The Mexico home healthcare market was valued at $5.44 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of XX% from 2022 to 2030 and will reach $XX Bn in 2030. One of the main reasons propelling the growth of this market is the introduction of newer technologies, and the aging population. The market is segmented by service and product. Some key players in this market are Grupo Home Health, GRUPO PTM, Nurses and Caregivers at Home Cura Mexico and Esperanza Home Healthcare Services many more.
The Mexico home healthcare market was valued at $5.44 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of XX% from 2022 to 2030 and will reach $XX Bn in 2030. The home healthcare market in Mexico is growing due to a number of factors such as an aging population, increasing rates of chronic diseases, and a growing awareness of the benefits of in-home care.
Like many other Latin American countries, healthcare service provision in Mexico is challenged with the difficulty of delivering essential services to a primarily poor population. The difficulty that is particular to Mexico is providing services to a population whose demographics are rapidly changing and whose overall health is improving
Market Growth Drivers
Mexico has an aging population, and as people get older, they are more likely to need home healthcare services. Mexico's overall population was 126 million people, according to the 2020 Housing and Population Census. 12% of those polled were 60 or older. By 2050, this older generation will account for 25% of the overall population. For the first time, seniors 60 and older outnumbered youngsters 0-4 years old in 2015. This is expected to drive growth in the home healthcare market in the coming years. The rates of chronic diseases, such as diabetes and heart disease, are increasing in Mexico, and many patients with these conditions require long-term care and support. This is also driving growth in the home healthcare market. Diabetes became increasingly common beyond the age of 50, with 23.8% of men and 26.9% of women aged 65-74 reporting a diagnosis. Due to this, there is a growing awareness of the benefits of in-home care, and more people are recognizing the advantages of receiving care at home rather than in a hospital or nursing home. With this, the Mexican government is taking steps to increase access to home healthcare services by implementing policies that support the growth of the industry. This includes tax incentives for companies that invest in home healthcare and subsidies for low-income families to access these services.
There is a shortage of trained healthcare professionals, such as nurses and therapists, in Mexico, which makes it difficult for the home healthcare industry to provide adequate care to patients. In some rural areas of Mexico where 54% reside in Quintana Roo and over 70% in Zacatecas, Yucatán, Campeche, San Luis Potosí, Nuevo León, and Coahuila, there is limited access to technology and medical equipment, making it difficult for home healthcare providers to offer advanced care services to patients. Despite government initiatives to make home healthcare more accessible, financial barriers remain a major challenge for many patients. The cost of home healthcare services can be high, and many low-income families cannot afford to pay for these services. Also, there is a lack of awareness about home healthcare services among the general public in Mexico, and many people are not familiar with the benefits of in-home care.
COFEPRIS regulates medical devices (Comision Federal para la Proteccion contra Riesgos Sanitarios). All medical equipment imported into or distributed within Mexico must be registered with COFEPRIS first. COFEPRIS is responsible for reviewing and approving the marketing and sale of prescription drugs in Mexico.
Medicines and Healthcare Products Regulatory Body (MHRA) is a government agency in charge of ensuring that medicines and medical devices function properly and are safe. It is an executive agency of the Department of Health.
The current Mexican government (MORENA) is promoting an amendment to the scheme of self-regulated maximum retail price (MRP), which consists, in general, of the Ministry of Economy, in collaboration with the Ministry of Health, guaranteeing access to medications and inputs to people in poverty through a transparent process and taking differentiated policies into account. Furthermore, these Authorities would regulate and review price controls on an annual basis.
As such, there is no insurance policy on Home healthcare in Mexico but the government is working to address reimbursement issues in the home healthcare industry to ensure that patients receive the care they need.
The General Health Law and its Regulations are the main pieces of legislation regulating the licensing, costing, and reimbursement of pharmaceuticals, biologicals, and medical devices. These rules and regulations are reinforced by COFEPRIS Guidelines and Official Norms (NOMS).
Private insurance firms provide indemnity coverage for medical expenses by reimbursing policyholders, hospitals, or physicians. The National Insurance and Securities Commission (CNSF) regulates indemnity insurance to guarantee that it has the financial capacity to cover its contractual risks.
Private insurers can also join Special Health Insurance Institutions (ISES), a type of insurance that reimburses healthcare costs while also providing preventive, curative, and rehabilitation services directly through their own or contracted infrastructure.
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)
220.127.116.11 Product Applications and Services
18.104.22.168 Recent Developments
22.214.171.124 Partnerships Ecosystem
126.96.36.199 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
By Device Type (Revenue, USD Billion):
Based on the Device Type the market is segmented into Testing, Screening, Monitoring Devices, Therapeutic Home Healthcare Devices, and Mobility Assist.
By Service Type (Revenue, USD Billion):
By Indication Type (Revenue, USD Billion):
Insights10 will provide you with the reports within 10 key parameters which are:
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)
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.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses