Mexico Ultrasound Devices Market Size, Share, and COVID-19 Impact Analysis, By Type (Portable Ultrasound and Stationary Ultrasound), By Application (Gynecology/Obstetrics, Musculoskeletal, Radiology, Cardiology, and Others), and Mexico Ultrasound Devices Market Insights, Industry Trend, Forecasts to 2033

Mexico Ultrasound Devices Market Insights Forecasts to 2033

• The Mexico Ultrasound Devices Market Size was estimated at USD 194.08 Million in 2023.
• The Market is Growing at a CAGR of 5.13% from 2023 to 2033
• The Mexico Ultrasound Devices Market Size is Expected to Reach USD 320.17 Million by 2033

The Mexico Ultrasound Devices Market is Expected to Reach USD 320.17 million by 2033, growing at a CAGR of 5.13% from 2023 to 2033.

Market Overview

The market for ultrasound devices in Mexico is the area of the country's medical imaging sector that focuses on these devices. These gadgets help diagnose and track a number of medical diseases by producing images of inside body structures using high-frequency sound waves.  In addition to stationary and portable ultrasound devices, the market offers a variety of ultrasound technologies, including Doppler imaging, 2D, 3D, 4D, and high-intensity focused ultrasound. The growing prevalence of chronic and lifestyle problems, as well as the growing use of ultrasound equipment for diagnostic imaging and therapy, are expected to propel market expansion. Frequent advancements in ultrasound imaging technology and the growing desire for minimally invasive surgeries are other factors driving market expansion. Since ultrasound is quicker and less expensive than other diagnostic imaging methods, it is a top diagnostic tool in medical imaging. Furthermore, it is safer than other imaging technologies because it doesn't use magnetic fields or ionizing radiation.

Report Coverage

This research report categorizes the market for the Mexico ultrasound devices market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Mexico ultrasound devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Mexico ultrasound devices market.

Driving Factors

Mexico's ultrasound devices sector is expanding because the ultrasonic medical gadget has several therapeutic and diagnostic applications.  Ultrasound has gained appeal for some therapeutic uses in fields like cardiology and oncology. The market is anticipated to rise as a result of the development of wireless transducers, app-based ultrasound technology, laparoscopic ultrasound, fusion with CT/MR, and the expansion of ultrasound device applications in 3D imaging and shear wave elastography. Additionally, more cost-effective than older platforms, technologically upgraded ultrasound technology enables faster diagnostic results with improved image quality and easier gadget usability. In addition, AI is anticipated to greatly improve ultrasonography through workflow optimization, advanced diagnostic support, and improved image quality.

Restraining Factors

The market for ultrasound devices in Mexico is hampered by issues like the high price of sophisticated imaging equipment, rigid reimbursement guidelines, and regulatory barriers that impede the approval of new products. Furthermore, widespread adoption is hampered by a lack of qualified specialists and infrastructure limitations in rural areas, which slows market growth even while demand for diagnostic imaging solutions is rising.

Market Segmentation

The Mexico ultrasound devices market share is classified into the type and application.

• The portable ultrasound segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the type, the Mexico ultrasound devices market is divided into portable ultrasound and stationary ultrasound. Among these, the portable ultrasound segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The prevalence of chronic diseases that necessitate prompt point-of-care diagnosis, the sophisticated technology employed in these devices, their capacity to diagnose multiple indications, and growing awareness of the availability of portable ultrasounds are the main factors propelling the growth of the portable ultrasounds segment.

• The cardiology segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the Mexico ultrasound devices market is divided into gynecology/obstetrics, musculoskeletal, radiology, cardiology, and others. Among these, the cardiology segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Cardiovascular conditions including ischemic heart disease, heart failure, and cardiac murmur are being diagnosed with ultrasound equipment more frequently.  The growing senior population in Mexico and the rising incidence of certain cardiovascular illnesses are predicted to accelerate segment expansion.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Mexico ultrasound devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• GE Healthcare
• Koninklijke Philips NV
• Siemens Healthineers
• SonoScape Medical Corp
• Canon Medical Systems Corporation
• Fujifilm Holdings Corporation
• Samsung Electronics Co. Ltd
• Hologic Inc.
• Mindray Medical International Limited
• Esaote SpA
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2024, GE HealthCare expanded to work with Salud Digna, one of Mexico's top healthcare providers. Over 400 imaging and ultrasound solutions will be implemented throughout Salud Digna's facilities as part of this deal. Through cloud-based technology, the partnership seeks to standardize imaging procedures and enhance care protocols.

Market Segment

This study forecasts revenue at Mexico, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Mexico ultrasound devices market based on the below-mentioned segments:

Mexico Ultrasound Devices Market, By Type

• Portable Ultrasound
• Stationary Ultrasound

Mexico Ultrasound Devices Market, By Application

• Gynecology/Obstetrics
• Musculoskeletal
• Radiology
• Cardiology
• Others