May 29, 2024
Latin America Oncology Device Market

The Latin America Oncology Device Market Is Driven By Growing Prevalence Of Cancer

The Latin America oncology device market comprises a wide range of devices that are used in the treatment of various forms of cancer including breast cancer, lung cancer, colorectal cancer, prostate cancer, and others. Radiation therapy devices help kill cancer cells or slow their growth. Surgical devices such as electrosurgical devices aid in performing minimally invasive cancer surgeries. Diagnostic imaging devices help detect cancer in early stages by capturing images of internal body structures. Adjuvant therapy devices like brachytherapy devices are used to place radioactive material directly inside the body near cancer cells.

The global Latin America Oncology Device Market is estimated to be valued at US$ 36.6 Mn in 2024 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 key Trends:

Increasing incidence of cancer due to lifestyle changes and growing geriatric population in Latin America is a major factor driving the growth of this market. Sedentary lifestyle with lack of physical activity coupled with increasing consumption of junk food and tobacco products have led to significant rise in cancer cases. As per World Cancer Research Fund, in 2018, over 1.9 million new cancer cases were reported in Latin America. Geriatric population above 60 years of age has high susceptibility to various forms of cancer, and this demographic segment is growing at a faster pace in developing countries of Latin America. Technological advancements in oncology devices help provide efficient yet minimally invasive treatment for cancer. 3D imaging technology facilitate accurate planning and execution of radiation therapy. Emergence of portable diagnostic imaging devices enable point-of-care cancer screening in remote areas.

Porter’s Analysis

Threat of new entrants: Low capital requirements and existing technologies limit barriers for new companies. However, established brands and regulations pose threats.

Bargaining power of buyers: Multiple treatment options give patients bargaining power. However, demand inelasticity reduces impact.

Bargaining power of suppliers: Key materials like chemicals and machinery have few substitutes. This gives suppliers negotiation power over prices.

Threat of new substitutes: Alternate treatment methods continuously emerge but most lack efficacy of devices. Substitutes pose medium threat.

Competitive rivalry: Large companies compete aggressively on technology and price. Regional players challenge global brands. Rivalry is high.

Key Takeaways

The global Latin America Oncology Device Market Share is expected to witness high growth. The global Latin America Oncology Device Market is estimated to be valued at US$ 36.6 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.

Regional analysis comprised Latin America dominates over 40% market share led by Brazil and Mexico. Spending on cancer care is increasing at a fast pace in the region.

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. Koninklijke DSM N.V is the market leader with wide portfolio and regional presence. BASF SE commands over 15% share with branded drugs and generics.

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