Mexico Connected Healthcare Market Analysis

Mexico Connected Healthcare Market Analysis


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Mexico connected healthcare market is projected to grow from $995.4 Mn in 2022 to $7469.23 Mn by 2030, registering a CAGR of 28.65% during the forecast period of 2022-30. The main factors driving the growth would be increasing technological adoption, the ageing population, the rising prevalence of chronic diseases and government support. The market is segmented by type, function and by application. Some of the major players include Okani, Prosperia, Cuentame, Medtronic, Honeywell, Siemens Healthineer and GE Healthcare.

ID: IN10MXHS004 CATEGORY: Healthcare Services GEOGRAPHY: Mexico AUTHOR: Neha Davda

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Mexico Connected Healthcare Market Executive Summary

Mexico connected healthcare market is projected to grow from $995.4 Mn in 2022 to $7469.23 Mn by 2030, registering a CAGR of 28.65% during the forecast period of 2022-30. Mexico's national health expenditure increased in 2019 from 5.38% of GDP or $521 per capita in 2018 to 5.43% of GDP or $540 per capita.

The market for connected healthcare in Mexico is a young industry that is transforming quickly as a result of rising demand for digital health solutions and bettering healthcare infrastructure. In order to provide healthcare services remotely, connected healthcare refers to the use of digital technology including mobile devices, remote monitoring, and telecommunication networks.

By improving access to healthcare services, lowering costs, enhancing patient outcomes, and raising patient satisfaction, the deployment of connected healthcare solutions in Mexico has the potential to completely change the healthcare landscape.  The usage of teleconsultation services, remote monitoring tools, and other connected healthcare solutions is already prevalent in Mexico. These technologies have demonstrated efficacy in enhancing patient happiness and healthcare outcomes.

Mexico Connected Healthcare Market Report 2022 to 2030

Market Dynamics

Market Growth Drivers

The Mexico-connected healthcare market is expected to be driven by factors such as:

  1. Increasing technological adoption- In Mexico, the use of technology in the healthcare industry is growing quickly. This is because cutting-edge technologies, like artificial intelligence, machine learning, and the internet of things (IoT), are readily available and being used to enhance the delivery of healthcare and patient outcomes
  2. Ageing population- Mexico has an ageing population, and it is anticipated that in the coming years, the proportion of persons in this age group would rise dramatically. Given that older persons are more likely to need healthcare services and support, this demographic trend is predicted to increase demand for connected healthcare solutions
  3. Rising prevalence of chronic diseases- Chronic conditions like diabetes, cardiovascular disease, and obesity are very common in Mexico. Demand for connected healthcare solutions is anticipated to increase as a result of the ability of telemedicine, digital health tools, and remote monitoring to improve the management of these chronic disorders
  4. Government initiatives- The Mexican government has started a number of programs to enhance the quality of medical care and its results. The National Digital Health Strategy is one of these projects; it intends to encourage the adoption of digital health technologies in the nation's healthcare system. These initiatives are anticipated to aid in the development of Mexico's connected healthcare market

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in Mexico:

  1. High Cost- In Mexico, where healthcare expenditure is already constrained, the expense of establishing and sustaining connected healthcare systems may prevent the widespread adoption
  2. Limited regulatory framework- Although there is a limited legislative framework for linked healthcare solutions, the Mexican government has initiated steps to encourage the use of digital health technologies. This could lead to uncertainty and reduce sector investment
  3. Lack of digital infrastructure- Despite the country's growing acceptance of technology, Mexico's digital infrastructure still has a lot of holes in it. This might restrict where connected healthcare solutions are offered and accessible, particularly in rural and distant areas

Competitive Landscape

Key Players

  • Okani (MEX)- Okani is a digital health platform that offers medical care services 24 hours a day, seven days a week. It provides care options based on user preferences
  • Prosperia (MEX)- Prosperia develops artificial intelligence-based software for diabetes diagnosis. Early identification of diabetes and diabetic retinopathy using risk assessment calculators, a non-invasive fundus camera, and retinal picture processing
  • Cuentame (MEX)- Developer an app for managing emotional well-being. The app provides capabilities for online therapy consultations with psychologists. The app can also track progress through measurement testing
  • Medtronic- Medtronic is a medical technology business that provides solutions for connected healthcare. Implantable gadgets, patient monitoring systems, and healthcare IT solutions are among their offerings
  • Honeywell- Honeywell is a worldwide company focused on four business areas: aerospace, building technologies, performance materials and technology, and safety and productivity solutions
  • Siemens Healthineers- Siemens Healthineers is a global healthcare corporation that provides medical imaging and diagnostic devices, healthcare information technology solutions, and laboratory diagnostics
  • GE Healthcare- GE Healthcare is a market leader in providing linked healthcare solutions. Medical imaging systems, patient monitoring systems, and healthcare IT solutions are among their offerings

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Mexico Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

  • MHealth services
  • mHealth Devices
  • E- Prescription

By FunctionType (Revenue, USD Billion):

  • Remote patient monitoring
  • Clinical monitoring
  • Telemedicine
  • Others (Assisted Living)

By Application Type (Revenue, USD Billion):

  • Diagnosis and Treatment
  • Monitoring Application
  • Wellness and Prevention
  • Healthcare management
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 20 May 2024
Updated by: Anish Swaminathan

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