Latin America Insulin Syringes Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Latin America Insulin Syringes Market size is estimated at USD 116.97 million in 2023, and is expected to reach USD 134.94 million by 2028, growing at a CAGR of 2.90% during the forecast period (2023-2028).

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 Market Trends

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.

Latin America Insulin Syringes Industry Overview

The Latin America syringe market is highly fragmented, with the presence of a large number of local and international players. Key players adopt different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key market players are Cardinal Health, BD, Smith Medical, and others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support