LATIN AMERICA ONCOLOGY DEVICE MARKET ANALYSIS

Latin America oncology device market is estimated to be valued at US$ 36.60 million in 2023 and is expected to exhibit a CAGR of 6.2% during the forecast period (2023-2030).

Analysts’ Views on Latin America Oncology Device Market:

Over the projected period, increased teenage sexual activity, rising incidence of cervical cancer, and high prevalence of HPV-infected individuals are anticipated to drive the growth of the for Latin America oncology device market. For instance, in February 02 2023, according to the American Society of Clinical Oncology (ASCO), an estimated 604,127 women were diagnosed with cervical cancer in 2020 and about 341,831 women worldwide died from cervical cancer in Latin America.

Figure 1. Latin America Oncology Device Market Share (%), By Accessories and Consumables, 2023

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 Latin America Oncology Device Market– Drivers

Commercial tie-ups and acquisitions by key players

Commercial tie-ups and acquisitions by key players is expected to drive the market over the forecast period. For instance, in July 2020, Novosanis, a medical device company based in Belgium, announced a distribution partnership with Distribuidora GAP, a Mexica-based enterprising company. 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.

Increasing awareness about the cancer diagnosis

Increasing awareness about the cancer diagnosis is expected to drive the market over the forecast period. For instance, in January 23 2023, in 2020, the World Health Organization (WHO) set a goal to eliminate cervical cancer as a public health problem globally by 2120. To reach this goal, WHO’s Member States should strive to meet the following interim scale-up targets by 2030: 90% of girls are fully vaccinated with human papillomavirus (HPV) vaccine by 15 years of age; 70% of women are screened using a high-performance test by 35 years of age and again by 45 years of age; 90% of women with pre-cancer are treated, and 90% of women with invasive cancer are managed. To build on the momentum of the global strategy to accelerate the elimination of cervical cancer as a public health problem, a regional cervical cancer elimination strategy has been developed for the WHO Eastern Mediterranean Region that is adapted to the religious, cultural, social, economic, and geographical contexts in the Region.

Figure 2. Latin America Oncology Device Market Share (%), By Region, 2023

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Latin America Oncology Device Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the Latin America oncology device market, owing to the decrease and delay in cancer screening, and also by directly affecting the production and demand, by creating disruptions in distribution channels, and through its financial impact on companies and financial markets. According to the study published in the Diagnostics Journal in April 2022, during the first lockdown in April 2020, the number of tests dropped by 75.5%, after which the number of cases dropped by up to 36.1% in 2021. During the first 24 months of the pandemic, the total volume of tests lost was 49.9%. The percentage of late-stage cervical cancers (stages III–IV) increased by 17%, while the number of newly diagnosed cancers in the outpatient clinic decreased by 45% from the baseline.

Latin America Oncology Device Market- Segmentation

The Latin America oncology device market report is segmented into chemotherapy administration, accessories and consumables, age group, end user, and country.

Among Chemotherapy administration, the Latin America oncology device market is segmented into gravity chemotherapy administration, syringe chemotherapy administration, pump chemotherapy administration, and others. Out of which, the pump chemotherapy administration segment is expected to dominate the market during the forecast period and this is explained by the fact that they permit regulated chemotherapy and allow for medication infusion into the bloodstream by injection or drip.

Among Accessories and consumables, the Latin America oncology device market is segmented into infusion sets, venous access (ports, and needles), catheter (central venous catheter (CVC), and peripherally inserted central catheter (PICC)), needle connectors, syringe filters, and software. Out of which, the infusion sets segment is expected to dominate the market during the forecast period and  this development is related to different medication delivery methods, which can increase the time it takes for a treatment to start working and start acting quickly.

Among age group, the Latin America oncology device market is segmented into pediatric (infant, children, and teenager), and adults. Out of which, the adults segment is expected to dominate the market during the forecast period and this growth is attributed to the sedentary lifestyles such as smoking, eating a high-fat diet, and working with toxic chemicals that may be risk factors for some adult cancers.

Among End User, the Latin America oncology device market is segmented into private hospitals/clinics (general hospitals with oncology centers, specialized hospitals, and specialized clinics), public hospitals/ clinics (general hospitals with oncology centers, specialized hospitals, and specialized clinics), and others (homecare settings, and research institutes). Out of which, the public hospitals/ clinics segment is expected to growth in the Latin America oncology device market over the forecast period, and this growth is attributed to the increasing hospitalization rates caused by the increasing prevalence of cancer and the optimized treatment methods available.

