Home > Pressrelease > Latin America Hypodermic Syringes & Needles Market size to cross $515Mn by 2032
Latin America Hypodermic Syringes & Needles Market size to cross $515Mn by 2032
- Published Date: May 3, 2023
Latin America Hypodermic Syringes & Needles Market size is anticipated to surpass USD 515 million by 2032, as per a new research report announced by Global Market Insights Inc.
The market growth is attributed to the rising demand for syringes for mass vaccination. In recent years, the COVID-19 vaccination efforts boosted the need for syringes substantially. Furthermore, increasing efforts and investments by healthcare organizations are estimated to propel industry trends through 2032.
Growing use for administering medication to accelerate syringes segment progress
Latin America hypodermic syringes & needles market from the syringes segment is likely to exceed USD 237 million by 2032 owing to the mounting awareness about the use & administration of medications using syringes. Moreover, in June 2022, the European Union revealed plans to spur vaccine and drug manufacturing in Latin America by investing more in the region and sharing technology and regulatory practices to create more resilient healthcare systems in Latin America. Such government initiatives and increasing investments in the expansion of healthcare facilities and vaccine administration services are projected to support segment landscape through 2032.
Browse key industry insights spread across 80 pages with 111 market data tables & 16 figures & charts from the report, “Latin America Hypodermic Syringes & Needles Market Size by Type (Syringes, Needles), By Usability (Disposable, Reusable), By Application (Blood Collection, Drug Delivery, Vaccination, Insulin Administration), By End-use (Hospitals, Ambulatory Surgical Centers, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Cost-effectiveness of reusable hypodermic syringes & needles to foster the industry
Latin America hypodermic syringes & needles industry from the reusable segment to depict over 1.5% CAGR by 2032. As compared to disposable ones, reusable syringes & needles are more economical over the long term since they can be sterilized and reused again. Manufacturers are focused on developing novel products to improve user safety, which is bolstering product adoption. The device also protects against needlestick injuries throughout the injection process, including needle disposal.
Rising prevalence of type-2 diabetes to favor insulin administration segment progression
Latin America hypodermic syringes & needles market from the insulin administration segment surpassed over USD 57 million in revenue in 2022. Diabetes is prevalent in Latin American countries, particularly in Brazil. The rise in obesity, along with a hereditary propensity to Type 2 diabetes, is slated to promote product demand for insulin delivery, thereby favoring the segment progression by 2032.
Rising patient preference for ASCs to complement industry expansion
The ambulatory surgical centers (ASCs) segment held over 8% share of the Latin America hypodermic syringes & needles market in 2022 and is projected to grow exponentially by 2032 attributed to the growing preference of patients for ASCs for quality care at low cost. Additionally, the availability of a wide variety of treatment options using modern technology and equipment for various conditions is poised to stimulate product usage for drug administration in ASCs.
Expanding geriatric population to fuel Argentina market
Argentina hypodermic syringes & needles market is foreseen to exhibit 3.5% CAGR by 2032. The region's expanding elderly population has contributed to the region's rising illness burden, resulting in a mounting number of visits to healthcare institutions. Furthermore, favorable regulatory landscape and vaccination efforts are set to supplement business growth through 2032.
Soaring focus on development of safer products to augment market revenues
Smiths Medical (ICU Medical), Medline Industries, Inc., Terumo Corporation, Becton, Dickinson and Company, Nipro Corporation, Lifelong Meditech Private Limited, Vita Needle Company, Exelint International, and Vitrex Medical A/S are some of the major companies operating in the Latin America hypodermic syringes & needles industry.