The Latin America oncology device market consists of medical devices used in cancer diagnosis and treatment. Key products include endoscopes, biopsy devices, ablation and coagulation devices, brachytherapy devices, laparoscopes, MRI-guided linear accelerators, and robotic surgery devices. These devices provide minimally-invasive procedures that reduce recovery time and pain for patients compared to open surgeries.
The global Latin America oncology device market is estimated to be valued at US$36.6 million 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 Opportunity:
The potential for expanding cancer treatment access across Latin America represents a major growth opportunity for the oncology device market. Latin America currently faces high cancer mortality rates due to lack of diagnosis and treatment infrastructure in many countries. However, healthcare expenditures are gradually increasing and more facilities are being developed. As access to advanced diagnosis and minimally-invasive treatment devices grows across the region, more cancer patients will be able to receive timely care that improves health outcomes. This will drive the need for oncology device manufacturers to establish partnerships and supply chains to cater to the rising demand. Targeting opportunities in fast developing markets can help companies participate in the region's expected market growth over the coming years.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the highly competitive nature of the market deters new companies from entering easily. However, Latin America offers opportunities for growth in the emerging markets.
Bargaining power of buyers: The bargaining power of buyers is high as device manufacturers face constant pressure from healthcare facilities to reduce costs through competitive pricing and bundled offerings.
Bargaining power of suppliers: Device component suppliers possess some bargaining power given the technological requirements and differentiated products. However, established companies have alternative sourcing options to mitigate dependence.
Threat of new substitutes: The threat of substitutes is low as oncology devices have limited alternatives for cancer treatment. Though alternative therapies exist, devices offer better outcomes.
Competitive rivalry: The oncology device market is highly competitive with major global players vying for market share through new product launches and acquisitions.
SWOT Analysis
Strengths: Established brands and diverse product portfolios give major players an edge. Strong distribution networks across Latin America boost access.
Weaknesses: High manufacturing costs and regulatory approvals delay product launches. Pipeline development requires large investments lacking for smaller firms.
Opportunities: Rising cancer incidence fueled by geriatric population drives the market. Underpenetrated rural areas offer scope for expansion.
Threats: Economic slowdowns can impact healthcare budgets and purchasing. Stringent regulations delay product approvals. Price controls affect profitability.
Key Takeaways
The Latin America Oncology Device Market Share is expected to witness high growth over the forecast period driven by the increasing prevalence of cancer. The global Latin America oncology device market is estimated to be valued at US$36.6 million in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Brazil holds the largest share currently owing to growing healthcare infrastructure, increasing per capita income, and supportive insurance mechanisms. The country accounted for over 30% market share in 2024 owing to advanced medical facilities and high spending on cancer care. It is expected to remain the fastest growing market through 2030.
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 major manufacturers focus on new product launches and acquisitions to gain market share.
For more insights, read- https://www.newsstatix.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
