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Report
Mexico Bariatric Surgery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 75 Pages I Mordor Intelligence
The Mexican bariatric surgery market is poised to register a CAGR of 4.8% during the forecast period.
The pandemic affected the studied market. Various research studies provide insight into the pandemic's effect on the country's medical infrastructures. In July 2021, a research study published in the National Library of Medicine stated that surgeries were canceled or halted due to the pandemic, which adversely impacted market growth. However, the increasing medical tourism in the country is expected to increase market growth during the forecast period. For instance, according to the Mexican Council for the Medical Tourism Industry's data updated in January 2022, Mexico is a popular destination for healthcare tourism. As a result, more people travel to Mexico for treatment. As a result, the country continues to be one of the most popular tourist destinations. This also creates the opportunity for bariatric surgery. As the pandemic has subsided currently, the market has gained some traction, and thus the market is expected to have stable growth during the forecast period of the study.
The major contributors to the market growth are the increasing burden of chronic diseases, such as diabetes and heart disease. Heart disease is another factor in increasing the demand for bariatric surgery in the country. As per the American Heart Association 2022, 56.1% of adults in Mexico s have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. With financing from Novartis, the American Heart Association has begun a new implementation science program in Mexico, enhancing care for patients with ASCVD, often known as atherosclerosis. With this initiative, cardiology care in the country will increase in terms of prevention and treatment, ultimately boosting the demand for the studied market.
The "Mexican Social Security Institute (IMSS)" also shared plans to invest USD 677.2 million to build 111 new hospitals by 2024. This is expected to drive the studied market growth. These investments are predicted to provide infrastructure for surgeries in hospital and clinic settings, bolstering the overall market growth in the country. However, the high cost of these surgeries can hinder market growth.
Mexico Bariatric Surgery Market Trends
Closure Devices Expected to Exhibit a Significant Growth Rate
Closure devices are used in bariatric procedures for reconnecting tissues and for the closing of incisions which are made through trocars. The growing cases of obesity are expected to increase the demand for these devices. In October 2022, a press release by the OECD stated that more than half of the Mexican population over 15 years of age suffers from overweight and obesity. As per the same source, the world's highest rate of obesity is around 69% among those over the age of 15. In the past 30 years, the obesity rate in Mexico has tripled. Since 4.5 million children between the ages of 5 and 11 already struggle with obesity, childhood is the foundation of the issue. Hence, the aforementioned factors are expected to drive market growth over the forecast period in this segment.
Moreover, the rise in investments in hospital infrastructure in Mexico is predicted to contribute to the market growth over the analysis period. For instance, in April 2022, the Jalisco government, Mexico, planned to invest more than USD 301.5 million in healthcare infrastructure over the next three years to build new hospitals and healthcare centers and upgrade existing ones. Furthermore, as per IDF 2021, about 14 million adults in Mexico are living with diabetes, a rise of 10% in the past two years. ?About 11 million adults in the country have Impaired Glucose Tolerance (IGT), which places them at high risk of developing Type-2 diabetes.? Hence, the rising number of cases of diabetes is expected to increase obesity which helps in increasing the demand for bariatric surgeries in Mexico.
Thus, the abovementioned factors are expected to increase market growth during the forecast period.
Gastric Balloon Segment Expected to Exhibit a Significant Growth Rate
Factors such as the increasing prevalence of chronic disease coupled with partnership are expected to increase market growth. In March 2022, a press release published by Mexico Business stated that the Mexican Social Security Institute (IMSS) introduced the Protocols of Integral Attention (PAI) for chronic diseases and their complications. These protocols train medical professionals in preventing, detecting, and diagnosing these diseases.
Between January 2021 and August 2021, heart diseases, diabetes, and chronic pulmonary illnesses were three of Mexico's 10 leading causes of death. As per the same source, in Mexico, 25 percent of the population suffers from hypertension. Of those diagnosed, about 20 percent lacked access to medical treatment, according to INSP. Such a high disease prevalence is expected to increase the demand for gastric balloons, thus increasing segmental growth.
Similarly, according to the World Obesity Atlas 2021 report, many countries were predicted to have over 1 million children with obesity by 2030, including Mexico (6.8 million). Thus, such a high prevalence of obesity is expected to increase the growth of the gastric balloon segment over the forecast period.
Mexico Bariatric Surgery Market Competitor Analysis
The Mexican bariatric surgery market is moderately competitive and consists of several major players. Some of the major players in the Mexico Bariatric Surgery Market are B. Braun SE, Boston Scientific Corporation, Johnson & Johnson, Medtronic PLC, and Olympus Corporation, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope Of The Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in the Number of Obese Patients
4.2.2 Increasing Burden of Chronic Diseases such as Cardiovascular Diseases and Diabetes
4.3 Market Restraints
4.3.1 High Cost of Surgery
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Device
5.1.1 Assisting Devices
5.1.1.1 Suturing Devices
5.1.1.2 Closuring Devices
5.1.1.3 Stapling Devices
5.1.1.4 Trocars
5.1.1.5 Other Assisting Devices
5.1.2 Implantable Devices
5.1.2.1 Gastric Bands
5.1.2.2 Electrical Stimulation Devices
5.1.2.3 Gastric Balloon
5.1.2.4 Gastric Emptying
5.1.3 Other Devices
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun SE
6.1.2 Boston Scientific Corporation
6.1.3 ConMed Corporation
6.1.4 Intuitive Surgical Inc.
6.1.5 Johnson & Johnson
6.1.6 Medtronic PLC
6.1.7 Olympus Corporation
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