Latin America Oncology Device Market to Surpass $45.14 Billion by 2027

According to Coherent Market Insights, the Latin America oncology device market is estimated to be valued at $31.08 billion in 2020 and is expected to exhibit a compound annual growth rate (CAGR) of 5.5 percent over the forecast period (2020-2027).
 
Latin America oncology device market is expected to experience significant growth owing to the increase in prevalence of cancer in the region. For instance, in 2018, according to the American Cancer Society report 2018, around 1.3 million new cancer cases and 666,000 cancer deaths occurred in Latin America and the Caribbean. Moreover, according to the same source, out of all the cancer cases the number of prostate, breast, and colorectal cancer cases is high in the Latin America and Caribbean region.
 
Moreover, key players operating in the market are focusing on the launch and approval of novel devices for the treatment of cancer, and this is expected to drive the market growth over the forecast period. For instance, in April 2019, Roche launched its new VENTANA HER2 Dual ISH companion diagnostic test for breast and gastric cancer patients eligible for targeted therapy. The VENTANA HER2 Dual ISH DNA Probe Cocktail assay provides an improved bright field assay that is fully automated on the BenchMark IHC/ISH instruments.
 
Among region, Brazil market is expected to show significant growth in the Latin America oncology devices market owing to the increasing incidence of cancer which is facilitating demand for the treatment of cancer in the country and increasing approval of novel products for the treatment of cancer. According to the World Health Organization’s report published in May 2019, in Brazil, around 559,371 cases of cancer were observed in 2018, out of which, 278,607 males and 280,764 females were suffering from cancer. Moreover, according to the same source, in 2018, around 85,620 cases of breast cancer were diagnosed in Brazil which was the highest among all types of cancer cases recorded in the country.
 
The Latin America oncology device market is expected to exhibit a CAGR of 5.5 percent over the forecast period, owing to factors such as increasing prevalence of cancer and key players focusing on product launch and approval of novel devices for its treatment.
 
Pharmaceutical companies in oncology device market are focusing on adoption of inorganic growth strategies such as acquisitions and collaborations to expand their product portfolio and develop novel products for the treatment of cancer. 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.
 
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.