Market Size of Latin America Insulin Syringes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.90 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Insulin Syringes Market Analysis
The Latin America Insulin Syringes Market size is estimated at USD 0.11 billion in current year, and is expected to reach USD 0.130 billion by forecast year, growing at a CAGR of 2.90% during the forecast period.
The COVID-19 pandemic has been testing the capacity to respond and adapt to populations, governments, and health systems worldwide. In the Latin America region, Brazil presented the first suspected and the first confirmed cases on January 27th and February 26th, respectively. Most Latin American countries failed to implement timely measures to protect individuals with diabetes, which may severely impact individuals, health systems, and economies.
The diabetic prevalence is high in countries in the Latin American region, and Mexico is known to have a high number of diabetic patients due to the growing prevalence of Type-2 diabetes in the country. The gradually growing obesity rate, combined with the genetic predisposition for Type-2 diabetes, is acted as a prominent driver for the increase in the Type-2 diabetic population over the last 40 years. Currently, close to 10% of the total population is living with diabetes. Diabetic patients in the Latin American region mainly suffer from Type-2 diabetes, and they accounted for close to 90% of the total diabetic population in 2021.
Insulin syringes have gained acceptance in the market as drug delivery systems designed for injectable drugs. Prefilled syringes provide the advantage of precise dosing, as the syringes are already loaded with a dose worth of the drug. They are generally preferred for the parenteral administration of various drugs, and they are used mainly for the treatment of chronic diseases such as cancer, diabetes, and several other diseases.
This is driving the demand for Insulin Syringes in Latin America, thereby driving the market in focus during the forecast period.
Latin America Insulin Syringes Industry Segmentation
Diabetes patients receive their specified dose of insulin through the use of insulin syringes. Insulin is administered subcutaneously to mimic pancreatic secretions that occur naturally. The usual areas for insulin injections include the buttocks, thighs, arms, and belly. The Latin America Insulin Syringes Market is segmented by Geography (Brazil, Mexico, and the Rest of Latin America). The report offers the value (in USD) and Volume (in Unit) for the above segments. We will provide a segment-wise breakdown (Value and Volume) for all the countries covered under the Table of Contents.
| Geography | |
| Brazil | |
| Mexico | |
| Rest of North America |
Latin America Insulin Syringes Market Size Summary
The Latin America insulin syringes market is poised for growth, driven by the increasing prevalence of diabetes, particularly Type-2 diabetes, across the region. The market is characterized by a rising demand for insulin syringes as effective drug delivery systems for managing chronic diseases such as diabetes. The high incidence of diabetes, exacerbated by factors like urbanization, lifestyle changes, and an aging population, is a significant contributor to the market's expansion. Mexico, with its substantial diabetic population, dominates the market, supported by a health system that integrates public and private sectors to enhance access to healthcare services. The COVID-19 pandemic has further accelerated the demand for prefilled syringes, highlighting the need for efficient and precise drug administration.
The market landscape in Latin America is highly fragmented, with numerous local and international players employing various strategies to strengthen their market presence. Key companies such as Cardinal Health, BD, and Smith Medical are actively engaging in partnerships, product launches, and geographical expansions to capture a larger market share. Recent developments, such as the collaboration between Becton Dickinson and Biocorp to enhance drug therapy adherence through connected technology, and Terumo Pharmaceutical Solutions' launch of a ready-to-fill polymer syringe, underscore the ongoing innovation and strategic initiatives within the market. These efforts are expected to sustain the market's growth trajectory during the forecast period.
Latin America Insulin Syringes Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Drivers
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1.3 Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. Market Segmentation
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2.1 Insulin Syringe
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2.2 Geography
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2.2.1 Brazil
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2.2.2 Mexico
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2.2.3 Rest of North America
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Latin America Insulin Syringes Market Size FAQs
What is the current Latin America Insulin Syringes Market size?
The Latin America Insulin Syringes Market is projected to register a CAGR of 2.9% during the forecast period (2024-2029)
Who are the key players in Latin America Insulin Syringes Market?
B Braun Medical, Smiths Medical, Inc, Hindustan Syringes, Becton, Dickinson and Company and Cardinal Health are the major companies operating in the Latin America Insulin Syringes Market.
