Mexico’s Healthcare Market to Reach $28 Billion by 2020
According to a recent report by GlobalData and the Organization for Economic Co-operation and Development, Mexico’s pharmaceutical and medical devices industries will be worth approximately $22.5 billion and $5.4 billion by 2020, respectively. Overall, Mexico’s healthcare market will reach a value of $27.9 billion.
Mexico’s healthcare market value will represent a Compound Annual Growth Rate of 6.8 percent, climbing from $17.6 billion in 2013, the report stated.
According to GlobalData, a number of factors, including the prevalence of non-communicable diseases, improvements in regulatory healthcare guidelines, government support for the healthcare sector, and the North American Free Trade Agreement, will help drive the anticipated market growth.
“Over 350 domestic and multi-national companies are engaged in the manufacture of pharmaceutical products in Mexico, making the country one of the leading producers in the Americas. During the next five years, the pharmaceutical sector will have the opportunity to expand, due to a number of branded drugs losing market exclusivity. This will benefit domestic manufacturers, as the top pharmaceutical companies in Mexico mostly deal with generic drugs,” said Joshua Owide, GlobalData’s director of Healthcare Industry Dynamics, in a news release.
Mexico was Latin America’s main exporter of pharmaceutical products in 2012, and the country has grown to be a key exporter to Europe and the U.S., thanks largely in part to free trade agreements.
“While the Mexican pharmaceutical market may be vulnerable, with a high share of private healthcare expenditure, alongside out-of-pocket payments and the problem of counterfeit drugs, the overall outlook remains bright,” said Owide. “Non-communicable disease, which is rising in prevalence due to the increasing elderly population and changes to diet and lifestyle, combined with the Mexican government’s aim to provide universal healthcare coverage, will increase public expenditure and create greater market opportunities for both the pharmaceutical and medical device industries.”
Dexcom: changing the lives of people with type 1 diabetes
It is estimated that 9.3% of adults around the world are living with type 1 diabetes, which amounts to a total of 463 million people. A further 1.1 million children and adolescents under the age of 20 are living with the condition.
Unlike the more prevalent type 2 diabetes, where the body still produces insulin and symptoms develop slowly, people with type 1 diabetes need regular insulin injections or pumps, and must monitor their sugar levels frequently.
In recent years a number of remote glucose monitoring systems have become available that patients can use at home. These work with a sensor, usually placed under the skin, that measures glucose levels every few minutes. This information is then transmitted wirelessly to a device like a smartphone or tablet, which can then be shared with their clinician.
British actress Nina Wadia's son Aidan, 14, has type 1 diabetes, and has been managing his condition using Dexcom, a glucose monitoring system used by patients all over the world. Here Wadia explains how Dexcom has improved their lives.
As a parent of someone with type 1 diabetes, what is your day-to-day life like?
Being able to take a breath, think and pivot constantly without getting frustrated becomes an essential mindset because sometimes it feels like each day is determined to be different from the day before. Whatever worked yesterday is going to misfire today.
Which areas of yours and Aidan’s life are most impacted by diabetes?
The one thing that you have to fight hard to reclaim is spontaneity, especially when it comes to food and exercise. It’s only when this is taken do you realise how essential each one is. You can be flexible and there are no real limits, but only in the sense that a great athlete can be flexible without limits because they’ve trained super hard to be that way. So we’ve all had to become athletes when it comes to being spontaneous.
How has Dexcom helped you and Aidan?
Dexcom has brought future science fiction to real life today. The continuous glucose monitoring system is tiny, sits discreetly on his body and gives him a ten-day breather between sensor changes, so it's goodbye finger-pricking seven times daily.
Dexcom is totally active at a grass roots level and for Diabetes Awareness has pledged to donate £2,000 if #DexcomDiabetesStories and/or #DexcomWarriorStories is shared 200 times! I’ll be sharing more on social media and would love to hear how other families are winning their fights.
Maybe most importantly Dexcom is trying to introduce a reimbursement programme for type 1 diabetes patients which will give greater access to modern, life changing hi-tech. I want to spread the word on the importance of accessing it through this campaign.
If you compared your life today with how it was before Aidan was using Dexcom, what has changed?
It's always working, which lets him take his mind off diabetes for longer stretches. It also lets me get off his back. We both receive alerts so I no longer have to pester him by asking him what his number is, and especially importantly, I don’t have to wake him at night to prick his finger if I’m worried. Dexcom gave us back our sleep!