Latin America Oncology Device Market to Surpass US$ 45.14 Million by 2027, At a CAGR of 5.5%,finds Coherent Market Insights
SEATTLE, May 05, 2021, (PHARMIWEB) —
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
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To extend their product portfolio and strengthen their market presence, key players in the oncology device market are concentrating on inorganic growth strategies such as partnerships and acquisitions. For example, in October 2018, Boston Scientific Corporation had acquired Augmenix, Inc., a privately held company that invented and commercialized the SpaceOAR Hydrogel System to support men suffering from common and painful side effects after radiotherapy for prostate cancer.
Furthermore, key market players are focusing on introducing innovative cancer treatment drugs, which is expected to fuel growth of the Latin America oncology device market over the forecast period. In March 2019, Codan Argus AG introduced the next generation of BAI (Barcode Assisted Infusion) for CODAN volumetric infusion pumps, which offers a unique and ground-breaking solution for improving safety of patients and quality of workflow in hospital arrangements. BAI guarantees proper drug administration to patients and can be conveniently incorporated into any ward for medical treatment, such as general wards, oncology departments, and care units.
Impact of COVID-19 epidemic
Latin America oncology device market includes medical devices that aid in the diagnosis and treatment of cancer diseases. Early cancer detection and screening are critical for effective cancer treatment.
The disease has spread to over 100 countries since the COVID-19 virus outbreak in December 2019, prompting the World Health Organization to declare it a public health emergency. According to a study released by the World Health Organization, coronavirus disease (COVID-19) has infected over 5 million people worldwide as of June 2020.
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COVID-19 has the ability to influence the economy in three ways: directly influencing supply and demand, triggering distribution chain disturbances, and having a financial impact on businesses and financial markets. Several countries, including Brazil, Mexico, Chile, and others, are experiencing difficulties transporting drugs from one location to another as a result of the lockdown.
Furthermore, a cross-sectional survey of pediatric oncologists/hematologists was performed in between April 12 and April 19, 2020, earlier during the COVID-19 outbreak in Latin America, according to a report released on June 6, 2020 by the American Society of Clinical Oncology. Around 453 people from public as well as private organizations across 20 nations have participated in this study, including 267 faculty members, 142 medical directors, and 44 residents.
The findings of the study revealed that COVID-19 affected children with cancer in Latin America since healthcare systems in the region were not fully aware of the pandemic. If preventive steps are not taken, these disturbances will become even more serious as the pandemic progresses and the pressure on healthcare systems rises.
The market is expected to grow significantly over the forecast period, as key players in the industry concentrate on the production of novel cancer-treatment products. The VectRx System, for example, was created by NeoTherma Oncology (NTO), a medical device company, in January 2020. It entails using electromagnetic field physics in combination with cutting-edge MRI thermographic imaging and computational simulation in a medical system to create a transformative adjuvant treatment for pancreatic cancer and other solid tumours.
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Due to a rise in new technologies in oncology devices for the treatment of cancer, the Latin America oncology device market is projected to expand at a CAGR of 5.5% over the forecast period.
Since gravity infusion control is a secure and cost-effective IV drug, the gravity chemotherapy administration segment is expected to hold a dominant place in the Latin American oncology system market by 2020.
In the Latin America oncology product market in 2020, the infusion set segment is expected to hold a dominant position among accessories and consumables, as infusion sets deliver a specific amount of intravenous drugs, fluids, and other substances at a set flow rate.
Due to rising prevalence of cancers in adults such as blood cancer, breast cancer, gastrointestinal cancer, respiratory/lung cancer, and skin cancer, the adults segment is expected to dominate the Latin America oncology device market by 2020.
Due to better equipment facilities and oncology devices available at private hospitals, the private hospitals/ clinics segment is expected to hold a dominant place in the Latin America oncology device market by 2020.
Major companies contributing in the Latin America oncology device market are Dickinson and Company, EuroLife Healthcare Pvt. Ltd, Micrel Medical Devices, Smiths Medical, Inc., Medtronic plc, ACE Medical, Samtronic Industria e Comercio LTDA, VOGT Medical, Becton, B. Braun Melsungen AG, Medical Components, IncBaxter International Inc., Fresenius SE & Co. KGaA, and Codan Argus AG.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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- CDN Newswire