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.
Market Overview:
The Latin America oncology device market consists of various products used for cancer diagnosis and treatment. This includes biopsy devices, endoscopes, imaging systems, and surgical equipment that are used by healthcare professionals to examine patients and deliver targeted cancer therapies. The rising economic burden of cancer and increasing awareness about early detection and treatment are contributing to the demand for oncology devices in Latin American countries.
Market Dynamics:
The Latin America oncology device market is driven by the growing cancer prevalence in the region. According to the World Cancer Research Fund International, breast cancer is the most common type of cancer in women in Latin America. Similarly, prostate cancer accounts for a significant proportion of cancer cases among men. Advanced medical technologies are enabling quicker and more accurate diagnosis along with minimally invasive treatment options. This is helping to reduce cancer mortality rates. Furthermore, supportive government initiatives to enhance healthcare infrastructure and improve access to cancer care across Latin American nations are promoting market growth. However, the high cost of novel oncology devices remains a major challenge, especially in low-income countries.
SWOT Analysis
Strength:
– Increasing prevalence of cancer is propelling the demand for oncology devices in the region.
– Growing awareness about early cancer detection and diagnosis is fueling the market growth.
– Availability of favourable reimbursement policies and government funding is positively impacting the adoption of advanced oncology treatment devices.
Weakness:
– High cost of oncology devices limits their widespread adoption in developing nations.
– Shortage of skilled healthcare professionals hampers the efficient utilization of oncology treatment devices.
Opportunity:
– Untapped opportunities in rural areas offer lucrative growth prospects for market players.
– Ongoing research and development activities are anticipated to yield innovative oncology devices.
Threats:
– Stringent regulatory approvals for new devices prolong market entry.
– Intense competition among existing market players hampers pricing flexibility.
Key Takeaways
Latin America Oncology Device Market Demand is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing cancer burden in the region.
Regional analysis
Brazil dominates the Latin America oncology device market with over 30% market share, owing to rising prevalence of cancer cases, government initiatives to enhance healthcare infrastructure, and growing healthcare expenditure. Mexico is projected to exhibit fastest growth during the forecast period due to healthcare reforms and expansion of private healthcare insurance.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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