Latin America Wearable Injectors Market

Latin America Wearable Injectors Market Size (2022 to 2027)

The size of the Latin American wearable injectors market is forecasted to be growing at a prominent CAGR from 2022 to 2027.

The market's growth can be attributed to the increasing prevalence of cancer and diabetes around Latin American countries. In addition, the growing awareness of the use of wearable injectors and the increasing demand for advanced treatment options for chronic diseases such as diabetes are driving the market's growth. Besides, the presence of many electromechanical wearable injectors is another important factor contributing to the growth of the Latin American wearable injector market.

According to the World Health Organization statistics, global health expenditure per capita amounted to $ 1,077,741 in 2018. Furthermore, global health expenditure per person increased from $ 865,513 in 2009 to $ 1,115,541 in 2019, and these are some of the factors responsible for the growth of the market in recent years.

These devices have several advantages, such as better patient compliance, easy walking, self-administration, which reduces the frequency of visits to the healthcare professional, etc. In addition, these devices are used to treat various chronic conditions such as cancer, diabetes, Parkinson's disease, and others. Hence the market has seen an evolution in recent years.

However, the preference for alternative modes of drug administration, strict government regulations for product approval, high costs, and a poor reimbursement structure in developing countries are expected to limit the uptake of the Latin American wearable injectors market to some extent.

Impact of COVID-19 on the Latin American wearable injectors market:

The restrictions imposed by the COVID-19 pandemic have also led to the increasing adoption of self-administration of medicines in-home care settings, especially by vulnerable groups such as the geriatric population, who are also expected to support market growth. The home healthcare in the Latin America wearable injectors market is expected to grow at a significant rate due to the pandemic, which can be attributed to increased preference for self-administration of drugs and limitations for multiple hospital visits, advanced medication management options, which minimize the need for technical knowledge when administering the drug.

This research report on the Latin American wearable injectors market has been segmented and sub-segmented into the following categories:

By Type:

• On-body
• Off-body

By Technology:

• Spring-based
• Motor-driven
• Rotary Pump
• Expanding Battery
• Others

By Application:

• Oncology
• Infectious Diseases
• Cardiovascular Diseases
• Autoimmune Diseases
• Others

By End-use:

• Hospitals
• Clinics
• Home Care
• Others

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the market in Latin America accounted for significant growth in wearable injector market revenue in terms of revenue in 2019. The well-developed healthcare infrastructure, associated with the presence of key players, are expected factors driving the market growth in the region during the forecast period.

The Mexican regional market is expected to grow at the highest CAGR during the forecast period owing to the large elderly population in the country and the increasing prevalence of chronic disorders in the area. Further, the market in Brazil is assessed as occupying the major share in terms of revenue during the forecast period owing to the strong presence of major market players in the region. In addition, the market in Brazil is expected to have a good market growth rate due to the well-developed healthcare industry, increasing prevalence of autoimmune and chronic diseases, and increasing healthcare spending. According to a report published by the Autoimmune Related Diseases Association, around 15 million people, i.e., almost 20% of the Latin American population, suffer from autoimmune diseases. In addition, government funding in this region contributes to the growth of the market.

Along with this, Argentina is also leading in terms of having a strong healthcare infrastructure, which is also expected to help the market growth in the region. Alternatively, the Ecuador market is also expected to occupy a significant share of the market due to its success in drug trials, the increase in cancer cases, and the growing aging of the population in the region. In addition, rising healthcare expenditure and increasing adoption of advanced drug delivery systems are other major factors that are expected to increase market growth in the Latin American region during the forecast period.

KEY MARKET PLAYERS:

Amgen, Becton, and Dickinson and Company, Medtronic, Valeritas, Inc, Insulet Corporation, Gerresheimer AG (Sensile Medical), Tandem Diabetes Care, SteadyMed Therapeutics, Inc., United Therapeutics Corporation, Sensile Medical AG, Zealand Pharma A/S (Valeritas, Inc.), West Pharmaceutical Services, Inc., SteadyMed Therapeutics, F. Hoffmann-La Roche Ltd, Ypsomed, Johnson & Johnson, Dexcom, Inc., Enable Injections, CeQur SA, Sensile Medicals and Bespak are some of the companies playing an active role in the Latin American wearable injectors market.