Latin America Hypodermic Syringes and Needles Market Growth & Trends
The Latin America hypodermic syringes and needles market size is projected to reach USD 305.59 million by 2030. The market is anticipated to expand at a CAGR of 5.7% from 2023 to 2030. An increasing number of mass vaccination programs and rising awareness regarding various chronic conditions are factors boosting the demand for the hypodermic syringes and needles market.
Moreover, increasing efforts to reduce the transmission of diseases and create awareness regarding safe drug delivery practices by government organizations such as WHO and the UN are also expected to lead to the industry’s growth. These organizations have undertaken several initiatives for safe drug delivery. Some of the programs conducted by these organizations are needle & syringe programs; prevention & treatment of sexually transmitted infections; targeted information; and education & communication for Injecting Drug Users (IDUs) and their sexual partners.
The COVID-19 pandemic had a positive impact on the market due to the increasing demand for vaccines to reduce the mortality rate and to control the severity of the virus in patients with the risk of being infected with it. The demand for syringes and needles witnessed a tremendous upsurge and many companies had to increase their production capacities to a great extent. With new anticipated COVID-19 waves and an increasing number of pharmaceutical companies continuously working towards introducing booster doses, the market is further anticipated to experience significant growth over the forecast as well.
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Latin America Hypodermic Syringes and Needles Market Report Highlights
The syringes segment dominated the market in 2022 due to the increasing adoption rate and higher price as compared to needles
The combination segment held the second-highest share in 2022 owing to the increasing adoption of these products to administer insulin
Brazil held the highest market share in 2022 owing to the huge COVID-19 patient pool in the country, and better availability of healthcare facilities as compared to the other countries
Due to the rising number of the outbreak of diseases, Venezuela is anticipated to experience maximum growth in the market over the forecast period
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