South America Bladder Cancer Therapeutics and Diagnostics Market Size

South America Bladder Cancer Therapeutics and Diagnostics Market Analysis

The South America Bladder Cancer Therapeutics and Diagnostics Market is projected to record a CAGR of 3.0% over the forecast period.

COVID-19 had a significant impact on the growth of the studied market. According to an article published in Elsevier in April 2021, it was observed that the average number of cancer diagnoses had dropped considerably in all Brazilian regions during the pandemic period, ranging from 24.3% in the North to 42.7% in the Northeast. Also, as per the same source, about a 66% reduction in the number of bladder diagnoses was reported in Brazil during the pandemic. However, the released restrictions and resumed diagnostics and treatment services have increased patient visits to the hospitals, which are expected to fuel the market growth over the forecast period.

Factors such as increasing awareness about bladder diseases, increasing healthcare expenditure, innovations in drug development, and availability of therapies are all expected to boost market growth over the forecast period.

The increasing prevalence of bladder cancer is the key factor driving the demand for effective therapeutics and novel diagnostics systems in the region. This is anticipated to fuel market growth. For instance, according to the 2023 statistics published by the Global Cancer Observatory, an estimated 4,176 new bladder cancer cases are expected to be diagnosed in Argentina in 2025, as compared to 3,785 cases during the pandemic (2020). In addition, as per the same source, about 2,403 and 1,823 new bladder cancer cases are expected to be diagnosed in Colombia and Chile, respectively, in 2025.

Additionally, the growing government and organizations' initiatives in launching awareness programs and campaigns regarding bladder cancer, its related therapeutics, and diagnostic methods are expected to increase the demand for treatment procedures. This is expected to augment the market growth in the region over the forecast period.

Furthermore, the rising company focus on adopting various strategies, such as product launches and mergers and acquisitions, increases the development and availability of novel products, which in turn also contributes to market growth. For instance, in August 2021, Photocure ASA, the Bladder Cancer Company, received the market authorization, for Hexvix, from Instituto de Salud Pública de in Chile.

Therefore, owing to the aforementioned factors, the studied market is anticipated to grow over the forecast period. However, the rise in the number of patent expirations and the asymptomatic nature of the disease is likely to impede the growth of the bladder cancer therapeutics and diagnostics market in South America over the forecast period.