Mexico Neurology Devices Market Size (2024 - 2029)

Mexico Neurology Devices Market Analysis

The Mexico Neurology Devices Market is expected to register a CAGR of 5.60% during the forecast period.

• The key factors propelling the growth of the market are the increasing incidence of neurological disorders, the rising geriatric population, and the rising technological advancements in neurological devices.
• 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 tumors, and strokes is the major factor driving market growth. For instance, according to an article published by PubMed Central in June 2022, a study was conducted in Mexico, which showed that the prevalence of intracerebral hemorrhage and cerebral venous thrombosis was 23.1% and 0.2%, respectively, in patients suffering from acute stroke.
• Furthermore, according to an article published by Cureus in October 2022, glioblastoma or brain tumors represented the most frequent and aggressive intracranial neoplasia, with a high prevalence in Mexico. Thus, the high prevalence of such neurological disorders is expected to enhance the usage of neurological devices. Moreover, as these neurological diseases mostly occur in the elderly population, the rising geriatric population in the country is also expected to enhance market growth.
• The market players are engaging in several strategic activities, such as product launches and mergers and acquisitions, which are expected to contribute to market growth during the forecast period. For instance, in March 2022, BioElectronics Corporation announced that its distribution partner in Mexico had received authorization from the Mexican Food and Drug Administration (FDA) (Cofepris), which allowed for the importation of the RecoveryRx neuromodulation device into Mexico. Such approvals are expected to increase the demand for neurological devices, contributing to market growth.
• Thus, the aforementioned factors, such as the rising prevalence of neurological disorders and the increasing research and development activities, are expected to boost market growth during the forecast period. However, the high cost of equipment is expected to impede market growth.

Mexico Neurology Devices Industry Segmentation

Neurological devices are medical devices that help to diagnose, prevent, and treat a variety of neurological disorders and conditions, such as Alzheimer's disease, Parkinson's disease, major depression, and traumatic brain injury.

The Mexican neurology devices market is segmented by type of device: cerebrospinal fluid management devices, interventional neurology devices, neurosurgery devices, neurostimulation devices, and other types of devices.

The report offers the value (USD) for the above segments.