As per the research report, the Latin America Syringes Market had a market value of USD 2.07 billion in 2022. This value is further forecasted to exhibit a CAGR of 7.7% from 2022 to 2027 and be worth USD 3.00 billion by 2027.
The market for Latin American syringes is projected to grow at a promising rate during the forecast period. The increasing prevalence of chronic diseases, rising demand for vaccinations and immunizations, technological improvements, and increasing injectable medications drive the syringes market in Latin America.
Over the forecast period, the market is expected to be driven by an increase in surgical procedures. Syringes are used to inject solutions and remove secretions from the body in all types of procedures. However, anaesthesiology is the most common method used during surgeries, in which the patient is given medicines to make the procedure more comfortable and pain-free. In addition, other factors such as Unhealthy lifestyles, a lack of physical activity, alcohol misuse, and smoking are all key contributors to the rising prevalence of these diseases are accelerating the demand for the market.
The growing prevalence of cancer significantly influences the syringes market, and it is likely to showcase a significant share; during cancer treatment, syringes are utilized. In addition, the technological advancements in healthcare sectors, increasing frequency of needle stick injury, and introduction of advanced syringes are expected to fuel the market growth. Furthermore, the growing geriatric population influences the syringes market growth as the senior population is more prone to various chronic diseases such as diabetes. In addition, insulin syringes are widely used in diabetes therapy; therefore, the demand for syringes has increased.
Furthermore, the World Health Organization (WHO) has suggested using smart syringes to decrease contamination and disease transmission. However, due to the sudden emergence of covid-19, there has been a significant use of smart syringes in disease treatment.
However, the syringes market in Latin America is likely to be hampered by increased needle stick injuries and unfavorable policies in some countries over the forecast period. Furthermore, the high cost of safety syringes is projected to inhibit market growth.
This research report on the Latin American syringes market has been segmented and sub-segmented into the following categories:
Latin America held a moderate share in the global syringes market in 2020, and it is projected to witness a significant share during the forecast period. The market is estimated to develop due to improving healthcare infrastructure, the availability of key product companies, and supportive government policies. Brazil, Argentina, and Mexico are supporting the regional market growth.
Brazil dominates the syringes market during the forecast period, and it is anticipated to continue its dominance throughout the forecast period. The market growth is attributed to the increase in chronic disease cases, well-established healthcare sector, and increasing healthcare expenditure. According to the International Diabetes Federation (IDF), 5 million diabetes cases were reported in Mexico in 2017. It further stated that 1 million diabetes cases were reported in Brazil in the same year. Therefore, the increased prevalence of diabetes is expected to drive market expansion during the forecast period.
On the other hand, emerging countries such as Argentina and Mexico are projected to record a considerable share in the syringes market in the coming years. increased demand for technologically advanced medical products, the presence of key companies, and supportive government policies. Also, the prevalence of diabetes rises, and the demand for insulin syringes is expected to rise.
KEY MARKET PLAYERS:
Companies such as Becton, Dickinson and Company, Terumo Corporation, Medtronic plc, Smiths Medical, B. Braun Medical Inc., NIPRO Corporation, Hindustan Syringes & Medical Devices Limited, Gerresheimer AG, SCHOTT AG, and CODAN Medizinische Geräte GmbH & Co KG are some of the key players operating in the Latin America syringes market.
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