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Mexico Diagnostic Imaging Equipment Market Size (2024 - 2029)

The Mexico diagnostic imaging equipment market is projected to experience growth over the forecast period, driven by factors such as an increasing geriatric population and technological advancements. The market's expansion was initially hindered by the COVID-19 pandemic, which led to a significant reduction in the use of diagnostic imaging services due to lockdowns. However, as restrictions were lifted and normalcy resumed, the market began to recover. Despite these positive trends, the high costs associated with diagnostic imaging devices and procedures may pose challenges to the market's growth trajectory.

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Market Size of Mexico Diagnostic Imaging Equipment Industry

Mexico Diagnostic Imaging Equipment Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 6.10 %

Major Players

Mexico Diagnostic Imaging Equipment Market 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 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
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Mexico Diagnostic Imaging Equipment Market Size Summary

The Mexico diagnostic imaging equipment market is poised for growth, driven by an increasing demand for medical imaging services, particularly due to the aging population and the rising prevalence of chronic diseases. The market experienced a temporary setback during the COVID-19 pandemic, with significant reductions in imaging services due to lockdowns. However, as restrictions were lifted, the market regained momentum. Technological advancements and the adoption of new technologies have further bolstered market expansion. Despite the high costs associated with diagnostic imaging devices and procedures, the market is expected to grow, supported by the need for early disease detection and the management of chronic conditions.

The oncology and cardiology segments are anticipated to experience significant growth, fueled by the high burden of cancer and cardiovascular diseases in Mexico. The increasing prevalence of these conditions, coupled with a rising geriatric population and higher healthcare expenditure, underscores the critical role of diagnostic imaging in disease diagnosis and management. The market is characterized by a few key players, including Canon Medical Systems Corporation, FUJIFILM Holdings America Corporation, and Siemens Healthcare GmbH, among others. Recent developments, such as the opening of new engineering and sales centers by GlobalLogic Inc. and the introduction of breast-cancer screening units by Vara and Mamotest, highlight ongoing investments and innovations in the sector.

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Mexico Diagnostic Imaging Equipment Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rising Burden of the Chronic Diseases and Increasing Geriatric population in Mexico

      2. 1.2.2 Technological Advancements in Imaging Equipments

    3. 1.3 Market Restraints

      1. 1.3.1 High Costs Associated With the Devices and Procedure

    4. 1.4 Porter's Five Force Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Modality

      1. 2.1.1 MRI

      2. 2.1.2 Computed Tomography

      3. 2.1.3 Ultrasound

      4. 2.1.4 X-Ray

      5. 2.1.5 Nuclear Imaging

      6. 2.1.6 Fluoroscopy

      7. 2.1.7 Mammography

    2. 2.2 By Application

      1. 2.2.1 Cardiology

      2. 2.2.2 Oncology

      3. 2.2.3 Neurology

      4. 2.2.4 Orthopedics

      5. 2.2.5 Other Applications

    3. 2.3 By End User

      1. 2.3.1 Hospitals

      2. 2.3.2 Diagnostic Centers

      3. 2.3.3 Others

Mexico Diagnostic Imaging Equipment Market Size FAQs

The Mexico Diagnostic Imaging Equipment Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)

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.

Mexico Diagnostic Imaging Equipment Report Snapshots

Mexico Diagnostic Imaging Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)