The Latin America Oncology Device Market is estimated to be valued at US$ 36.60 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Latin America oncology device market consists of various medical devices that are used for cancer diagnosis and treatment. Some key devices include biopsy devices, endoscopic devices, imaging devices, surgical instruments, brachytherapy devices, and access devices. These devices aid in early detection and accurate diagnosis of cancer along with effective treatment options.
Market key trends:
One of the major trends driving the growth of Latin America oncology device market is the rising prevalence of cancer in the region. According to the World Health Organization (WHO), cancer was a leading cause of mortality in Latin America and accounted for approximately 196,000 deaths in 2020. Some of the common cancers in the region include breast cancer, stomach cancer, prostate cancer, lung cancer, and cervical cancer. Furthermore, risk factors such as lifestyle changes, tobacco use, obesity, and adoption of western diet has contributed significantly to the rising cancer burden. Thus, high incidence of various types of cancers has fuelled the demand for advanced oncology devices for effective clinical management of the disease.
Threat of new entrants: The high costs involved in research, development, manufacturing and commercialization of oncology devices poses significant entry barriers for new players.
Bargaining power of buyers: The presence of a large number of existing device manufacturers, along with availability of low cost alternatives limits the bargaining power of buyers in this market.
Bargaining power of suppliers: The key components used in manufacturing oncology devices such as semiconductors, electronic parts have a global supply chain which diminishes the bargaining power of suppliers.
Threat of new substitutes: There exists a low threat of substitution as oncology devices have limited substitutes for diagnostic and treatment purposes.
Competitive rivalry: Fierce competition exists between existing major players to gain higher market shares.
Strength: Wide product portfolio and strong brand recognition of major players in the region. Technological advancements leading to development of innovative devices.
Weakness: High costs associated with device development, manufacturing and marketing. Heavy dependence on limited target segment of cancer patients.
Opportunity: Growing cancer prevalence rate and increasing focus on early diagnosis. Favorable government policies and investments towards improving healthcare infrastructure.
Threats: Stringent regulatory landscape and longer product approval timelines. Economic slowdowns impacting public healthcare expenditures.
Latin America Oncology Device Market Demand is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of cancer in the region. Growing geriatric population and adoption of sedentary lifestyles has led to rise in incidence of different cancer types in Latin American countries.
Regional analysis: Brazil dominates the Latin America oncology device market and is expected to grow at a highest CAGR during the forecast period. This is attributed to the large population of Brazil coupled with growing healthcare spending by both public and private players. Mexico and Argentina also offer lucrative opportunities for oncology device manufacturers owing to developing healthcare infrastructure in these countries.
Key players operating in the Latin America Oncology Device market are Medtronic, Ace-medical, VOGT MEDICAL, BD (Becton, Dickinson and Company), Smiths Medical, Inc., Samtronic., Â CODAN ARGUS AG, B. Braun SE, Medical Components, Inc., Fresenius SE & Co. KGaA, Baxter, EuroLife Healthcare Pvt. Ltd, and Micrel Medical Devices. Major players are focusing on new product launches, partnerships and geographic expansion strategies to gain a strong foothold in the emerging Latin American markets and leverage growth opportunities.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it