The size of the Latin America Injectable Drug Delivery Market was valued at USD 5972.87 million in 2022. It is further estimated to be growing at a CAGR of 11.32%, to reach USD 10210.56 million by 2027.
One of the major factors driving the injectable drug delivery market in the Latin American region is that healthcare infrastructure in Brazil, Mexico, and Argentina has vastly improved in recent years. These countries are also thought to have strong growth potential. These countries' vast populations are in desperate need of specialized medicine delivery technologies. This is a powerful incentive for government officials and local pharmaceutical businesses to work toward the widespread adoption of these systems.
The increased need for vaccinations, insulin, human growth hormone, and many other modern medicines used to treat cancer and other chronic conditions is another significant factor contributing to the market's growth. Furthermore, because biologics are mostly provided via injection, the injectable medication delivery and prefilled syringe markets are projected to experience significant growth in the future years. In addition, the growing demand for biosimilar and generic injectables, quick technological breakthroughs and new product releases, and strong growth in the biologics industry are expected to provide considerable growth possibilities.
However, there have been multiple products recalls in the injectable medicine delivery technology sector in recent years. Recalls can happen on their own or as a result of regulatory involvement. Injectables have also been recalled due to contamination from inorganic materials such as glass, silicone, stainless steel, and improper vial filling. During the development phase, usability issues must be discovered and solved. The presence of visible foreign matter during retention sample testing in injectables might have serious health repercussions, including permanent impairment of a body function, blood vessel injury, and obstruction. If a product is recalled, the process of collecting and replacing the defective goods can result in significant losses for a firm or manufacturer. These massive losses will influence the company's revenue and market share, which will have an impact on the broader market.
This research report on the Latin America Injectable Drug Delivery Market has been segmented and sub-segmented into the following categories:
By Device Type:
By Therapeutic use:
By End User:
Due to the widespread acceptance of sophisticated injectable medicine delivery and the growing patient population, the Latin American market is expected to register a promising share in the global market during the forecast period.
In Latin America, the Brazilian market is predicted to dominate during the forecast period, whereas Mexico and Argentina are estimated to register healthy growth rates.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in Latin America Injectable drug delivery market profiled in the report is Antares Pharmaceuticals Ltd, Baxter International, Becton Dickinson Company, Elcam Medical, Eli Lily and Company, Unilife Corporation, and West Pharmaceutical Inc.
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