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, and Needles), Catheter (Central venous catheter(CVC), and Peripherally inserted central catheter(PICC)), Needle Connectors, Syringe Filters, and Software), By Age Group (Pediatric (Infant (from birth to 1 year), Children ( 4 to 10 years), and Teenager/Adolescent (11 to 19 years) and Adults), By End User (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)), and By Country (Brazil, Mexico, and Chile) 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), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on adopting growth strategies such as product launches and acquisitions, and increasing technological advancement activities by market players which will drive the Latin America oncology device market during the forecast period. For instance, in January 2020, MEDX HEALTH CORP., a medical device and software company, announced that it has received an order for 500 SIAScope units for deployment on its DermSecure telemedicine platform from its exclusive Brazil-based distributor.
Latin America Oncology Device Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected 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 the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the Latin America oncology device market owing to the delayed detection, prevention, treatment, and diagnosis of cancer. For instance, in November 2021, according to an article published in the Journal of Public Health in Practice by Elsevier, during the peak period of COVID-19 in the Latin America, many hospitals halted elective surgeries and other non-urgent care as well as ancillary services. This has resulted in 86%–94% decrease in the volume of cancer screening appointments in early 2020, as compared to the usual average volumes in previous years.
Latin America Oncology Device Market: Key Developments
In June 2021, Pacira Pharmaceuticals, Inc., a provider of non-opioid pain management and regenerative health solutions, announced that it has entered into a distribution agreement with Eurofarma, a multinational corporation engaged in biopharmaceuticals, for the development and commercialization of EXPAREL in Latin America. EXPAREL is used in the treatment of breast cancer.
In April 2021, City of Hope, a world-renowned research and treatment center for cancer and diabetes, announced that it will extend its cancer expertise to Latin America via an education agreement with Hospital Israelita Albert Einstein, a cancer center in Latin America.
On February 17 2023, Laboratory Corporation of America, a U.S-based healthcare company and Biomakers, a company that allows patients to receive personalized treatment for its disease through molecular testing and genetic diagnosis signed an innovative collaboration between Biomakers and Laboratory Corporation of America to provide greater access to oncology patients in Latin America through greater access to diagnostic molecular profiling and participation in clinical trials. By collaborating with an established organization in the region, Laboratory Corporation of America is able to capitalize on Biomakers’ experience and understanding of the unique regulatory and reimbursement hurdles and gain access to the largest biobank of diagnostic and clinical outcomes data in Latin America. This collaboration also further supports our established experience and expertise in providing comprehensive, global clinical trial support for the development of innovative oncology therapeutics.
Browse 30 Market Data Tables and 22 Figures spread through 180 Pages and in-depth TOC on “Latin America Oncology Device Market”- Forecast to 2030, 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, and Needles), Catheter (Central venous catheter(CVC), and Peripherally inserted central catheter(PICC)), Needle Connectors, Syringe Filters, and Software), By Age Group (Pediatric (Infant (from birth to 1 year), Children ( 4 to 10 years), and Teenager/Adolescent (11 to 19 years) and Adults), By End User (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)), and By Country (Brazil, Mexico, and Chile)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/latin-america-oncology-device-market-4199
Key Takeaways of the Latin America Oncology Device Market:
- The Latin America oncology device market is expected to exhibit a CAGR of 2% during the forecast period and this is attributed due to the increase in the product launches by the market key players. For instance, in November 2022, Regeneron Pharmaceuticals, Inc., announced that the U.S. Food and Drug Administration (FDA) has approved the PD-1 inhibitor Libtayo (cemiplimab-rwlc) in combination with platinum-based chemotherapy for the first-line treatment of adult patients with advanced non-small cell lung cancer (NSCLC) with no EGFR, ALK or ROS1 aberrations. Patients must either have metastatic or locally advanced tumors that are not candidates for surgical resection or definitive chemo radiation. Patients may be treated with this combination irrespective of PD-L1 expression or histology.
- Among End User, 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 by the increasing prevalence of cancer and optimized treatment methods available. For instance, in June 2022, according to the Pan American Health Organization (PAHO), number of cancer cases in the Latin America in 2020 is 1.5 million cases, and the hospitalization rates is almost half of it. Whereas, the re-hospitalization rates increased for the cancer treatment in Latin America.
- Among Chemotherapy Administration, the pump chemotherapy administration segment is expected to hold a dominant position in the Latin America oncology device market during the forecast period and this growth is attributed as they allow to have chemotherapy in a controlled way and allow drug infusion directly into the bloodstream as an injection or through a drip which provide controlled chemotherapy. For instance, in July 2020, according to the Cancer Research U.K., Computerized Ambulatory Delivery pump is attached to a cassette or infusion bag that contains the chemotherapy or other medication. This then fits inside a bag that can be worn like a ruck sack or bag around your waist. The pump is programmed by the nurse, so that it delivers the correct dose of chemotherapy at the right time, as prescribed by the doctor.
- 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.
