Mexico Patient Monitoring Market Size (2024 - 2029)

The Mexico patient monitoring market is poised for significant expansion over the forecast period, driven by advancements in technology and an increasing demand for monitoring due to chronic conditions. The market's growth is influenced by the rising prevalence of chronic disorders, such as diabetes, which necessitate the use of monitoring devices. The introduction of innovative products and technological advancements, including smart wearables and artificial intelligence-based systems, are expected to further propel the market. Despite these positive trends, the market's growth may be impeded by resistance from healthcare professionals towards adopting new monitoring systems.

Market Size of Mexico Patient Monitoring Industry

Mexico Patient Monitoring Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 1.35 Billion
Market Size (2029) USD 1.87 Billion
CAGR (2024 - 2029) 6.77 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

Mexico Patient Monitoring Market Analysis

The Mexico Patient Monitoring Market size is estimated at USD 1.35 billion in 2024, and is expected to reach USD 1.87 billion by 2029, growing at a CAGR of 6.77% during the forecast period (2024-2029).

  • COVID-19 had a significant impact on the Mexico patient monitoring market since patients with COVID-19 used patient monitoring devices more frequently due to the need for constant monitoring. For instance, as per the article published in April 2022 in PubMed, during the pandemic, the Integral System of Hospital Management (Sistema Integral de Administración Hospitalaria (SIAH)) accurately recorded the visit and patient monitoring, with photographic evidence of each consultation offered through the remote medical advice and guidance program.
  • However, as the pandemic restrictions are eased, the market is expected to witness significant growth in the coming years due to the advancement in patient monitoring, such as smart wearables, artificial intelligence-based systems, and the increase in demand for patient monitoring due to chronic conditions.
  • Factors such as the increasing burden of chronic disorders and growing preference for home and remote monitoring are expected to drive market growth. For instance, as per the IDF Atlas 10th Edition 2021, the estimated number of the population diagnosed with diabetes was 14.1 million in Mexico in 2021. This count is expected to rise to 21.2 million in 2045. Hence, a rise in cases of diabetes is likely to utilize glucose monitoring devices, thereby driving the market growth. 
  • Furthermore, the rise in product launches and technological advancement in patient monitoring is expected to fuel market growth. For instance, in December 2022, Huawei launched the Watch GT 3 SE with sensors for heart rate and SpO2 blood oxygen monitoring in Mexico. Similarly, in June 2021, Hoy Health opened its first international office in Guadalajara, Mexico. Hoy Health is a health tech company that is leading primary care in the digital health industry via remote patient monitoring, telehealth, and medication access.
  • Hence, due to the rise in product launches and increase in chronic disease prevalence in Mexico, the Mexico patient monitoring market is expected to witness significant growth over the forecast period. However, resistance from healthcare industry professionals toward the adoption of patient monitoring systems is likely to hinder the market growth.

Mexico Patient Monitoring Industry Segmentation

As per the scope of this report, patient monitoring devices are the monitoring devices that continuously monitor the patient's vital parameters, like blood pressure and heart rate, by using a medical monitor and collecting medical (and other) data from individuals.

The Mexico patient monitoring market is segmented by type of device (hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, multi-parameter monitors, respiratory monitoring devices, remote patient monitoring devices, weight management and fitness monitoring, and other types of devices), application (cardiology, neurology, respiratory, fetal and neonatal and other applications) and end-user (home healthcare, hospitals and clinics, and other end users).

The report offers the value (in USD) for the above-mentioned segments.

By Type of Device
Hemodynamic Monitoring Devices
Neuromonitoring Devices
Cardiac Monitoring Devices
Multi-parameter Monitors
Respiratory Monitoring Devices
Remote Patient Monitoring Devices
Weight Management and Fitness Monitoring
Other Types of Devices
By Application
Cardiology
Neurology
Respiratory
Fetal and Neonatal
Other Applications
By End Users
Home Healthcare
Hospitals and Clinics
Other End Users
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Mexico Patient Monitoring Market Size Summary

The Mexico patient care monitoring equipment market is poised for substantial growth over the forecast period, driven by advancements in technology and an increasing prevalence of chronic conditions. The market is experiencing a transformation due to the integration of smart wearables and artificial intelligence-based systems, which are enhancing the capabilities of patient monitoring. The demand for these devices is further fueled by the rising burden of chronic disorders such as diabetes and cardiovascular diseases, alongside a growing preference for home and remote monitoring solutions. The market's expansion is also supported by the introduction of innovative products and technological advancements, as seen with recent launches by companies like Huawei and Hoy Health. However, the adoption of these systems faces challenges, including resistance from healthcare professionals, which could potentially hinder market growth.

In addition to the general market trends, specific segments such as hemodynamic and neurology monitoring are expected to witness significant growth. The hemodynamic monitoring segment is driven by the increasing demand for non-invasive monitoring systems and the rising prevalence of cardiovascular diseases, which are exacerbated by lifestyle changes. Initiatives aimed at improving cardiac care, such as those supported by the American Heart Association, are expected to bolster this segment. Meanwhile, the neurology segment is set to expand rapidly due to the rising incidence of neurological disorders and an aging population. Efforts to enhance epilepsy management and the high prevalence of stroke-related conditions are contributing to the demand for neurology monitoring devices. The market is characterized by a consolidated nature, with key players like Koninklijke Philips NV, Nihon Kohden Corporation, and GE Healthcare actively engaging in strategic initiatives to strengthen their market positions.

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Mexico Patient Monitoring 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 Chronic Diseases due to Lifestyle Changes

      2. 1.2.2 Growing Preference for Home and Remote Monitoring

    3. 1.3 Market Restraints

      1. 1.3.1 Resistance from Healthcare Industry Professionals Toward the Adoption of Patient Monitoring Systems

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      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)

    1. 2.1 By Type of Device

      1. 2.1.1 Hemodynamic Monitoring Devices

      2. 2.1.2 Neuromonitoring Devices

      3. 2.1.3 Cardiac Monitoring Devices

      4. 2.1.4 Multi-parameter Monitors

      5. 2.1.5 Respiratory Monitoring Devices

      6. 2.1.6 Remote Patient Monitoring Devices

      7. 2.1.7 Weight Management and Fitness Monitoring

      8. 2.1.8 Other Types of Devices

    2. 2.2 By Application

      1. 2.2.1 Cardiology

      2. 2.2.2 Neurology

      3. 2.2.3 Respiratory

      4. 2.2.4 Fetal and Neonatal

      5. 2.2.5 Other Applications

    3. 2.3 By End Users

      1. 2.3.1 Home Healthcare

      2. 2.3.2 Hospitals and Clinics

      3. 2.3.3 Other End Users

Mexico Patient Monitoring Market Size FAQs

The Mexico Patient Monitoring Market size is expected to reach USD 1.35 billion in 2024 and grow at a CAGR of 6.77% to reach USD 1.87 billion by 2029.

In 2024, the Mexico Patient Monitoring Market size is expected to reach USD 1.35 billion.

Mexico Patient Care Monitoring Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)