The Latin America hypodermic syringes and needles market is expected to be valued US$ 360.78 million and US$ 207.25 million by 2023 and 2033, respectively. Through 2033, the market is expected to grow at a compound annual growth rate of 5.9%..
Increasing incidences of chronic disorder, government initiatives, increasing application of infusion and injection therapies, and the growing demand for injectable vaccines and drugs are some key factors estimated to drive the Latin America hypodermic syringes and needles market.
One of the significant factors bringing lucrative opportunities for market growth is the emerging cases of type one diabetics, which increase the demand for hypodermic syringes and needles.
An increase in surgeries is one of the top factors bolstering the Latin America hypodermic syringes and needles market. According to Worldbank Data, 13,940 surgeries were performed in 2015 in Brazil.
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Needles usually work through two mechanisms namely safety and non-safety needles. Needles are employed to inject drugs into the body and take fluids from the body for examination.
Huge efforts by the World Health Organization and the United Nations greatly contribute toward increasing consciousness about safe drug delivery practices and decreasing the transmission of diseases is a significant factor projected to impel the growth of the industry.
These organizations have also commenced many initiatives for secure drug delivery. These organizations conducted a few effective programs such as needle & syringe programs; targeted information; education & communication for injecting drug users and their sexual partners; and education & communication for injecting drug users and sexual partners.
Notable Takeaways from Latin America Hypodermic Syringes and Needles Market
- In 2022, the syringes segment accounted for the high market share by dominating the market owing to high prices as compared to needles and the rising adoption rate.
- Brazil captured a notable market share in 2022 compared to other countries because of the increasing patient pool in the country, and well accessibility of healthcare facilities than the other countries
- Venezuela is predicted to record maximum growth in the market owing to the increase in outbreaks of diseases, over the projection period.
- The combination segment is the second-leading, in terms of share, in the year 2022 owing to the growing adoption of products to direct insulin.
Competitive Analysis
- The competitive landscape Latin America hypodermic syringes and needles industry is marked by several leading players. Notable companies in the market are adopting expansion tactics such as partnerships, mergers, and acquisitions, and launching new products to obtain a competitive edge over other players
Key Development:
- Becton, Dickinson, and Company:
A global medical technology company that develops, manufactures, and sells a range of medical devices and diagnostic products, including hypodermic syringes and needles. The company’s products are widely used in healthcare facilities across Latin America.
- Covidien Ltd.
A subsidiary of Medtronic, Covidien is a leading provider of healthcare products and services, including hypodermic syringes and needles. The company offers a range of products, including conventional and safety-engineered syringes and needles.
- Terumo Corporation:
A global medical device company that develops and manufactures a range of products, including hypodermic syringes and needles. The company’s products are used in a variety of medical settings, including hospitals, clinics, and home healthcare.
- Nipro Corporation:
A Japanese company that develops, manufactures, and sells a range of medical devices and equipment, including hypodermic syringes and needles. The company has a significant presence in Latin America and offers a range of products, including conventional and safety-engineered devices.
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Market Segmentation
Needles:
- 16-18G
- 19-21G
- 22-25G
- 26-29G
- 30-32G
Syringes:
- 1 to 5 ml
- 6 to 10 ml
- 11 to 15 ml
- 16 to 20 ml
- 21 to 25 ml
- 26 to 30 ml
- 31 to 35 ml
- 36 to 40 ml
- 41 to 45 ml
- 46 to 50 ml
By Region:
- Latin America
- Mexico
- Argentina
- Brazil
- Chile
- Ecuador
- Uruguay
- Venezuela
- Colombia
- Bolivia
- Peru