May 22, 2024
Latin America Oncology Device

Latin America Oncology Device Market Set for Robust Growth By 2030 owing increasing adoption of minimally invasive treatments

The Latin America oncology device market has observed considerable growth in recent years. Oncology devices are medical instruments used in the diagnosis and treatment of cancer. Some key products in this market include brachytherapy devices, endoscopic devices, and surgical cameras which are used extensively across hospitals and clinics. The rising cancer prevalence coupled with increasing government initiatives to enhance early cancer detection is fueling demand for oncology devices in the region.

The oncology device market in Latin America is estimated to be valued at US$ 42.17 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period of 2024 to 2030.

The increasing adoption of minimally invasive treatments and surge in cancer screening programs are boosting the market growth. Moreover, growing healthcare infrastructure across developing nations will augment the regional market in the coming years.

Key Takeaways

Key players operating in The Latin America Oncology Device 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. These players are focused on launching innovative products to strengthen their market position.

The rising disposable incomes are increasing the affordability of advanced treatment options such as precision oncology devices among patients in Latin America. This presents significant opportunities for key players to expand their customer base. Furthermore, public–private partnerships for improving cancer diagnostic capabilities are gaining traction in the region.

Growing healthcare expenditures of governments in developing nations combined with increasing focus on healthcare infrastructure up-gradation will drive the adoption of oncology devices across Latin America over the next decade. Leading manufacturers are also exploring opportunities in emerging countries to leverage the high market potential.

Market Drivers

The surging cancer burden is one of the major drivers propelling the demand for oncology devices in Latin America. According to the World Health Organization (WHO), cancer is the second leading cause of mortality in the region. Favorable reimbursement policies for cancer treatment along with the heavy investments by private organizations are encouraging the adoption of modern oncology devices and treatments in Latin America. This is having a positive impact on the regional market.

PEST Analysis
Political: Governments in Latin America aim to expand healthcare access through universal healthcare programs. However, budgets constraints and economic downturns remain challenges.
Economic: Economic growth in Latin America has slowed from the 2010s, impacting healthcare spending. Inflation also drives up costs of oncology devices and treatments.
Social: Cancer rates are increasing due to lifestyle changes such as smoking and obesity. However, awareness is also rising to detect and manage cancers better.
Technological: Advancements in targeted therapies, immunotherapies, and precision oncology tools improve outcomes. Telehealth expands access in remote areas.

The largest markets in Latin America for oncology devices in terms of value are Brazil, Mexico, and Argentina. Brazil has the largest economy and population in the region, generating over 30% of the region’s medical device demand. It is modernizing its healthcare infrastructure through public-private partnerships.

The fastest growing market for oncology devices in Latin America is expected to be Colombia over the forecast period. Its economy has been one of the fastest expanding in Latin America in recent years. The government is committed to universal healthcare and increasing healthcare spending. This is enabling more Colombians to access advanced cancer care, driving stronger demand for quality oncology devices. Investments are also being made to bolster the healthcare workforce and facilities.

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