February 25, 2024
Latin America Oncology Device Market

Latin America Oncology Device Market Is Expected To Be Flourished By Rising Geriatric Population

The Latin America oncology device market is comprises medical devices that are used for diagnosis and treatment of cancer. Some key oncology devices include brachytherapy devices, endoscopic devices, and drugs delivery devices among others. Brachytherapy devices are used for inserting radioactive sources into or close to the tumor site. Endoscopic devices such as endoscopes and cameras are utilized to diagnosis tumor size and for minimally invasive surgery. Drug delivery devices include injectors, infusers, and catheters that are used for targeted delivery of cancer drugs.

The global Latin America oncology device market is estimated to be valued at US$ 36.6 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The Latin America oncology device market is expected to be flourished by rising geriatric population. As per estimates, the population over 65 will rise from 19 million in 2023 to 37 million by 2050 in Latin America and the Caribbean region. Older adults are more prone to develop cancer and with increasing geriatric population the demand for oncology devices is expected to surge during the forecast period. Additionally, growing awareness about early cancer detection is another factor fueling the Latin America oncology device market. Early detection helps to diagnose cancer at an early stage leading to better treatment outcomes. This has promoted adoption of advanced diagnostic technologies thereby positively impacting the market growth over the forecast period.

Segment Analysis

The Latin America Oncology Device market is dominated by the surgical oncology devices segment which holds around 35% of the total market share. Surgical oncology devices like surgical instruments, endoscopes and other medical equipment are widely used for diagnosis and treatment of various types of cancer like lung cancer, breast cancer, prostate cancer, colorectal cancer and others. This segment dominates due to high prevalence of cancer and increasing adoption of minimally invasive surgeries in the region.

PEST Analysis

Political: Governments in the key Latin American countries like Brazil, Mexico are focusing on increasing public healthcare spending to boost cancer diagnosis and treatment facilities. Some countries also provide subsidies and tax benefits to medical device importers.
Economic: Rising incomes, growing medical insurance penetration are positively impacting the market. However, economic uncertainties and currency fluctuations can affect the device import pricing in some countries.

Social: Growing cancer awareness programs, expanding access to cancer screening and increasing lifestyle diseases are driving the disease prevalence. However, lack of skilled healthcare professionals in rural areas poses a challenge.
Technological: Continuous innovation is leading to development of advanced devices with improved functionalities like robotic surgery systems, brachytherapy devices, IGRT, IMRT etc helping better outcomes. Widening diagnostic capabilities through newer imaging modalities is also aiding the market.

Key Takeaways

The Latin America Oncology Device Market Share is expected to witness high growth during the forecast period owing to factors like growing geriatric population, increasing cancer incidence, heavy funding for cancer research, promotion of early screening programs etc. The global Latin America oncology device market is estimated to be valued at US$ 36.6 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.

Regional analysis:

Brazil dominates the Latin America Oncology Device market accounting for over 35% value share due to large patient population, rising healthcare spending, presence of leading players and growing medical tourism. Mexico is also emerging as a major market supported by universal healthcare initiatives, active government focus on non-communicable diseases and private healthcare reforms.

Key players operating in the Latin America Oncology Device market are Koninklijke DSM N.V, BASF SE, Croda International PLC, Enzymotec Ltd., Omega Protein Corporation, Aker Bio Marine AS, Polaris Nutritional Lipids, FMC Corporation, Cargill, Incorporated, GlaxoSmithKline plc. Key players are focusing on new product launches, facility expansion and collaborations to strengthen their presence in the high growth developing markets of Latin America.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it