The Latin America oncology device market comprises medical equipment and technologies used for cancer diagnosis and treatment. Key product categories include magnetic resonance imaging (MRI) machines, X-ray imaging systems, positron emission tomography (PET) scanners, computed tomography (CT) scanners, surgical instruments, and other medical devices assisting in radiotherapy, chemotherapy, immunotherapy, and targeted therapy. Growing prevalence of cancer due to lifestyle changes, tobacco use, and exposure to various carcinogens has boosted the demand for advanced diagnostic and therapeutic devices across Latin American countries.
The Global Latin America Oncology Device Market 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 2024 to 2030.
Key Takeaways
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, and FMC Corporation. Growing awareness about early cancer detection and favorable government initiatives to strengthen cancer care infrastructure have created lucrative opportunities for leading medical device manufacturers to expand their presence in the region. Major players are engaging in new product launches and acquisitions to gain a larger market share.
Cargill, Incorporated and GlaxoSmithKline plc are looking to venture into LatAm countries like Brazil and Mexico through strategic collaborations with local hospitals and cancer care centers. This will help them gain a foothold in high growth markets. Latin America is witnessing a widespread trend of medical tourism as people travel to countries like Mexico and Brazil for advanced cancer surgeries at affordable costs. This has prompted global companies to establish manufacturing and distribution hubs to cater to the growing medical tourism industry.
Market Drivers and Restraints
Rising prevalence of cancer due to lifestyle changes such as tobacco consumption, obesity, physical inactivity, and exposure to harmful radiations is a key growth driver for the Latin America oncology device market. According to estimates, more than 1 million new cancer cases are reported annually in the region. This expanding patient pool is generating higher demand for advanced diagnostic devices and treatment equipment.
Growing healthcare expenditure of Latin American countries as their economies advance is significantly supporting market growth. National cancer control programs are allocating increased funds to procure best-in-class radiology devices and therapeutic tools. However, lack of skilled oncology professionals remains a key issue, especially in smaller Latin American nations. This can negatively impact efficient operation and maintenance of sophisticated cancer diagnosis and therapy devices.
Segment Analysis
The Latin America Oncology Device Market can be segmented by product into Diagnostic Devices, Therapy Devices and Surgical Devices. The Therapy Devices segment dominates the market and is expected to continue its dominance over the forecast period. This is because therapy devices such as linear accelerator are major capital equipment required for cancer treatment and their demand is increasing with rising cancer cases and increasing availability of advanced therapy devices in the region.
Global Analysis
The Latin America Oncology Device Market faces high growth prospects in the Brazil region over the forecast period. Brazil accounts for the largest share in the Latin America Oncology Device Market owing to factors such as increasing healthcare expenditure, booming medical tourism industry and growing presence of major market players. The widespread establishment of comprehensive cancer centers and hospitals adopting advanced oncology devices further supports market growth in Brazil. The region of Colombia is also anticipated to register fastest growth in the Latin America Oncology Device Market due to improving healthcare infrastructure and rising medical needs of the population.
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