The Latin America hypodermic syringes and needles market is projected to experience substantial growth over the next decade. The market is estimated to be valued at USD 207.25 million in 2023, with an expected rise to USD 360.78 million by 2033. This reflects a compound annual growth rate (CAGR) of 5.9% from 2023 to 2033.
The anticipated growth in the market is driven by a variety of factors, including increased healthcare spending, advancements in medical technologies, and a rising emphasis on safe and effective medical practices. The demand for hypodermic syringes and needles is being bolstered by the expanding healthcare infrastructure and the increasing prevalence of chronic diseases that require regular injections.
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.
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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