Rising geriatric population is the major factor boosting the Latin America Oncology Drugs Markets growth. Geriatric population is exponentially rising globally, that has contributed to increase in chronic diseases. People in Latin America are health conscious that has contributed to increase in healthcare expenditure in this region. The most affected regions are the emerging economies where the population growth is poised to be most significant in developing countries. Owing to this there is a huge demand for diagnostic services including diagnostic imaging services. Ageing Population have major impact for cancer control since cancer is more frequent among older people. Cancer may strike at any age, although the likelihood of acquiring it rises dramatically with age. More over half of all cancer patients are 65 or older, according to GLOBOCAN 2020 data. This is owing to the buildup of cancer risk factors as people become older, as well as less efficient cellular repair mechanisms. Living with cancer becomes more complicated as one gets older. As early cancer symptoms might be mistaken for regular pain or minor illnesses associated with old age, many tumors in older people are discovered later. According to the World Health Organization, the global population of persons aged 65 and over reached 703 million in 2019. The number of old individuals is predicted to double by 2050, reaching 1.5 billion. The worldwide population's share of persons aged 65 and older increased from 6% in 1990 to 9% in 2019. By 2050, that number is predicted to rise to 16%, meaning that one out of every six people on the world would be 65 years old or older. Cancer is the second largest cause of mortality worldwide, accounting for 9.6 million fatalities in 2018, or one in every six deaths. In Latin America and the Caribbean, the number of people aged 65 and above has than doubled, rising from 5% in 1990 to 9% in 2019, thus fueling oncology drugs market in the region. Latin America Oncology Drugs Market, the Mexico Market size was estimated at $1.3 billion in 2020 and is projected to grow at CAGR of 12.0% during the forecast period 2021-2026.

The formation of cancer is termed as carcinogenesis, where the normal cells are transformed to cancer cells. Cancer is a type of chronic illness characterized by uncontrolled cell proliferation. Breast cancer, lung cancer, colorectal cancer, uterine cancer, and thyroid cancer are the most frequent cancer kinds. Chemotherapy, Hormone Therapy, Targeted Therapy, Immune Therapy are the four primary categories of cancer treatments based on their mode of action. Owing to the increased medication approvals and the development of biosimilar medicines for cancer therapy, the oncology drugs industry has seen remarkable expansion in recent years. Furthermore, rising cancer-related healthcare costs have prompted an increase in research and development operations aimed at generating novel cancer medicines that are both highly effective and cost-efficient. Cases of cancer is predicted to increase in a rapid pace. According to WHO, in the year 2018 around 18.1 million new cases were diagnosed and 9.6 million individuals died out of cancer. Furthermore, a cross-sectional survey of pediatric oncologists/hematologists was performed from April 12 to April 19, 2020, early in the course of the COVID-19 epidemic in Latin America, according to a research released on June 6, 2020 by the American Society of Clinical Oncology 453 people from public and private institutions in 20 countries participated in the survey, including 267 faculty members, 142 medical directors, and 44 residents. The findings of the study revealed that COVID-19 impacted children with cancer in Latin America since healthcare systems in the region were not fully aware of the epidemic.

Brazil holds a major share in Latin America Oncology Drugs Market owing to the growing prevalence of various cancer in this region. According to Brazilian National Cancer Institute, in 2018, 224,727 cancer related deaths were recorded in Brazil, that accounted for around 17% of total deaths took place in the country. The survival rates for several types of cancer five years after diagnosis are higher in Brazil than in the rest of the South America on average, according to the latest State of Health in the South America profile of Brazil. There are around 367,000 new cancer cases in the Brazil every year, around 1,000 every day (2015-2019) and each year more than a third (36%) of all cancer cases in the Brazil are diagnosed in the same period. Increasing focus on drug development for the reduction of cancer cases in Brazil is also set to increase the growth of the Oncology Market during the forecast period 2021-2026.

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Latin America Oncology Drugs Market Segment Analysis-Drivers

Rising Consumption of Alcohol and Tobacco:

Along with cigarette use and excess body weight, alcohol is one of the most major risk factors for cancer. Alcohol is likely to raise the risk of stomach cancer and may influence the risk of other cancers as well. The more alcohol a person consume, the higher there cancer risk is for each of the malignancies. However, even little quantities of alcohol can raise the risk of some cancers, most notably breast cancer. Drinking and smoking at the same time, increase the chances of getting these malignancies by a factor of ten. This is owing to the fact that alcohol can assist tobacco's toxic compounds penetrate the cells that line the mouth, throat, and esophagus. Alcohol may also impair these cells' ability to repair DNA damage induced by tobacco compounds. According to the American Cancer Society and Vital Strategies, co-publishers of the Tobacco Atlas, hundreds of thousands of Latin Americans die each year from tobacco-related diseases. Despite the fact that the proportion of the population that uses tobacco has virtually halved owing to effective tobacco control laws in several countries, however, the area is experiencing a spike in tobacco-related fatalities, which reached more than 300,000 in 2016. According to Tobacco atlas in association with American Cancer Society, nearly 70 million Latin American smokers are at risk of tobacco-related death and disease. With 40% and 38.7%, respectively, Bolivia and Chile have the highest smoking prevalence in the area, followed by Cuba with 35.9%, Suriname with 26.2%, and Argentina with 22.5%. Ecuador (7.4%) and Panama (6.6%) have the lowest prevalence rates in the area. In Latin America and the Caribbean, an estimated 1.3 million new cancer cases and 666,000 cancer deaths occurred in 2018. While the Caribbean has the highest incidence rates of prostate cancer, with 189 per 100,000 in Guadeloupe, Honduras has the lowest. Gallbladder cancer is the leading cause of cancer mortality in Bolivia.
Increasing Healthcare Spending Coupled with Rising Technological Advancements in the field of Drug Discovery:
Targeted Therapy has gained popularity in cancer therapy throughout the years. They have a number of advantages over conventional treatment options including chemotherapy, radiotherapy, and others. It can be used on its own or in conjunction with other therapies like radiation or chemotherapy. They are effective because they have no influence on the cells around them. These innovative cancer treatment technologies and techniques, together with increasing healthcare spending in Latin America, are expected to help drive the regional oncology drug market forward.

R&D Investment:

AstraZeneca and Daiichi Sankyo announced a partnership on a new HER2-targeting antibody-drug combination on March 28, 2019. The partnership is in line with AstraZeneca's science-driven oncology approach, which is built around four major scientific platforms: tumor drivers and resistance, Ddd damage response, Immuno-Oncology, and ADCs.

The Major Players in this Market Include

The major companies in the Protein Hydrolysis Enzymes Market are Novartis AG, Hoffmann-La Roche Ltd, AstraZenca, Eurofarm, Pfizer, Johnson & Johnson Inc., Bristol-Myers Squibb Company, Amgen Inc., Merck KGaA, Abbive Inc.

Over the years, companies have mainly focused on offering innovative therapies in Oncology Market and have vast geographical presence globally, thereby augmenting their respective positions in the market. Manufacturers in this market are involved into the production of various oncology drugs which are preferred by various industries for its wide range of application. Rising number new manufacturers producing oncology drugs, are set to increase in the degree of competition are the major factors set to buoy the Latin America Oncology Drugs Market during 2021-2026.

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