Mexico Diagnostic Imaging Equipment Market Size
| 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 |
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.
Mexico Diagnostic Imaging Equipment Market Trends
This section covers the major market trends shaping the Mexico Diagnostic Imaging Equipment Market according to our research experts:
Oncology segment is Expected Have Significant Growth during the Forecast Period
Doctors often use imaging procedures for the diagnosis of cancer. It can find or detect tumors and other abnormalities, determine the extent of disease and evaluate the effectiveness of treatment. Specialists may also use imaging when doing biopsies and other surgical procedures. As cancer is one of Mexico's leading causes of death, the oncology segment is expected to have significant growth during the forecast period.
For instance, according to a study published by PubMed Central in April 2021, breast tumors are the main cause of cancer in women and epidemiological projections estimate the number of new cases and the mortality rates will increase in the next years in Mexico. The article also stated that Mexico is experiencing a demographic, epidemiological, and nutritional transition, which is favoring the exposure to risk factors for cancer, such as aging, smoking, alcohol consumption, and high prevalence of obesity and diabetes.
Thus, due to the high burden of cancer, the studied segment is expected to witness significant growth over the forecast period.
Cardiology segment is Expected Have a Significant Share in the Market Over the Forecast Period
The major factors driving the growth of the cardiology segment are:
- The increasing cardiovascular disease prevalence.
- The rising geriatric population of the country.
- Increasing healthcare expenditure.
Cardiovascular diseases cause a significant burden on the healthcare sector, and diagnostic imaging equipment plays a vital role in diagnosing these diseases. The country's rising prevalence of cardiovascular disease is an essential factor driving the segment's growth. For instance, according to an article published by frontiers in March 2022, in Mexico, one of the leading causes of mortality is cardiovascular disease (CVD) which has an estimated rate of 134 deaths per 100,000 people. The articles also stated that factors like high blood pressure, or hypertension (HTN), are the most critical risk factor for the development of CVD, which two out of four adults experience during their lifetime. This number could be higher, as 55% of people with this disease often remain undiagnosed and have no symptoms.
Furthermore, according to an article published by frontiers in February 2021, cardiovascular mortality and their main traditional and novel risk factors in Mexico have become a significant health problem like other middle-income countries. It causes an economic burden and is an essential source of disability in young adults.
Smoking or tobacco use is also associated with cardiovascular diseases. Thus the increasing tobacco use in the country is also expected to enhance the segment growth.
Mexico Diagnostic Imaging Equipment Industry Overview
The market studied is consolidated owing to a few significant players in the market. Key market players include Canon Medical Systems Corporation, Carestream Health, ESTOATE SPA, FUJIFILM Holdings America Corporation, General Electric Company, Hologic, Inc., Koninklijke Philips N.V., Shimadzu Corporation, and Siemens Healthcare GmbH.
Mexico Diagnostic Imaging Equipment Market Leaders
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Canon Medical Systems Corporation
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FUJIFILM Holdings America Corporation
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Koninklijke Philips N.V.
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General Electric Company
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Siemens Healthcare GmbH
*Disclaimer: Major Players sorted in no particular order
Mexico Diagnostic Imaging Equipment Market News
- October 2022- GlobalLogic Inc., a Hitachi Group company and Digital Engineering leader announced two new engineering and sales centers opening in Mexico.
- February 2022- Vara and Mamotest unveiled their first breast-cancer screening unit in the Reina Madre Private Hospital in Metepec, close to Mexico City.
Mexico Diagnostic Imaging Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of the Chronic Diseases and Increasing Geriatric population in Mexico
4.2.2 Technological Advancements in Imaging Equipments
4.3 Market Restraints
4.3.1 High Costs Associated With the Devices and Procedure
4.4 Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Modality
5.1.1 MRI
5.1.2 Computed Tomography
5.1.3 Ultrasound
5.1.4 X-Ray
5.1.5 Nuclear Imaging
5.1.6 Fluoroscopy
5.1.7 Mammography
5.2 By Application
5.2.1 Cardiology
5.2.2 Oncology
5.2.3 Neurology
5.2.4 Orthopedics
5.2.5 Other Applications
5.3 By End User
5.3.1 Hospitals
5.3.2 Diagnostic Centers
5.3.3 Others
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Carestream Health
6.1.3 ESTOATE SPA
6.1.4 FUJIFILM Holdings America Corporation
6.1.5 General Electric Company
6.1.6 Hologic, Inc.
6.1.7 Koninklijke Philips N.V.
6.1.8 Shimadzu Corporation
6.1.9 Siemens Healthcare GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mexico Diagnostic Imaging Equipment Industry Segmentation
As per the scope of the report, diagnostic imaging takes images of the internal structure of the human body using electromagnetic radiation for accurate diagnosis of the patient. There are various modalities in medical imaging, the most common ones being CT scans, MRI systems, etc. It has multiple applications in various oncological, orthopedic, gastro-, and gynecological fields. The Mexico Diagnostic Imaging Equipment market is segmented by modality (x-ray, MRI, Ultrasound, Computed Tomography, Nuclear Imaging, Fluoroscopy, and Mammography), application (Cardiology, Oncology, Neurology, Orthopedics, and Other Applications), and end-user (hospitals, diagnostic centers, and others). The report offers the value in ( USD million) for the above segments.
| By Modality | |
| MRI | |
| Computed Tomography | |
| Ultrasound | |
| X-Ray | |
| Nuclear Imaging | |
| Fluoroscopy | |
| Mammography |
| By Application | |
| Cardiology | |
| Oncology | |
| Neurology | |
| Orthopedics | |
| Other Applications |
| By End User | |
| Hospitals | |
| Diagnostic Centers | |
| Others |
Mexico Diagnostic Imaging Equipment Market Research FAQs
What is the current Mexico Diagnostic Imaging Equipment Market size?
The Mexico Diagnostic Imaging Equipment Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)
Who are the key players in Mexico Diagnostic Imaging Equipment Market?
Canon Medical Systems Corporation, FUJIFILM Holdings America Corporation, Koninklijke Philips N.V., General Electric Company and Siemens Healthcare GmbH are the major companies operating in the Mexico Diagnostic Imaging Equipment Market.
What years does this Mexico Diagnostic Imaging Equipment Market cover?
The report covers the Mexico Diagnostic Imaging Equipment Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Mexico Diagnostic Imaging Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Diagnostic Imaging Equipment Industry Report
Statistics for the 2024 Mexico Diagnostic Imaging Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Diagnostic Imaging Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
