The Mexico Neurology Devices Market is expected to grow with a CAGR of 6.2% in the forecast period. The key factors propelling the growth of the market are the increasing incidence of neurological disorders and the rising aging population. The increasing incidence of neurological disorders like brain aneurysms, brain tumors, epilepsy, memory disorders, multiple sclerosis, Parkinson’s disease, peripheral neuropathy, post-herpetic neuralgia, spinal cord tumor, and stroke. These neurological diseases mostly occur in the elder population which is in a huge number in the country.
The National Council for the Evaluation of Social Development Policy (CONEVAL 2018) reports that 7.8% of the population in Mexico is 65 years old or older. The increasing elderly population is expected to increase the incidence of chronic neurological diseases that in turn boosts the demand of the devices. However, the high cost of the devices is restraining market growth.
Key Market Trends
Neurosurgery Devices is Expected to Grow Fastest during the Forecast Period
Neurosurgery devices are widely used for the treatment of various neurological disorders that cannot be cured just with therapeutic drugs. Common neurological disorders include brain tumor, stroke, Parkinson’s disease, Alzheimer’s disease, Epilepsy, and multiple sclerosis.
According to the Institute for Health Metrics and Evaluation, 2017, the number of cases for Parkinson's disease was 13,468; Epilepsy was 70,261; brain and nervous system cancer were 3,288. in Mexico. All these diseases need treatments and procedures, that boost the demand for the neurological devices, therefore, the increasing patient pool is expected to propel the segment growth in the forecast period.
The Mexico Neurology Devices Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are B. Braun Melsungen AG, Boston Scientific Corporation, Stryker Corporation, Medtronic PLC, Abbott Laboratories, Johnson and Johnson, and Smith & Nephew.
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