DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/x5xwcr/the_medical) has announced the addition of the "The Medical Device Market: Mexico" report to their offering.
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.
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.
- Arrow International
- Becton Dickinson
- dj Orthopedics
- Johnson & Johnson
- Mallinckrodt (Tyco Healthcare)
- Smiths Medical
For more information visit http://www.researchandmarkets.com/research/x5xwcr/the_medical