Market Size of Mexico Neurology Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.20 % |
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 Neurology Devices Market Analysis
The Mexico neurology devices market is expected to register a CAGR of 6.2% during the forecast period.
- The COVID-19 pandemic significantly impacted neurology care in Mexico during the early phase, which in turn impacted the usage of neurology devices as well. For instance, according to an article published by PubMed Central in April 2021, a study was conducted in Mexico, which showed that the prevalence of new neurologic complications in hospitalized patients with COVID-19 was very high during the early pandemic. Thus, the COVID-19 pandemic significantly impacted the market initially; however, as the pandemic has currently subsided, neurology care is going back to normal in Mexico. Hence, the studied market is expected to have stable growth during the forecast period of the study.
- The key factors propelling the growth of the market are the increasing incidence of neurological disorders, the rising geriatric population, and the rising technological advancements in neurological devices.
- The increasing incidence of neurological disorders like brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson's disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumors, and stroke is the major factor driving the market growth. For instance, according to an article published by PubMed Central in June 2022, a study was conducted in Mexico, which showed that the prevalence of intracerebral hemorrhage and cerebral venous thrombosis was 23.1% and 0.2%, respectively, in patients suffering from acute stroke.
- Furthermore, according to an article published by Cureus in October 2022, glioblastoma or brain tumors represent the most frequent and aggressive intracranial neoplasia, and it has a high prevalence in Mexico. Thus, the high prevalence of such neurological disorders is expected to enhance the usage of neurological devices. Moreover, as these neurological diseases mostly occur in the elderly population, the rising geriatric population in the country is also expected to enhance market growth.
- Thus, the aforementioned factors, such as the rising prevalence of neurological disorders and the increasing research and development activities, are expected to boost the market growth during the forecast period of the study. However, the high cost of equipment is expected to impede the market growth.
