The size of the Safety Syringes Market in Latin America was valued at USD 725.54 million in 2022. It is predicted to reach USD 1164.77 million by 2027, growing at a CAGR of 9.93% between 2022 to 2027.
The growth of the Latin American safety syringes market is expected to be driven owing to the increasing prevalence of diseases, the high number of vaccinations, and the growing senior population. Safety syringes are widely used in the field of blood sample collection, immunization, and drug administration. According to the World Health Organization (WHO), safety syringes are designed to protect the person giving the injection and prevent the reuse of syringes. According to the WHO, about 18 billion injections are given each year, and about 91% are under unsafe conditions. Unsanitary use of needles is observed worldwide, especially in developing countries, resulting in widespread infections in many patients and healthcare professionals. Unsafe injection practices have resulted in hepatitis B infections, which account for over 30% of new cases or 21 million illnesses, and hepatitis C infections with 41% of new cases or over 2 million across the globe. Improper use of syringes has also resulted in nearly 265,000 HIV infections, raising 9% of new possibilities globally.
Moreover, the increased need to prevent infections contracted in hospitals or clinics will positively influence the market's growth. The unsafe use of syringes can cause fevers such as Ebola and Marburg viruses, malaria, and other illnesses. According to WHO statistics, the use of hazardous syringes each year results in 1.8 million premature deaths and over the US $ 540 million in health care costs and cumulative damage. The new WHO safety guidelines and policies provide detailed recommendations emphasizing the value of safety syringes, including devices that protect healthcare workers from accidental needle prick injuries and subsequent exposure to infections.
However, several factors such as the high cost of safety syringes compared to conventional syringes, lack of product knowledge, presence of counterfeit products, the availability of alternative drug delivery methods such as patches, vacuum injections, strict regulations, and the decrease in healthcare spending are responsible for limiting the growth of the market.
This research report on the Latin America safety syringes market has been segmented and sub-segmented into the following categories:
By End Users:
Regionally, Latin American countries are expected to show a significant growth rate due to changing economic policies and the growing importance of healthcare. Being one of the world’s top 10 largest economies, Brazil is set to offer an excellent market for safety syringes, followed by Argentina.
Over the forecast period, Brazil is expected to hold the highest market share in the Latin America safety syringe market, followed by Mexico and Puerto Rico. The regional market in Brazil will grow due to various developments in the healthcare sector and a large population. Additional factors like increased demand for minimally invasive medical procedures, high cancer rate, and rising healthcare spending in the region will help the market grow. The WHO reported that 8.7 million people died from cancer worldwide in 2016. Cancer deaths account for about 70% of all deaths in low-income countries.
Mexico is the second-largest market contributing to revenues during the forecast period. This market growth can be attributed to the government and NGOs initiatives to promote awareness of needle safety and precaution coupled with the growing number of medical facilities in the region. In addition, this region also has the highest number of patients for medical tourism, which results in growing the market revenues in the years to come.
KEY MARKET PLAYERS:
Companies playing a notable role in the Latin America safety syringes market profiled in this report are Covidien plc, Retractable Technologies Inc., Becton, Dickinson & Company, Terumo Corporation, Unilife Corporation, Revolutions Medical Corporation, Smiths Medical, Sol-Millennium, Ultimed Inc., and Axel Bio Corporation.
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