The Impact of the Top 3 Strategic Imperatives on the Mexican MedTech Market

Transformative Megatrends

• Challenges in the global supply chain because of the COVID-19 pandemic and geopolitical conflicts have resulted in MedTech companies strategically relocating their supply chains to mitigate risks and reduce production costs.
• Mexico, therefore, has been brought into the limelight as an attractive market for nearshoring, mainly because of its educated workforce, low labor costs, and growing infrastructure.
• Many companies have already established their manufacturing facilities in Mexico, while other companies have started establishing their production plants. For instance, in October 2023, Forefront Medical Technology opened a new manufacturing facility in Juarez, Mexico, to enable 24-48 hours shipments to the United States.
• Frost & Sullivan estimates that the nearshoring trend will continue in Mexico, thereby driving the MedTech industry growth.

Disruptive Technologies

• Increasing adoption of digital health technologies, such as telemedicine, remote patient monitoring, and wearables, is expanding access to healthcare solutions in Mexico. These technologies are assisting in solving challenges related to high patient volumes and clinician shortages.
• Moreover, demand is growing for minimally invasive surgical devices.
• Patients are adopting advanced and innovative medical devices that will improve efficiency and accuracy.
• With the growing aging population and the number of people suffering from chronic diseases, the demand for cost-effective digital solutions is estimated to grow in Mexico during the forecast period.

Competitive Intensity

• Competition among MedTech companies in the region is intensifying, driven by the growing number of manufacturers establishing their production facilities in Mexico.
• Moreover, there is an influx of new participants offering digital healthcare solutions in Mexico to expand care access. These companies pose a serious challenge to established MedTech participants.
• Competitive intensity in the Mexican MedTech market will continue to grow, with an increasing focus on local manufacturing.
• Companies will invest on digital and advanced technologies, such as artificial intelligence (AI) and machine learning (ML), to gain a competitive advantage.

Analysis Highlights

Growth Opportunities

Nearshoring and manufacturing, digitalization, remote care, solutions for the local market, and the ability to cater to the needs of the aging population

Future Outlook

Slow economic growth in Mexico and a recessionary environment, especially in the United States, will have an impact on the growth of the medical devices market. Initiatives, however, taken by public and private bodies to create Mexico as a manufacturing hub and medical tourism destination will drive the growth of the medical devices market. Moreover, increasing access to innovative technologies in Mexico will support growth in the region.

Project Scope

• Study Period: 2020–2028
• Base Year: 2023
• Forecast Period: 2024–2028

Segments

• Cardiovascular devices
• Drug delivery
• Hospital supplies
• Patient monitoring devices
• Urology-gynecology devices
• Robotics
• Others*

Market Segmentation

Patient Monitoring Devices

• Cardiac
• Hemodynamic
• Respiratory
• Multiparameter monitoring
• Fetal and neonatal monitoring

Hospital Supplies

• Gloves, gowns, drapes, and masks
• PPE
• Infection control and sterilization equipment
• Syringes and needles

Cardiovascular Devices

• Coronary and peripheral interventional devices
• Cardiac rhythm management (CRM) and electrophysiology
• Structural heart devices
• Therapeutic and surgical devices

Drug Delivery Devices

• Drug delivery systems
• Inhalers

Urology-Gynecology

• Urinary stents
• Endometrial devices

Robotics

• Robot-assisted surgical device (RASD) systems and services
• Instruments and accessories

Others

• Wound care management
• Orthopedic devices
• Dental devices
• Endoscopy devices
• Aesthetic devices
• ENT devices
• Diabetes care devices
• Neurology devices
• Respiratory devices