Among Country, the Latin America oncology device market is segmented into Brazil, Mexico and Chile. The Brazil is expected to dominate the market over the forecast period owing to the increase in the rising prevalence of cancer and increase in the technological advancement as well as increasing product launch by the key players.

Among all segmentation, the infusion sets segment has the highest potential due to the increasing product launch by the key market players over the forecast period. For instance, in September 2022, Fresenius SE & Co. KGaA, a global health care company that specializes in pharmaceuticals, medical technologies, and nutrition products for critical and chronic conditions, announced that the United States (U.S.) Food and Drug Administration (FDA) has approved its biosimilar, Stimufend (pegfilgrastim-fpgk), for use in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs associated with a clinically significant incidence of febrile neutropenia in Latin America with infusion sets. Following U.S. FDA approval, the business anticipates releasing the product as an on-body injector and a prefilled syringe early next year.

Latin America Oncology Device Market- Key Developments

In February 2021, Pfizer, Inc., a multinational pharmaceutical and biotechnology corporation, announced a partnership with IDA Foundation, an independent social enterprise providing essential medicines to low-and middle-income countries, to provide equitable access to quality cancer treatments in almost 70 developing countries across Latin America, Asia, Africa, and the Western Pacific region. The supply agreement means that millions more patients will now have the potential to access innovative chemotherapy medicines for multiple types of cancer.

In June 2022, DAIICHI SANKYO COMPANY, LIMITED, an innovative global healthcare company, aimed to open paths for equity and inclusion for women through the “Women Friends- Amazon “initiative to provide free breast cancer screening to women in the Amazon region of Brazil.

In May 2022, Latin America Department of Health and Human Services (HHS), announced the availability of US$ 5 million for community health centers, funded by HHS’s Health Resources and Services Administration, to increase equitable access to life-saving cancer screenings. This funding supports President Joe Biden’s Unity Agenda and his call to action on cancer screening and early detection as part of the Administration’s Cancer Moonshot initiative to end cancer as we know it.

In January 2020, the Global Cancer Program hosted the “University of California, San Francisco UCSF-Mexico Cancer Collaboration Annual Meeting" with partners from Instituto Nacional Cancerologia (INCan), Instituto Nacional de Salud Pública (INSP), and the Instituto Nacional de Medicina Genómica (INMEGEN). The UCSF-Mexico Cancer Initiative aims to strengthen regional cancer research capacity and expand the institutional cancer research portfolios and training activities of partners in Mexico. This partnership has initiated projects in colorectal cancer screening and adaptation of UCSF technologies to improve pediatric cancer diagnostics in Mexico. The partnership also recently received funding from the National Institutes of Health (NIH) to examine human papillomavirus (HPV)-linked cancers in HIV-infected populations.

Latin America Oncology Device Market- Key Trends

Colposcopy is expected to grow over the forecast period

A colposcopy is a test to take a closer look at the cervix. The cervix is the opening to womb from vagina. A colposcopy is often done if cervical screening finds changes to the cells that are caused by certain types of human papillomavirus (HPV).  The colposcopy test provide high accuracy as compared to the pap smear test. For instance, in October 2020, precision of the Pap smear was 72.2%. Sensitivity and specificity of colposcopy were 66.7% and 98.94%, respectively, and the positive and negative predictive values of colposcopy were 80 and 97.9%, respectively. In general, the accuracy of colposcopy was calculated as 97%.

Latin America Oncology Device Market: Restraints

Lack of spousal and or family support

Lack of spousal and or family support is expected to hinder the market growth over the forecast period. So, rise in the awareness campaigns can ne imitated to avoid this unawareness. For instance, in December 2022 according to an article published in the Journal of Biomed Central, lack of spousal and or family support were key barriers, and these may be driven by misconceptions about cancer and traditional, cultural, or religious beliefs about pelvic examination and cancers, and this has also been reported in high income countries. Overlapping with cultural/traditional and religious barriers were other social factors, including misconceptions and stigmatization of screening and cancer, largely shaped by gender norms.

Latin America Oncology Device Market- Key Players

Major players operating in the Latin America oncology device market include Medtronic, Ace-medical, VOGT MEDICAL, BD (Becton, Dickinson and Company), Smiths Medical, Inc., Samtronic.,  CODAN ARGUS AG, B. Braun SE, Medical Components, Inc., Fresenius SE & Co. KGaA, Baxter, EuroLife Healthcare Pvt. Ltd, and Micrel Medical Devices.

Latin America Oncology Device Market– Definition

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.