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.
The Latin America Oncology Device Market comprises medical devices, equipment, and consumables that are used to diagnose, monitor, and treat cancer cases. Some key devices used in oncology care include chemotherapeutic injectors, surgical instruments, therapy devices, brachytherapy devices, external beam radiation therapy devices, biomarkers, and others. Rise in cancer incidences due to lifestyle changes, growing aging population, increased government healthcare spending are expected to drive the demand for oncology devices in the region over the forecast period.
Market key trends:
One of the major trends in the Latin America Oncology Device Market is the increasing adoption of advanced radiation therapy devices. Brachytherapy and external beam radiation therapy (EBRT) devices are playing a vital role in cancer treatment. Technological advancements are enabling healthcare facilities to offer targeted radiation therapy with minimal side effects. For instance, imaging guided radiation therapy combines advanced imaging techniques such as CT, MRI, PET with EBRT to accurately deliver high doses of radiation to tumors while avoiding damage to nearby tissues. This is expected to increase preference of advanced radiation therapy among cancer patients in Latin America.
Threat of new entrants: With established infrastructure and investments already in place, the threat of new entrants entering the market is low. However, the relatively high growth rate incentivizes new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, the availability of substitutes increases the bargaining power of buyers.
Bargaining power of suppliers: There are numerous suppliers in the market. However, establishing long term relationships and contracts with key suppliers helps lower the bargaining power of suppliers.
Threat of new substitutes: There is moderate threat from new substitutes. However, research and development in new technologies helps create product differentiation and loyalty.
Competitive rivalry: Intense as the key players compete for market share through innovation and expansion.
Latin America Oncology Device Market Demand is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period 2023 to 2030, due to increasing prevalence of cancer and rising healthcare expenditure.
Regional analysis: Brazil dominates the Latin America oncology device market owing to the presence of major players and rising incidence of cancer. Mexico is expected to grow at the fastest pace during the forecast period.
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. These players are focused on new product launches and partnerships for business expansions.