Healthcare Segment Is The Largest Segment Driving The Growth Of Latin America Oncology Device Market11/21/2023 The global Latin America Oncology Device Market is estimated to be valued at US$ 36.60 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Oncology devices are used in the treatment of cancer such as external beam radiation therapy, brachytherapy, and cancer surgery. Oncology devices help in radiation treatment, chemotherapy, and immunotherapy that helps patients fight cancer more effectively. Market key trends: One of the key trends in the Latin America oncology device market is increasing preference for minimally invasive procedures. Minimally invasive procedures are preferred over traditional open surgeries as they help in faster recovery and less pain and scarring. Technological advancements leading to development of devices that enable minimally invasive procedures is expected to drive the market growth over the forecast period. SWOT Analysis Strength: Rapidly growing aging population and rising healthcare spending in countries like Brazil and Mexico are increasing the demand for advanced cancer treatment devices. Weakness: High costs associated with oncology devices limit their access in low and middle-income countries of Latin America. Opportunity: Emergence of biosensors and wearable medical devices present an opportunity for continuous monitoring of cancer patients. Threats: Stringent regulatory approval process and longer timeframe for new product launch increases competition from generic devices. Key Takeaways Latin America Oncology Device Market Demand is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period 2023 to 2030, due to increasing prevalence of cancer in the region. Regional analysis The Brazil oncology device market accounted for largest share of the Latin America market in 2022 owing to growing healthcare infrastructure, availability of skilled workforce and presence of major players in the country. Mexico is expected to grow at fastest pace during the forecast period supported by rising healthcare spending and government initiatives to promote cancer research. Key players operating in the Latin America Oncology Device Market are 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. The key players are focusing on new product launches and geographical expansion to increase their market share. Read More- https://www.trendingwebwire.com/latin-america-oncology-device-market-value-analysis-and-outlook/
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