Market Size of Mexico Diagnostic Imaging Equipment Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 6.10 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Mexico Diagnostic Imaging Equipment Market Analysis
The Mexico diagnostic imaging equipment market is expected to register a CAGR of 6.1% over the forecast period.
The COVID-19 pandemic has significantly impacted the diagnostic imaging equipment market. Due to lockdown restrictions in the early pandemic, there was a significant decrease in the usage of medical diagnostic imaging facilities. For instance, according to an article published by PubMed in April 2022, during the COVID-19 first wave, there was a significant reduction in the complete diagnostic imaging services. It also had variable impacts on different imaging modalities. According to an article by PubMed in November 2021, there was a vital decline in radiology volumes due to COVID-19. The overall reduction in radiology volumes depended on the stage/period of lockdown, location, and imaging modality. Currently, the situation has gone back to normal as the authorities have lifted the lockdown restrictions, and people are using diagnostic imaging services. Thus, the COVID-19 outbreak adversely affected the market's growth in its preliminary phase. However, the market gained traction when the pandemic eventually subsided.
The Diagnostic imaging market has been growing in recent decades. As the geriatric population in Mexico is expected to rise shortly, there is an increasing demand for diagnostic imaging. For instance, according to OECD, in 2021, the population aged 65 years or older was 7.86% of the total population in Mexico. The aging population is more prone to diseases and disorders. Therefore, as a result, the prevalence of chronic illnesses is expected to increase in Mexico. Moreover, technological advancements and the rising adoption rate of the country towards newer technologies have also helped the market growth in Mexico.
Therefore, owing to the abovementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the high cost associated with the devices and procedure will likely impede the market's growth.
