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Latin America Oncology Device Market, by Chemotherapy Administration (Gravity Chemotherapy Administration, Syringe Chemotherapy Administration, Pump Chemotherapy Administration, and Others), by Accessories and Consumables (Infusion Sets, Venous Access (Ports, Needles), Catheter (CVC, PIC), Needle Connectors, Syringe Filters, and Software), by Age Group (Pediatric (Infant, Children, Teenager) and Adults), by End User (Private Hospitals/Clinics (General Hospitals with Oncology Centers, Specialized Hospitals, Specialized Clinics), Public Hospitals/ Clinics (General Hospitals with Oncology Centers, Hospitals, Clinics), and Others (Homecare Settings, Research Institutes)), and by Country (Brazil, Mexico, and Chile), 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), as highlighted in a new report published by Coherent Market Insights.

Key companies in oncology device market are focusing on adoption of inorganic growth strategies such as collaborations and acquisitions to expand their product portfolio and strengthen their presence in the market. For instance, in October 2018, Boston Scientific Corporation acquired Augmenix, Inc., a privately-held company that developed and commercialized the SpaceOAR Hydrogel System to help reduce common and debilitating side effects that men may experience after receiving radiotherapy to treat prostate cancer.

Moreover, key players in the market are focused on launching novel products for the treatment of cancer which is expected to drive the market growth during the forecast period. For instance, in March 2019, Codan Argus AG launched the next generation of Barcode Assisted Infusion (BAI) for CODAN volumetric infusion pumps which provides a unique and innovative solution to increase patient safety and workflow efficiency in hospital environments. BAI ensures the correct administration of medication to the patient and it can easily be integrated into any ward, such as oncology departments, general wards, or intensive care units for the treatment of patients.

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

  • The oncology devices market comprises of medical devices that help in the diagnosis and treating of cancer diseases, Cancer screening and detection at an early stage are crucial for the successful treatment of cancer.
  • Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe with the World Health Organization declaring it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 5 million infected individuals worldwide as of June 2020.
  • COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to lockdown, several countries such as Brazil, Mexico, Chile, and others are facing problems with regards to the transportation of drugs from one place to another.
  • Moreover, a study conducted by American Society of Clinical Oncology published on June 6, 2020, included a cross-sectional survey of pediatric oncologists/hematologists from April 12 to April 19, 2020, early in the course of the COVID-19 outbreak in Latin America. Surveys were completed by 453 individuals from public and private institutions in 20 countries, including 267 faculty members, 142 medical directors, and 44 residents. Study results showed that children suffering from cancer were affected by COVID-19 in Latin America due to healthcare systems in had not been substantially aware of COVID-19 pandemic. As the pandemic evolves and the burden on healthcare systems increases, these disruptions might be even more severe if preventive actions are not taken.

Browse 33 Market Data Tables and 32 Figures spread through 175 Pages and in-depth TOC on “Latin America Oncology Device Market, by Chemotherapy Administration (Gravity Chemotherapy Administration, Syringe Chemotherapy Administration, Pump Chemotherapy Administration, and Others), by Accessories and Consumables (Infusion Sets, Venous Access (Ports, Needles), Catheter (CVC, PIC), Needle Connectors, Syringe Filters, and Software), by Age Group (Pediatric ( Infant, Children, Teenager), and Adults), by End User (Private Hospitals/Clinics (General Hospitals with Oncology Centers, Specialized Hospitals, Specialized Clinics), Public Hospitals/ Clinics (General Hospitals with Oncology Centers, Hospitals, Clinics), and Others (Homecare Settings, Research Institutes)), and by Country (Brazil, Mexico, and Chile).

To know the latest trends and insights prevalent in the Latin America Oncology Device Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/latin-america-oncology-device-market-4199

The market is expected to gain significant growth during the forecast period, as key players operating in market are focusing on development of novel devices for the treatment of cancer. For instance, in January 2020, NeoTherma Oncology (NTO), a medical device company, developed the VectRx System. It is involves application of electromagnetic field physics with cutting edge MRI thermographic imaging and computational simulation in a medical device for a disruptive adjuvant treatment for pancreatic cancer and other solid tumors.

Key Takeaways of the Latin America Oncology Device Market:

  • The Latin America oncology device market is expected to exhibit a CAGR of 5.5% over the forecast period, owing to increase in new developments in oncology devices for the treatment of cancer
  • Among chemotherapy administration, the gravity chemotherapy administration segment is estimated to hold a dominant position in the Latin America oncology device market in 2020, owing to gravity infusion monitoring being a safe and cost-effective IV medication
  • Among accessories and consumables, infusion set segment is estimated to hold a dominant position in the Latin America oncology device market in 2020, as infusion set provides proper volume of intravenous medicines, fluids etc. delivered at a certain flow rate
  • Among age group, adults segment is estimated to hold dominant position in the Latin America oncology device market in 2020, owing to increasing prevalence of cancers in adults such as blood cancer, breast cancer, gastrointestinal cancer, respiratory/lung cancer, and skin cancer
  • Among end users, private hospitals/ clinics segment is estimated to hold dominant position in the Latin America oncology device market in 2020, owing to better equipment facilities and oncology devices available at private hospitals
  • Key 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
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