February 21, 2024
Oncology Device Market

Telehealth is Fastest Growing Segment Fueling the Growth of Latin America Oncology Device Market

The global 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.

Market Overview:
The Latin America Oncology Device Market comprises medical devices used for the diagnosis and treatment of cancer. Key products in the market include radiotherapy devices, brachytherapy devices, endoscopic devices, and surgical instruments. Growing prevalence of cancer and advantages of early cancer diagnosis and minimally invasive surgeries are driving the demand for advanced oncology devices in the region.

Market key trends:
Telehealth is emerging as one of the fastest growing segments in the Latin America Oncology Device Market. Telehealth allows remote delivery of healthcare services using telecommunication technologies and addresses barriers to access faced in rural areas. It enables remote cancer screening, ongoing care management, treatment planning and support. This trend is gaining traction due to benefits such as enhanced access to care, cost savings and improved quality of life for cancer patients. The COVID-19 pandemic has further accelerated the adoption of telehealth in oncology, highlighting its importance.

Segment Analysis
The Latin America oncology device market is dominated by the radiation therapy segment. Radiation therapy devices help to treat cancer by using high-energy radiation to shrink tumors and kill cancer cells. The rising prevalence of cancer cases, advancement in radiation therapy techniques such as stereotactic body radiation therapy (SBRT), as well as the increasing adoption of particle therapy for cancer treatment are driving the growth of the radiation therapy segment in the region.

Key Takeaways
Latin America Oncology Device Market Demand is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing prevalence of cancer cases in the region.

Regional analysis
Brazil is expected to dominate the Latin America oncology device market over the forecast period. According to the National Cancer Institute, Brazil recorded over 600,000 new cancer cases in 2018. This high incidence of cancer is driving the demand for advanced oncology devices in Brazil. Mexico is also projected to grow at a considerable pace during 2023-2030, owing to rising healthcare spending and adoption of technologically advanced treatment options.

Key players
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.

The global Latin America oncology device market size is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing prevalence of cancer cases in the region.

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