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Medical Devices in Mexico: Market Insights, Regulations, and Innovation
Mexico has become a key player in medical device manufacturing due to its strategic location, skilled workforce, and competitive manufacturing costs. The favorable regulatory environment and commitment to innovation and compliance standards further boost its attractiveness to global companies. The market is well-positioned for significant growth.
Medical Device Market in Mexico
The medical device market in Mexico is thriving, with significant contributions from its strategic location, cost efficiency, skilled labor force and robust IP Protections. The market is poised for continued growth, it is projected to grow at a compound annual growth rate (CAGR) of 8.6% in local currency terms from 2022 to 2027, translating to a market size of approximately $9.3 billion by 2027. This growth is fueled by regulatory amendments, nearshoring trends, and increasing health expenditures.
Market Size and Growth
As oMexico's annual exports of medical equipment and supplies were valued at $12.5 billion in 2023. As of 2023, Mexico's medical device market was valued at approximately $15.6 billion. The market is projected to grow at a CAGR of 8.3% in local currency terms and 6.8% in US dollar terms from 2022 to 2027. This growth is expected to bring the market size to approximately $19.7 billion by 2027.