+1-206-701-6702
+44-020-8133-4027
+050-5539-1737
+91-848-285-0837
Press Release: Latin America Oncology Device Market to Surpass US$ 45.14 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Oncology devices play a major role in healthcare, owing to factors such as increasing incidence of cancer in Latin America. For instance, according to the Global Cancer Observatory’s 2019 report, in Chile, around 53,365 new cases of cancer were recorded in 2018, and around 28,443 individuals died due to cancer in 2018. Moreover, according to the same source, in 2018, around 6,576 people suffered from prostate cancer which was major type of cancer among all the types of cancer cases observed in Chile.
Furthermore, key companies are focused on research and development of technologically advanced devices for the treatment of cancer due to increase in incidence in the region, which is expected to drive the market growth. For instance, in January 2019, Medtronic PLC announced that the Journal of Thoracic Oncology published 12-month results of the NAVIGATE study, the largest, prospective, multicenter trial evaluating electromagnetic navigation bronchoscopy (ENB) procedures using the super Dimension navigation system to aid in lung cancer diagnosis, staging, and treatment. NAVIGATE included a key finding that 65% of the patients diagnosed by physicians with primary lung cancer were at early stages (Stage I or II) of the disease
The Latin America oncology device market size is estimated to be valued at US$ 31.08 million in 2020 and is expected to exhibit a CAGR of 5.5 % over the forecast period (2020-2027).
Figure 1. Latin America Oncology Device Market, by Market Value (US$ Mn), 2016-2027
The increasing incidence of cancer is driving demand for oncology devices for the treatment of cancer. For instance, according to the International Agency for Research on Cancer’s 2019 report, in Mexico, around 190,667 patients were newly diagnosed with cancer and around 83,476 patients died due to cancer in 2018. According to the same source, breast cancer was the major type of cancer in Mexico with around 27,283 new cases of breast cancer in 2018.
Moreover, according to the International Agency for Research on Cancer’s 2019 report, in Mexico, around 190,667 patients were newly diagnosed with cancer and around 83,476 patients died due to cancer in 2018. According to the same source, breast cancer was the major type of cancer in Mexico with around 27,283 new cases of breast cancer in 2018.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 31.08 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 5.5 % | 2027 Value Projection: | US$ 45.14 Mn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
Medtronic plc, ACE Medical, VOGT Medical, Becton, Dickinson and Company, Smiths Medical, Inc, Samtronic Industria e Comercio LTDA, Codan Argus AG, B. Braun Melsungen AG, Medical Components, Inc, Fresenius SE & Co. KGaA, Baxter International Inc, EuroLife Healthcare Pvt. Ltd, and Micrel Medical Devices |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Latin America Oncology Device Market – Impact of Coronavirus (Covid-19) Pandemic
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of the coronavirus (COVID-19) has resulted in more than 14 million infected individuals worldwide as of July 24, 2020.
Key players operating in the Latin America oncology devices market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials due to irregularities in transportation. Furthermore, distributors are experiencing irregular demand for products from the retailers due to rising incidence of COVID -19.
Moreover, rising Covid-19 infections globally, there are rising consequences such as shortage in essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected patients. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients who may require critical care. Moreover, there is an urgent need for rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others).
Figure 2. Latin America Oncology Device Market Share (%), by Country, 2020
Among countries, Mexico oncology devices market is expected to exhibit significant growth, owing to increasing distribution agreements between key players to enhance their presence in the country. For instance, in July 2016, Novosanis, a medical device company based in Belgium, announced a distribution partnership with Distribuidora GAP. As part of this agreement, Distribuidora GAP will sell Novosanis’ Colli-PeeTM, a medical device suited for collection of first void urine, in Mexico. Colli-PeeTM device allows easier and more patient-friendly detection of the Human papillomavirus that can lead to cervical cancer.
Moreover, increasing prevalence of cancer is expected to drive the Chile oncology devices market growth. For instance, in 2015, according to the National Center for Biotechnology Information 2015, the estimated annual incidence of cancer in Chile is around 35,000 new cancer cases per year, with adjusted incidence rates of 226 and 180 per 100,000 male and female inhabitants, respectively.
Key Players
Major players operating in the Latin America oncology device market include Medtronic plc, ACE Medical, VOGT Medical, Becton, Dickinson and Company, Smiths Medical, Inc., Samtronic Industria e Comercio LTDA, Codan Argus AG, B. Braun Melsungen AG, Medical Components, Inc, Fresenius SE & Co. KGaA, Baxter International Inc, EuroLife Healthcare Pvt. Ltd, and Micrel Medical Devices.
Oncology devices are wide range of medical devices used in treatment of cancer. Oncology devices are in-vitro diagnosis and combination device products used in screening, diagnosing, treating, and monitoring premalignant and malignant conditions in patients. Moreover, the increasing number of people suffering from cancer is driving demand for oncology devices. This in turn, is expected to drive the market growth during the forecast period. For instance, in 2019, according to the article published in the Journal of Clinical Oncology in September 2019, in Brazil, the calculated cost per patient suffering from cervical cancer was US$ 7,942 for radiotherapy alone and US$ 8,774 for chemo- radiotherapy.
Market Dynamics
Key companies operating in the market are focusing on product launches and obtaining approvals from regulatory agencies which is expected to facilitate growth of the Latin America oncology devices market during the forecast period. For instance, in December 2017, Varian Medical Systems of Palo Alto, a radiation oncology treatment and software company, received ANVISA approval in Brazil for its Halcyon system. Halcyon simplifies and enhances every aspect of image-guided volumetric intensity modulated radiotherapy (IMRT), and is well suited to treat majority of cancer patients, offer advanced treatments for prostate, breast, head & neck, and many other forms of cancer.
Moreover, government regulating bodies are focused on enhancing digital healthcare and approving new products for treatment of cancer. For instance, in March 2020, MedX Health Corp., a medical device and software company, received regulatory approval from ANVISA to market and sell its SIAscopy on DermSecure skin assessment platform in Brazil. SIAscopy is an imaging technology and a solution for early detection of skin cancer.
Key players in the market are focused on adopting innovative technologies for the development of devices. For instance, in January 2018, ACE Medical launched the AutoMed 3300 Ambulatory Infusion System which is a convenient pump. The pump is fitted with a self-checking system, which will electronically monitor and alert the patient or caregiver of delivery issues via an audible alarm.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 33 market data tables and 32 figures on "Latin America Oncology Device Market– Regional forecast to 2027”.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
Contact Us
