The Latin America oncology device market comprises devices used for diagnosis and treatment of cancer and tumor-related diseases. Key product types include imaging devices, biopsy devices, endoscopy devices, and surgical equipment. Imaging devices such as MRI, CT, PET, and ultrasound scanners aid disease diagnosis and treatment monitoring. Biopsy devices assist in collecting tumor tissue samples for disease confirmation. Endoscopy devices help in conducting minimally invasive tumor examinations. Surgical equipment such as electrosurgical generators and trocars facilitate tumor removal surgeries.
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 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 geographical expansions to increase their market share.
The growing incidence of cancer across Latin America is driving the demand for advanced oncology devices in the region. According to WHO, cancer is the second leading cause of death in Latin America. Favorable government initiatives to strengthen healthcare infrastructure is also supporting market growth.
The key players are expanding their presence globally especially in emerging economies to tap the higher growth opportunities. For instance, BASF SE has partnered with local players in Mexico and Brazil to increase diagnostic device access in these countries.
Market Key Trends
Adoption of innovative diagnostic technologies such as AI assisted imaging devices and liquid biopsy tests is one of the key trends being witnessed in the Latin America oncology device market. AI enables enhanced tumor detection from medical images while liquid biopsy helps in non-invasive cancer screening. These novel methods can facilitate early-stage cancer diagnosis improving treatment outcomes in the region.
Porter’s Analysis
Threat of new entrants: Low barrier for new manufacturers to enter the market.
Bargaining power of buyers: Few major pharmaceutical companies control large market share giving them higher bargaining power.
Bargaining power of suppliers: Suppliers of raw materials like polymers, alloys have significant influence over Latin America oncology device manufacturers.
Threat of new substitutes: New product innovations and materials can replace existing devices.
Competitive rivalry: Intense competition among existing players to gain higher market share and replace older technology devices with novel ones.
Geographical regions
The Latin American oncology device market is currently concentrated in Brazil where a value of around US$ 13.5 Mn is generated annually. Rising incidence of cancer and growing healthcare expenditure is driving the Brazilian market.
Mexico is emerging as the fastest growing regional market for oncology devices in Latin America. It is projected to witness a CAGR of over 8% during the forecast period on the back of increasing government focus on improving cancer care infrastructure and access to advanced treatment options. Policy reforms and public-private investments are supporting the development of radiation oncology centers, proton therapy units and medical device industry in Mexico.
