2013-02-14 20:14:16 - Fast Market Research recommends "The Medical Device Market: Mexico" from Espicom Business Intelligence, now available
Espicom’s in-depth medical device market reports are ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Mexico is estimated as the second
largest medical equipment market in the Latin American region. The market is dominated by imports, principally from the USA. US manufacturers benefit from geographic proximity and preferential terms under NAFTA. Some of these imports, however, are used to produce goods which are eventually sent back to the USA. Mexico is the third largest medical importer in the Americas, behind the USA and Canada; Brazil is not a big importer in comparison, as it relies on local production.
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Population growth, increasing health expenditure, chronic disease incidence and new technology acquisition, particularly diagnostic & orthopaedic equipment in the public sector, are factors contributing to growth. However, the weakening value of the Mexican peso against the US dollar has limited market growth in US dollars. The improved economic outlook has boosted growth prospects in the 2012-17 period. Future growth will depend in part on growth within the US economy, which remains the country’s main trade and investment partner.
Public sector spending, financed primarily from federal taxes, has been expanding as a share of the total over the past few years, as the country increases its targeted spending on the poorest. Universal health insurance coverage was achieved in 2011.
The US has been a favoured destination for Mexican exports and is still the chief destination for most medical devices, but President Obama has sought closer ties with Asia, in particular China. Some Mexican export sectors have been overtaken by China and maquiladora activity moved there, in spite of Mexico’s geographical proximity and low operation costs. Mexico needs to develop its economy outside of the maquiladora programme for increased stability.
Exports of medical equipment and supplies were valued at US$6.2 billion in 2011. Almost all of Mexico’s exports are shipped across to the USA, 91.8% of the total in 2011. Medical consumables are the major export area, accounting for 40% of the total.
On 25th November 2010 a Health Accord came into effect in Mexico which recognises medical devices which have been approved and sold in the USA and Canada. Medical devices on health registers and sold in these countries will be evaluated and authorised by COFEPRIS within 30 days from the date that importers give information to the Mexican health authority.
A Decree published 24th February 2005 amended Article 376 of the General Health law, granted sanitary registrations for medical devices for a five-year period. Requirements to renew medical device registrations were published in 2008. About 30,000 registrations of medical devices were renewed. Medical device registrations more than five years old by 24th February 2010, which did not apply for renewal, have been removed from the Mexican market.
PROVIDING STRATEGIC MARKET ANALYSIS EVERY MONTH
Espicom's highly-regarded world medical technology and device market research reports provide enhanced strategic intelligence in a user-friendly format. Each report provides in-depth information, setting the medical equipment market in context. The reports provide:
Unique projected estimates of market size and growth for 33 equipment categories
Five year statistical data for key economic and healthcare indicators
Information on regulation, distribution and market access, including Espicom’s unique distributor directory
Detailed Medical trade data
Data on leading local/multinational medical equipment players in the market
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