State of the 2017 Medical Device Market in Mexico
If you were to describe Mexico’s economy in recent years with just one word, it would unfortunately have to be “dismal.” This is hardly a surprise. After all, most of the countries in the region have been dealing with similar issues. GDP growth in Mexico has remained fairly flat in recent years, with 1.4% growth in 2013 to 2.3% in 2014, 2.6% in 2015 and 2.3% in 2016. And the numbers are forecast to be about in the same mid 2 percent range for 2017.
Not surprisingly, the medical device market in Mexico has followed suit, and the results are evident when you look at the import data as far as medical equipment.
Imported Medical Equipment Value into Mexico in 2017
The medical device market in Mexico, while still far and away the largest in the region, has faced similar stagnation. Down from a high of over $6 billion in value for units imported in 2016, Mexico dropped a sharp 19 percent in 2017 to a value of $4.8 billion for units imported, according to recent forecasts by ShareScope, a service from Global Health Intelligence (GHI) that analyzes import data and uses it to analyze market size/share for medical equipment/device brands in Latin America.
[thrive_leads id=’7632′]Quantities of Imported Medical Equipment into Mexico in 2017
As far as the actual quantity of imports in the medical device and equipment market, Mexico’s numbers here are remarkably consistent with the value of its imports. Just as the value of imports dropped 19% in 2017, so did the quantity of imports, from 8.3 billion units in 2016 to 6.7 billion units in 2017, as per ShareScope. It’s an unfortunate trend, but Mexico’s large and demanding market for these items can’t stay down for long.
Growth Areas with Mexico’s Medical Device/Equipment Market in 2017
Despite Mexico having a forecasted drop of 19% in both value and quantities of medical equipment imported into the country, there are some modest areas of growth:
[thrive_leads id=’7635′]- Machines and appliances for testing metals, other machines, and parts: A forecast growth of 7% in value and 56% in quantities imported
- Gas meters: A forecast growth of 9% in value and a 3% growth in quantities imported
- Other breathing appliances and gas masks: A forecast growth of 10% in value
The Need for Deeper Data
Though it may seem counter-intuitive, the downturn in Mexico’s imports of medical devices and equipment makes the need for more detailed data stronger than ever. That’s because a contracting market makes competition more intense—medical device companies will struggle to maintain or increase market share against competitors trying to encroach.
How Your Company Can Stay Strong in the Mexican Market
Global Health Intelligence’s data resources can help you strengthen your market position in Mexico in a couple of key ways:
#1 ShareScope: With this service, we measure market share for different companies when it comes to specific types of products, allowing you to see at a glance how well your company is faring—or may not be—in the highly competitive Mexican medical devices market. Contact us to obtain these crucial data portraits of different market sectors.
#2 Competitive Intelligence: A tighter market means you need to know what your competition has up its sleeve…and our In-Scope can give you insight into what rivals are planning to do so you can counteract their moves with even better strategies.
#3 HospiScope: Import data is just part of the picture when it comes to the Mexican medical devices market. Subscribing to our hospital database will also let you see installed based equipment for different hospitals in Mexico so you can truly see what market conditions are like—and find new sales prospects quickly and efficiently.
#4 Custom Research: Import data lumps together products into broader categories, but you may just need to know what the status is for one specific product type. Via In-Scope, our custom research can get that information for you while also answering tougher questions you may have about the devices market in Mexico.
[thrive_leads id=’7637′]NEXT STEPS
Contact GHI today to explore further how our services can help you take advantage of the opportunities in Mexico’s medical devices market. Also, please see our state of the medical equipment/device market portraits for Brazil, Colombia and Peru to understand the trends in those markets as well.
