotracers used in PET scans is stringent, requiring extensive preclinical research, clinical trials, and regulatory filings. Delays in licensing can hinder the introduction of novel radiotracers and advanced imaging options. Additionally, regional and national regulatory constraints complicate the introduction of innovative PET imaging technologies, further delaying market entry and adoption. Consequently, the overall regulatory approval process for medical devices can be a significant market restraint for the PET scan market.

Lack of Skilled Professionals: A significant impediment to the PET Scan Market is the lack of proficient personnel with training in PET technology. Extensive training and experience are necessary for operating PET scanners and correctly analyzing the complicated data they output. Lack of such knowledge can impede the growth of PET scan services, especially in areas where access to specialist training programs is restricted.

Regulatory Landscape and Reimbursement Scenario

In Mexico, the Federal Commission for Protection against Health Risks (COFEPRIS or Comisión Federal para la Protección contra Riesgos Sanitarios) is a regulatory body of the Mexican Government; a decentralized organ of the Mexican Secretariat of Health. Among the many health-related issues it regulates in Mexico are pharmaceuticals, food safety, medical devices, organ transplants, and environmental preservation. COFEPRIS is in charge of the entire drug approval process, from the initial application to the post-market surveillance (PMS) stage, including supply and demand, advertising, commercialization, imports and exports, distribution, manufacturing, and supply.

Mexico’s pharmaceutical industry is thriving and expanding, and thus strict laws are in place to guarantee the security and effectiveness of medications made available to Mexican residents. Pharmaceutical companies seeking to sell their medications in Mexico must understand the procedure thoroughly for getting approval. The overall approval includes an extensive evaluation by COFEPRIS, accompanied by facility inspection to ensure GMP compliance. There are three different pathways for registering medicinal product with COFEPRIS. The New Drug Registration is the pathway applicable for new chemical entities that have not previously marketed anywhere in the world. Next, is the Generic Drug Registration for drugs that are similar to the already-marketed reference drugs. Lasty, Biosimilar Registration is applicable to the biological products that are similar to the approved reference biological product.

The healthcare reimbursement system in Mexico is characterized by a complex interplay between public and private sectors. For the public sector, the social security institutions are the main provider of public health insurance. Workers in the formal sector and their dependents are covered by the Instituto Mexicano del Seguro Social (IMSS). Government employees and their families are covered by the Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado (ISSSTE). To supplement public plans with extra coverage, many Mexicans opt to buy private health insurance which provides access to a greater variety of healthcare providers, such as private hospitals and specialists. The healthcare reimbursement scheme in Mexico is gradually evolving. Although many people have a safety net in public services, there are still large differences. In the future, there may be initiatives to increase public-private partnership, achieve universal coverage, and use technology to improve healthcare affordability and accessibility for all.

Competitive Landscape

Key Players

Here are some of the major key players in the Mexico PET Scan Market:

• GE Healthcare
• Hitachi
• Siemens Healthineers
• Toshiba
• Canon Medical Systems
• Hermes Medical Solutions
• Philips Healthcare
• Mediso Medical Imaging Systems
• Shimadzu Corporation
• Neusoft Medical Systems