The Latin American prostate cancer market is estimated to be worth USD 12.58 billion by 2028 from USD 7.7 billion in 2023, growing at a CAGR of 10.32% from 2023 to 2028.
The growing geriatric population, rising prevalence of prostate cancer, increasing number of generic products, rising public awareness about prostate cancer treatment, increased R&D investment by drug innovators, potent emerging pipeline drugs and the availability of new prostate cancer treatments majorly drive the Latin America prostate cancer market growth. Other factors that contribute to the market's growth include an increase in demand for prostate cancer therapy and management and an increase in the use of hormonal treatments in non-metastatic castration-resistant and metastatic hormone-naive prostate cancer settings.
Furthermore, the developing economies' untapped potential offers profitable chances for economic expansion. The market growth is also expected to be fuelled by the adoption of innovative technologies in screening and diagnostic testing. For example, Multiparametric MRI (mp-MRI) can considerably increase tumor identification while confirming whether tissue biopsy is required. Furthermore, manufacturers in the market are spending research to create treatments for the treatment of such malignancies.
In addition, due to the expiration of patents on major existing products throughout the forecast period, many generic products are likely to join the market. As a result, growth is expected to be fueled by these factors. For patients with breast or gastric cancer who are candidates for targeted therapy, Roche has released the VENTANA HER2 Dual ISH companion diagnostic test. The VENTANA HER2 Dual ISH DNA Probe Cocktail test on the BenchMark IHC/ISH equipment provides an improved bright field assay that is fully automated. In the male population, prostate cancer is the second most frequent type of cancer.
The growth of the Latin American prostate cancer market is likely to be hampered by long treatment durations and low demand for prostate cancer treatment medications in this nation. In addition, the market is projected to be hindered by the high cost of prostate cancer medications and the low success rate of clinical trials.
This research report on the Latin American prostate cancer market has been segmented and sub-segmented into the following categories.
By Diagnostic Techniques:
By Radiation Therapy:
The Brazilian market for prostate cancer treatment in Latin America is predicted to develop significantly due to the rising incidence of cancer in the country, facilitating demand for cancer treatment and growing approval of novel products for cancer treatment. To increase their product portfolio and develop novel therapies for cancer treatment, pharmaceutical companies in the oncology device market are relying on inorganic growth strategies such as acquisitions and collaborations. This increase is attributed to an aging population, increased smoking, obesity, poor dietary habits, rising prostate cancer prevalence, increased uptake of hormonal agents, and increased demand for prostate cancer treatment and management. Latin America has to develop policies that allow disadvantaged people access to health care and next-generation anti-cancer medications, such as high-cost targeted therapies, to increase survival rates. In addition, cancer clinical research must be geared toward developing cancer biomarkers that are tailored to specific populations of various ethnicities, allowing for better patient outcomes.
KEY MARKET PLAYERS:
Companies such as Sanofi S.A, GlaxoSmithKline, AstraZeneca, AbbVie, Varian Medical Systems, Elekta, Theragenics, Pfizer, Novartis, Roche, Bayer, Johnson & Johnson, Abbott Laboratories, and Genentech are currently dominating the Latin American prostate cancer market.
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