Oncology devices are medical instruments used for the diagnosis and treatment of cancerous cells and tumors. These include surgical instruments, endoscopes, biopsy devices, electrodes and other medical electronic equipment used in radiotherapy, chemotherapy, and surgical oncology. The devices aid in early diagnosis and effective management of cancer which significantly improves patient outcomes and quality of life. Common cancer types managed using these devices include breast cancer, lung cancer, prostate cancer, colorectal cancer and lymphomas.

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 Dynamics:
One of the primary drivers augmenting the Latin America oncology device market growth is increasing healthcare expenditure in the region. According to data by the World Bank, healthcare spending as a percentage of GDP increased from 7.4% in 2010 to 9.2% in 2019 in Latin America and the Caribbean region. The growing expenditure is enabling wider availability and adoption of advanced cancer treatment technologies across both public and private healthcare facilities. Furthermore, prevalence of cancer is also on the rise in Latin America due to changing lifestyle patterns, growing geriatric population, and exposure to risk factors such as tobacco use and obesity. According to WHO, cancer incidences are expected to increase by 68% by 2040 in the region. This rising disease burden is anticipated to drive the demand for oncology devices in Latin America over the forecast period.
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SWOT Analysis

Strength: The Latin America oncology device market has a large patient population suffering from cancer. Extensive research and development activities by market players are introducing innovative oncology devices with improved efficacy and reduced side effects. Government support for healthcare infrastructure expansion in countries like Brazil is boosting market growth.

Weakness: High costs associated with oncology device manufacturing and limited reimbursements for expensive devices pose major challenges in the region. Lack of skilled oncologists and clinical professionals also restrains market growth to some extent.

Opportunity: Increasing healthcare spending accompanied by economic growth in developing nations create new opportunities. Rising incidence of cancer types indicates strong demand for advanced screening, diagnostic, and treatment devices over the forecast period. Launch of affordable devices can aid market penetration in price-sensitive markets.

Threats: Strong competition from generic drugs and alternative therapies restrict market potential for certain devices. Stringent regulatory approvals and clinical trial requirements are major roadblocks faced by players. Issues with device recalls and product liability threats are challenges.

Key Takeaways

The global Latin America Oncology Device Market Share is expected to witness high growth over the forecast period from 2023 to 2030. The market size is projected to reach US$ 36.6 Mn in 2024, observing a CAGR of 5.3% during the forecast period.

Regional analysis: Brazil is anticipated to dominate the Latin America oncology device market, fueled by rising healthcare infrastructure investments. Growing incidence of cancer, presence of leading market players, and availability of reimbursements facilitate market growth in Brazil.

Key players: 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 companies account for a significant market share through extensive R&D efforts and new product launches catering to evolving needs.

For more insights, read- https://www.pressreleasebulletin.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