The Latin America oncology device market comprises various medical equipment used for diagnosing and treating cancer such as surgical devices, endoscopic devices, and electromechanical devices. Rising demand for minimally invasive surgeries, technological advancements in cancer screening and diagnostic tests, and increased healthcare expenditure are driving the demand for modern oncology devices in the region.
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. The growing prevalence of cancer and rising awareness regarding early diagnosis are fueling the demand for advanced oncology devices in Latin American countries. Moreover, increasing healthcare expenditure of people and favourable government policies for cancer treatment are supporting the expansion of oncology device companies in the region. Many international players are entering the Latin American market via mergers, acquisitions, and collaborations with local players to tap the high-growth opportunities.
Market drivers
The rising geriatric population is one of the key drivers of The Latin America Oncology Device Market. According to estimates, the percentage of people aged 65 years or older in the region is expected to double from 11% in 2010 to 22% by 2050. Elderly people are more prone to develop cancer due to age-related weakening of the immune system. This is expected to surge the cancer incidence rate in Latin American countries, thereby propelling the demand for modern oncology treatment devices over the forecast period.
The geopolitical situation in Latin America is impacting the growth of the Latin America Oncology Device Market. The political instability and economic uncertainty in some countries is discouraging investment in the healthcare sector. Changes in government policies and regulations can affect new product approvals and availability of advanced oncology devices. Ongoing tensions between certain nations may also hinder cross-border cooperation and trade impacting technology transfers and supply chain dynamics for oncology devices. Additionally, differing regulations across countries pose challenges for medical device companies operating regionally. To navigate this complex geopolitical landscape, oncology device companies need to build strong local stakeholder relationships, invest in gaining regulatory expertise of individual markets and consider diversifying their supply chains. Local manufacturing partnerships could help address policy changes and ensure continuity of care.
Geographically, Brazil accounts for the largest share of the Latin America Oncology Device Market in terms of value currently due to the country's large population size and growing cancer burden. Advancements in Brazil's healthcare infrastructure and rising healthcare spending are contributing to increased adoption of newer oncology technologies. However, Mexico is poised to emerge as the fastest growing regional market during the forecast period driven by its proximity to the US, free trade agreements supporting the medical device industry and universal public health coverage improving accessibility. Other notable high growth markets include Argentina, Colombia and Peru where government initiatives are expanding diagnostic and treatment capabilities across both public and private facilities.
While geopolitical challenges exist, the demand for advanced cancer care across Latin America presents a significant opportunity for oncology device companies. Focusing locally and factoring dynamic macroeconomic scenarios and infrastructure capabilities of priority countries will be key to successfully navigate this expanding regional Oncology Device Market in the coming years. Partnerships could play an important role in mitigating risks from changing policies while also enhancing access to needed technologies and care.
