The medical sector has always been crucial, but recently, with the appearance of COVID-19 and other health issues, the medical device industry has become more relevant than ever. What is the future of the medical device industry? Let’s review some interesting facts about its evolution.
The Evolution of Medical Devices
Medical device manufacturing in Mexico has grown steadily, driven by global clinical advances, the incorporation of new technologies, and greater demand by the population.
This growth represents significant benefits for our country, such as:
- Improving the quality of life of its inhabitants
- Promoting public health as well as affordable access to pharmaceuticals and medical devices
- Promoting research and development of medical devices
- Economic development in Mexico
Mexico, especially Tijuana, has established itself as the leading exporter of medical equipment for the most important market: the United States. As a result, exports to that country create an attractive, strong, and sustained demand.
Medical Device: A Valuable Industry
According to data from the Mexican Association of Innovative Medical Device Industries, the value of medical device production in the country exceeds 15.22 billion dollars and generates more than 130,000 jobs.
Currently, Mexico is the eighth exporter of medical devices worldwide, the first exporter in Latin America, and the United States leading supplier.
The Future of the Medical Device Industry
What is the future of the medical device industry? Mexico offers 21.2% savings in manufacturing costs for the medical device industry and 9.8% in manufacturing costs for precision components.
In addition, from January to June 2022, the Medical Devices investment was 705.95 MDD, 58% of the total investment in the region. The other sectors were Electronics, Automotive, Food & Beverage, Packaging, Metal Mechanics, and other industries.
So there is no doubt that the medical device industry has a promising future. It will continue to strengthen itself to improve global health with the support of medical personnel and skilled international labor.
We know this industry’s potential at Tijuana EDC, so we offer specialized business consulting and logistics services for companies considering contract manufacturing solutions in Mexico to grow.
We are excellent connoisseurs of the industrial field worldwide with more than 30 years of experience providing free-of-charge services. Contact us and discover business opportunities in Mexico.