The size of the Latin America Prefilled Syringes Market is forecasted to be worth USD 0.72 billion by 2027 from USD 0.51 billion in 2022, growing at a CAGR of 7% during the forecast period.
The pre-filled syringe is a single-dose vaccine that can be self-administrate to treat diabetes and other disorders. Prefilled syringes have emerged as one of the fastest-growing choices for unit dose medicine as the pharmaceutical industry investigates novel and more convenient drug delivery technologies. Therefore, the rise in self-care devices and the increase in chronic disorders are driving the market growth.
The growth of the Latin America prefilled syringes market is driven by the needle price and rising chronic diseases in the region. Therefore, Latin America is expected to grow actively in the prefilled syringes in foreseen years. According to the national library of medicine, there are 0.2 to 8.3 type 1 diabetes patients and 1.2 to 8% type 2 patients caused in Latin America. Therefore, the rising demand for self-administrated pre-filled syringes is expected to drive market growth in the region. Also, the market is expected to grow significantly in the coming years due to the advantages of prefilled syringes and the significant need and demand for better injection safety.
For both patients and clinicians, the prefilled syringes make injections simple, accurate, and safe as the prefilled syringes provide several advantages, including the elimination of dosage mistakes by simplifying the use; therefore; as a result, prefilled syringes' distinct benefits over regular syringes that are driving greater usage and contributing to the global market growth.
Also, in medical and emergency treatment cases, these syringes play an important role and increase the competition among the players such as MedPro Inc and Nipro Corporation. By constantly growing patient population and excellent medication delivery performance at low rates are driving the significant market growth.
However, these prefilled syringes are expensive, and affordability is not possible to some of the patient population of Latin America, which is expected to restrict the market's growth rate to some extent. Moreover, the availability of the cheaper alternatives of prefilled syringes by some local players is present in the market. Some are not compatible with all the drugs, which restrain the market growth. Furthermore, the market is restrained due to the challenges associated with the manufacturing of these syringes. For example, it can involve product contact with silicone or tungsten and plunger movement during terminal sterilization or shipment, affecting the prefilled syringes' market growth.
This research report on the Latin America prefilled syringes market has been segmented and sub-segmented into the following categories:
By Distribution Channel:
Regionally, the Latin American prefilled syringes market is estimated to account for a substantial share in the global market during the forecast period. The growth of the Latin America Prefilled Syringes Market is majorly driven by factors such as the increasing prevalence of chronic diseases, steadily rising patient population base and its superior performance in drug delivery at affordable prices.
In Latin America, the Mexican market is predicted to play a leading role between 2022 to 2027. Mexico continued growth in the pre-filled syringe market due to a higher amount of mortality. There are 15 % of people deaths caused by diabetes, so the government focused on the new pre-filled syringe that is useful to reduce the mortality rate of patients who have diabetes and any chronic disease.
The Brazilian prefilled syringes market is expected to grow at a significant rate during the forecast period. HIV is the highest cause of disease in Brazil, so the country tried to adopt syringe exchange methods to minimize the dose error and needle harm effect on the patients. Also, some pharmaceutical companies have expanded their pre-filled syringe market in Brazil.
The Argentina prefilled syringes market is projected to grow at a prominent CAGR from 2022 to 2027. The Needle and syringe programs provide clean syringes and needles to reduce the transmission of HIV in Argentina. World Health Organization recommended 200 sterile syringes per drug injector every year to battle against HIV transmission in a country that drives the pre-filled syringe market in Latin America.
KEY MARKET PARTICIPANTS:
Companies such as Becton Dickinson and Company, Gerresheimer AG, SCHOTT AG, West Pharmaceutical Services, Inc., Ompi, Catalent, Inc., Weigao Group, Vetter Pharma International GmbH, Nipro Corporation & MedPro Inc are playing a prominent role in the Latin American prefilled syringes market.
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