The Latin America oncology device market consists of medical devices that are used in the diagnosis and treatment of various types of cancer including breast cancer, lung cancer, colorectal cancer, prostate cancer, and leukemia. Oncology devices help identify abnormalities or diagnose cancer with greater precision and assist doctors in deciding the course of treatment.
The global Latin America Oncology Device Market is estimated to be valued at US$ 36.6 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the Latin America oncology device market is accelerated by the rising prevalence of cancer in the region. According to the World Health Organization (WHO), cancer is a growing burden in Latin America, with about 1.5 million new cancer cases and over 600,000 cancer deaths estimated to have occurred in 2020. The increasing incidence of cancer has led to rising demand for advanced oncology devices among healthcare facilities to facilitate early detection and effective treatment of the disease. Furthermore, growing awareness about cancer and ongoing technological advancements in oncology devices are also driving the adoption of these medical equipment, thereby supporting the market growth over the forecast period.
Segment Analysis
The Latin America oncology device market is dominated by radiation therapy segment which holds around 45% share of the overall market. Radiation therapy devices are widely used for cancer treatment in the region. Factors such as increasing prevalence of cancer, adoption of advanced treatment procedures and growing awareness about early cancer detection are driving the growth of radiation therapy segment in Latin America oncology device market.
Key Takeaways
The global Latin America Oncology Device Market Share is expected to witness high growth. The global Latin America Oncology Device Market is estimated to be valued at US$ 36.6 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Regional analysis suggests Brazil dominates the Latin America oncology device market and is expected to grow at a CAGR of 6.2% during the forecast period. Growing geriatric population, improving healthcare facilities and increasing per capita healthcare expenditure are driving the growth of the oncology device market in Brazil.
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, FMC Corporation, Cargill, Incorporated, GlaxoSmithKline plc. These players are focusing on new product launches and partnerships to strengthen their market presence in the region. For instance, in 2023 Koninklijke DSM N.V partnered with local distribution partner in Brazil to expand its dietary supplement portfolio.
For more insights, read- https://www.ukwebwire.com/latin-america-oncology-device-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
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