The Global Cancer Burden & the Outlook for Latin America

April 26, 2025

By Guillaume Corpart

The current outlook on cancer, both worldwide and in Latin America, is a complex story that includes both good news and bad news. Let’s get the bad news out of the way first: Cancer cases are continuing to increase. The World Health Organization says that the year 2022 saw 20 million new cancer cases worldwide, along with 9.7 million deaths. According to the American Cancer Society, the disparity of cancer cases between women and men is also on the rise: In 2002, cancer rates for women under age 50 were 50% higher than men. In 2021, that rate was 82% higher.

However, this steady rise in cancer rates is accompanied by a few strands of good news, as well. For one, while cancer rates are increasing, death rates are steadily declining. There are several factors at play here, including the overall decline of smoking, as well as the improvements in cancer detection and treatment. But the end result is some significant wins, including breast cancer deaths basically being cut in half between 1975 and 2019. The five-year survival rate for breast cancer is now at 90%.

Increased Healthcare Demands

While nobody would argue that higher cancer survival rates is a bad thing, the increased rate of cancer cases paired with an increased number of survivors is posing an interesting healthcare conundrum on a global scale: A sustained demand for more diagnostic tools, more treatments, more post-treatment monitoring and, in general, a more developed care infrastructure. To get a sense of the scale of growth in the oncology sector, take a look at the table below:

Oncology Market Growth

Oncology market value in 2025: $356.2b
Oncology market forecast for 2034: $903.81b
Forecasted CAGR from 2025-2035: 10.9%
North America’s oncology market share in 2024: 47%
Latin America’s oncology market share in 2024: 3%

As you can see, not only is the oncology market projected to grow significantly in the coming years, but there are major disparities in the market that need to be addressed, as evidenced by the discrepancy between North America’s market share and Latin America’s market share. Cancer treatment in the years ahead should not only be focused on bringing needed technologies to market, but also in evening out these disparities on a global scale.

The needs for cancer equipment are growing not only because of rising cancer cases, but because of the increased number of cancer survivors, as well. According to a recent study, the number of cancer survivors actively using medical equipment has increased from 1.6 million in 1999 to 4 million in 2018.

The Modernization of Cancer Care

Beyond just the basic equipment and medication required to meet the needs of the population, another major factor driving oncology market growth is advances and breakthroughs in the treatment field. Here’s a rundown of the growth in this area in recent years:

Cancer Treatment Breakthroughs by the Numbers

Number of oncology novel active substances (NASs) launched since 2014: 193
Number launched in 2023 alone: 25
Number of oncology clinical trials started in 2023: 2,000+
Annual increase in cancer treatments since 2019: 9%
Cancer medicine spending in 2023: $223b
Cancer medicine spending forecast for 2028: $409b

Revolutionary Treatments

A lot of this growth is occurring in the realm of precision oncology. This exciting new form of cancer therapy involves treating a patient’s cancer based on the specific DNA signature of the tumor within that particular patient. The result is a more refined and specific diagnosis, a more targeted treatment that focuses on the cancer and does less damage to the surrounding areas of the body and, ultimately, a better outcome for the patient.

Precision oncology requires not only more precise treatment methods, but better diagnostic tools, as well. Many researchers view precision oncology as the future of cancer care, and it’s revolutionizing both diagnostics and treatment.

Of course, precision oncology is still an emerging trend, and the mainstays of cancer treatment, such as surgery, radiation therapy and chemotherapy, are still critical in the daily fight against cancer. Many of these treatment areas are seeing continued innovation, as well.

In particular, radiation therapy has become much more precise and powerful in the fight against cancer in recent years. New techniques such as intensity-modulated radiation therapy (IMRT), stereotactic body radiation therapy (SBRT) and image-guided radiation therapy (IGRT) enable providers to deliver radiation more powerfully and precisely to the tumor. The result is more effective treatments that are less likely to damage surrounding organs and tissues.

A New Approach to Diagnostics

As treatments improve, cancer diagnostics are seeing a leap forward in precision and efficacy, as well. For example, the newest imaging equipment for cancer, such as CT scans, MRIs, PET scans and more, are incorporating AI-assisted imaging analysis. This gives oncologists a powerful tool in both assisting with and confirming the specifics of their cancer diagnoses.

Other diagnostic breakthroughs in recent years include liquid biopsies, where cancer can be detected and analyzed from a liquid blood sample rather than a surgically removed section of tumor, as well as multi-cancer early detection (MCED) tests, innovative blood screenings that can identify multiple types of cancer in their early stages. These are just a few of the many new devices and technologies that are changing the face of cancer diagnosis and treatment.

These breakthroughs, in turn, have fueled an emerging trend of oncology department modernization. Across the globe, many hospitals and oncology centers are upgrading their equipment and infrastructure with the latest equipment. As these centers evolve to accommodate more patients and emerging technologies, it’s important that they remain flexible and patient-centered in their approach to growth.

How Health Care Companies Can Rise to the Challenge

In this new world of rising cancer rates, improved cancer survival and emerging diagnostic and treatment tools, medical equipment and pharmaceutical companies in the oncology space should see major growth opportunities in the years ahead. By adopting the latest technologies, such as AI diagnostic tools, precision oncology diagnostic tools and treatments or advanced radiation delivery therapies, you’ll be well positioned to take advantage of the growing market. At the same time, the overall rise in cancer rates will present growth opportunities for traditional oncology equipment and treatments, as well, while these new therapies are continuing to evolve.

The annual growth rate for the global oncology market over the next 10 years is projected at almost 11%, so companies in the space are well-positioned to scale up as hospitals and medical centers update their equipment and build to meet the growing demand. In addition, Latin America’s global share in the oncology market lags way behind market leaders like North America and Europe. There should be even more potential for growth in these markets as Latin American countries and their respective hospitals and medical centers strive to update the diagnostic and treatment options available to their patients.

Next Steps

Contact GHI to learn more about oncology trends and their potential impact on the healthcare industry in Latin America. Our team of researchers can provide the analysis you need to gain valuable insights to support strategic decision-making in your industry.

María Laura Suárez