Mexico In-Vitro Diagnostics Market Size

Mexico In-Vitro Diagnostics (IVD) Market Analysis

The Mexico In-Vitro Diagnostics Market size is estimated at USD 2.07 billion in 2024, and is expected to reach USD 2.93 billion by 2029, growing at a CAGR of 7.18% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the Mexican in vitro diagnostics market. The COVID-19 paved the way for the increase in demand for in vitro diagnostics (IVD) kits and devices, along with the point-of-care devices for the rapid detection of the SARS-CoV-2 virus. Several companies are engaged in product launches and approvals of COVID-19 diagnostics kits in the country. For instance, in July 2020, the IVD product of DiaCarta Inc., QuantiVirus SARS-CoV-2 test, was approved for distribution in Mexico by the Institute of Diagnostic and Epidemiological Reference (InDRE) in compliance with the World Health Organization (WHO). In addition, COFEPRIS had authorized the immediate marketing of this product in Mexico.

The major factors fueling the Mexican in vitro diagnostics market's growth are the high prevalence of chronic diseases and point-of-care diagnostics.

The high prevalence of chronic diseases is a major factor driving the market growth in Mexico. For instance, as per the 2020 report of the International Agency for Research on Cancer, the number of new cancer cases diagnosed in Mexico was about 195,499 in both genders, and about 90,222 people died from cancer. The five-year prevalence of cancer in Mexico is about 530,602 new cases. In addition, according to the April 2020 update of the International Diabetes Federation (IDF), Mexico is one of the 29 members among IDF's members in North America and the Caribbean region. The prevalence of diabetes in Mexico was accounted for 15.2%, i.e., about 12,805,200 adults in the country had diabetes. Such statistics indicate the demand for in vitro diagnostics in the country, thereby driving the market growth.

Moreover, the rapid demand for point-of-care diagnostic tests has propelled manufacturers to ramp up the commercialization of these tests and drove the regulatory bodies for their usage approval in various places. For instance, in June 2021, the Mexican ComisionFederal para la Proteccioncontra Riesgos Sanitarios (COFEPRIS), the health regulatory authority for Mexico, approved the Sorrento Therapeutics' COVI-STIX for emergency use for COVID-19 rapid antigen tests.

However, the lack of proper reimbursement and stringent regulatory framework are the major factors restraining the market growth.