Cardiology Devices - Mexico | Statista Market Forecast

The Mexican market for Cardiology Devices market is projected to generate a revenue of US$1.28bn in 2024.
This indicates a positive growth trajectory for the industry.
It is expected that the market will experience a Compound Annual Growth Rate (CAGR) of 6.40% between 2024 and 2029, leading to a market volume of US$1.74bn by 2029.
In terms of global comparison, the United States is anticipated to generate the highest revenue in the Cardiology Devices market market, with an estimated revenue of US$25.77bn in 2024.
This highlights the significant dominance of the United States in the industry.
Mexico has seen a growing demand for advanced cardiology devices, driven by an aging population and increasing prevalence of cardiovascular diseases.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Mexico is experiencing significant growth due to several factors.

Customer preferences: Mexican customers are increasingly demanding advanced and innovative cardiology devices that can provide accurate diagnoses and effective treatment options. They are also looking for devices that are user-friendly and can be easily integrated into their healthcare systems. Additionally, there is a growing preference for non-invasive and minimally invasive procedures, which has led to an increased demand for devices such as cardiac catheters and stents.

Trends in the market: One of the key trends in the Cardiology Devices market in Mexico is the adoption of digital health technologies. The use of telemedicine and remote patient monitoring has increased, especially in rural areas where access to healthcare facilities is limited. This trend has been further accelerated by the COVID-19 pandemic, as it has highlighted the importance of remote healthcare services. As a result, there is a growing demand for connected devices and wearable technologies that can monitor patients' heart health and transmit data to healthcare providers in real-time. Another trend in the market is the increasing focus on preventive cardiology. Mexican healthcare providers are placing greater emphasis on early detection and prevention of cardiovascular diseases. This has led to an increased demand for diagnostic devices such as electrocardiography (ECG) machines and cardiac imaging systems. Additionally, there is a growing interest in lifestyle modification programs and cardiac rehabilitation services, which require specialized devices and equipment.

Local special circumstances: Mexico has a high prevalence of cardiovascular diseases, including hypertension, obesity, and diabetes. These factors contribute to the increased demand for cardiology devices in the country. Additionally, the Mexican government has implemented several initiatives to improve access to healthcare services, especially in rural areas. This has resulted in an increased demand for cardiology devices in these underserved regions.

Underlying macroeconomic factors: The Cardiology Devices market in Mexico is also influenced by macroeconomic factors such as population growth, increasing healthcare expenditure, and technological advancements. Mexico has a rapidly growing population, which increases the overall demand for healthcare services, including cardiology devices. The government has also been increasing its healthcare budget, which provides funding for the purchase of medical equipment and devices. Furthermore, advancements in technology have made cardiology devices more affordable and accessible, driving market growth. In conclusion, the Cardiology Devices market in Mexico is experiencing significant growth due to customer preferences for advanced and innovative devices, the adoption of digital health technologies, the focus on preventive cardiology, local special circumstances such as a high prevalence of cardiovascular diseases, and underlying macroeconomic factors such as population growth and increasing healthcare expenditure. These factors are expected to continue driving market growth in the coming years.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.