The size of the Needles Market in Latin America was valued at USD 560 million in 2022. It is estimated to be growing at a CAGR of 7.2% and worth USD 850 million by 2027.
The market is showcasing significant growth potential in the mentioned period. Moreover, it will also expand in the future years because of the recent developments in the Pharmaceutical industry.
Needles are medical tools with extremely thin and hollow tubes with a sharp end with a tiny hole at the pointed end. A needle generally comes with a syringe made up of either glass or plastic and has a cylinder-like shape with a piston at one end that holds the needle.
The increase in the geriatric population and the demand for vaccines are some of the key market growth drivers to the Latin American Needles market. For instance, according to world health authorities, the global geriatric population is expected to grow from 86.0 million in 2015 to 2.9 billion in 204Thethe aging population is prone to chronic disease, which will boost the needle growth market rate. The increasing prevalence of various chronic diseases and the increasing number of hospitals and clinics in emerging countries are also likely to increase the growth of this market during the forecast period. Factors such as accuracy, uptime, and quick-to-use design are also favorable. The increasing prevalence of diabetes (both type I and type II) worldwide is expected to drive the market for needle usage. The global prevalence of diabetes is expected to increase from 377.0 million in 2015 to 540.0 million in 2025. As long-term diabetes leads to many complications, the increasing prevalence of diabetes is expected to have a positive impact on the growth of the market
Additionally, there is a high demand for blood and blood products due to the increase in cases of complex surgeries, such as chemotherapy, heart surgery, and organ transplantation, which require large numbers of these products with needles. The COVID-19 pandemic has transformed the market landscape, and the main concern of the market is the administration and abuse of drugs for unethical purposes.
Strict regulations in many developed regions have led to mandatory blood tests on donations to detect infections. In addition, a low rate of awareness among people regarding treatment options and poor reimbursement facilities for healthcare in developing countries are also expected to slow the growth rate of the Latin American needles market.
Needlestick injuries pose a challenge with conventional needle use, and it can be avoided by using the pen needle type. Still, they are more expensive than conventional needles and therefore not economical on a large scale.
This research report on the Latin America Needles Market has been segmented and sub-segmented into the following categories.
By Delivery Mode:
By End User:
Geographically, most Latin American markets are expected to account for the Brazilian market during the forecast period. The growth of the Brazilian market can be attributed to the high prevalence of chronic diseases, the increasing use of pen needles, the high adoption of chronic disease management, and the well-established health infrastructure in the region. Argentina, Colombia, and Chile are expected to provide significant growth opportunities for market players during the forecast period due to the large patient population, increased incidence of chronic diseases with modes of changing lives, increased accessibility of advanced products, improved healthcare facilities, and increased disposable income. of the middle-class population.
KEY MARKET PLAYERS:
Some of the key market participants dominating the Latin America Needles Market Profiled in the Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation and Smiths Medical, Terumo Corporation, Smiths Medical, and Thermo Fisher Scientific.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org