Market Trends of Latin America Insulin Syringes Industry
Rising Diabetes Prevalence in Latin America Region
In Latin America, the incidence of type 1 diabetes ranges from 0.4 to 8.3 cases per 100,000 children under the age of 15, and the prevalence of type 2 diabetes ranges from 1.2% to 8%, with higher prevalence rates in urban areas. Diabetes is expected to increase by 38% in Latin America over the next decade, compared to a 14% increase in the population. By 2025, the total number of diabetes cases is expected to more than double and surpass the number of cases in the United States, Canada, and Europe.
Factors contributing to this increase include population aging and increased life expectancy, urbanization, and lifestyle changes among Native American populations. Diabetes treatment is available to only a minority of people in many places. Furthermore, type 2 diabetes is frequently diagnosed late in the disease's progression, resulting in 10-40% of patients having chronic complications at the time of diagnosis. Hospital costs account for most direct treatment costs, and diabetes mortality has increased significantly in some areas over the last two decades.
Therefore, owing to the factors above, the growth of the studied market is anticipated in the Latin America Region.
Mexico is Expected to Dominate the Latin America Insulin Syringes Market.
Among the Latin American countries, Mexico dominates around 56% of the total Latin America Insulin Syringes Market. This is mainly due to the high diabetes prevalence in the country. In Mexico, the Mexican health system is managed by each state and local health secretariat and is governed by the MOH. Furthermore, in many towns where the public sector cannot meet people's requirements, partnerships with private organizations have been put in place to increase access to PHC. The Mexican health system in Brazil provides coverage to medicines through several programs that include a 20% expanded access to essential medicines. Mexico offers an extensive free immunization program. Mexico faced numerous lawsuits over the last 20 years, demanding the coverage of high-cost drugs to treat diabetes and certain rare or low-prevalence diseases.
The COVID-19 outbreak led to an increased demand for prefilled syringes. For instance, in November 2020, ApiJect received approval for a USD 590 million loan from the United States International Development Finance Corporation to support the building of a United States-based facility with a surge capacity to produce up to 3 billion single-dose prefilled plastic injectors per year with no supply chain limitations.
The market is expected to grow during the forecast period due to the factors above.
