The market size for Drug Delivery Devices in Latin America is expected to reach USD 254.12 Million by 2027 from USD 173.51 Million in 2022, growing at a CAGR of 7.93% from 2022 to 2027.
The increasing prevalence of chronic diseases such as diabetes, cancer, and other cardiovascular diseases, are majorly driving the Drug delivery devices market in Latin America. Also, the rising non-communicable conditions influence the demand for non-invasive drug delivery methods. Furthermore, the growing geriatric population is one of the significant growth contributors to drug delivery devices. The senior population is vulnerable to various chronic diseases such as cancer, diabetes, and other conditions, increasing the demand for drug delivery devices. On the other hand, the growth of biologics is rapidly boosting the drug delivery devices market growth.
In addition, the technological advancement and the growing adoption of innovative products such as patient-friendly drug delivery devices are supporting the market growth. There has been an increase in the usage and the inclination towards the improved drug delivery systems owing to their beneficial factors; As drug delivery systems aid in the distribution of pharmaceuticals that help the targeted population recover faster. Increasing investment and funding by the government on research and development and the advancement of healthcare infrastructure provide lucrative growth opportunities for market growth. New product launches, collaborations, mergers, and acquisitions strengthen regional market growth. Some of the key companies are launching new products, which are expected to accelerate the market growth.
However, the increased side effects of drug recall and biocompatibility issues hamper the market growth.
This research report on the Latin American drug delivery devices market has been segmented and sub-segmented into the following categories:
By Route of administration:
By Facility of Use:
Geographically, the Latin American market is anticipated to show moderate growth in the global market during the forecast period. The market growth is attributed to the improving healthcare infrastructure, rising elderly population, increasing funding for research and changing lifestyles, and growing preference for drug delivery devices. In addition, supportive government policies by the government are providing significant growth opportunities for the major players in the market. Further, new product approvals and key market strategies such as collaborations, mergers, and acquisitions are expanding the regional market. Moreover, the emerging countries in the region, such as Mexico, Brazil, and Argentina, significantly contribute to regional market growth.
Brazil accounted for the majority share of the market and is anticipated to continue its growth during the forecast period. The factors such as high healthcare expenditure, technological advancements in the healthcare sector, and high patient population are propelling the market growth.
Mexico is expected to record a prominent share in the market in the region due to growing awareness regarding the benefits of the drug delivery devices, the presence of local players, and increasing investments in the healthcare sector, boosting the market growth.
Argentina is projected to witness a promising share in the Latin American market during the forecast period. The growing geriatric population, increasing patient population, growing demand for drug delivery devices, and favorable government policies fuel market growth.
KEY MARKET PLAYERS:
Companies playing a notable role in the Latin American Drug Delivery Devices Market profiled in the report are Bend Research, Endocyte, Microchips Inc., Pearl Therapeutics Inc., Presage Bioscience, UCB Group, Genentech Inc., Polymer Factory, Alkermes Inc., BIND Biosciences Inc., and QLT Inc.
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