The Latin America Syringes Market had a market value of USD 1.63 billion in 2016 and is forecasted to exhibit a CAGR of 7.7% and reach USD 2.53 billion by 2021.
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Syringes have numerous applications in healthcare sector. They are normally used by Diabetes patients to take insulin. Syringes are also used to inject various types of medicines or to extract samples of body fluids from swollen joints or any infected part.
Increasing aging population, rising Prevalence of Chronic diseases, and technological advancements in Syringe drug delivery are some of the factors driving the market. Rising prevalence of Diabetes resulted in higher demand for syringes. However, factors like Risk of infection associated with Drug delivery through syringes, high costs of specialized syringes are restraining the market.
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Latin America Syringes Market is segmented based on Usability, Material and Type. Based on Usability, market is further segmented into Sterilizable/reusable Syringes, Disposable Syringes, prefilled Syringes. Based on Sterilizable Syringes, market is further segmented into hypodermic Syringes, oral Syringes. Based on Disposable Syringes, market is further segmented into conventional Syringes, safety Syringes, prefilled Syringes. Based on Safety Syringes, market is further segmented into Retractable Syringes, Non-Retractable Syringes. Based on Material, market is segmented into Glass and plastic. Based on Type, market is segmented into General, Specialized Syringes. Based on Specialized Syringes, market is further segmented into insulin, tuberculin, Allergy and Others. The Disposable Syringes segment is expected to command a larger share owing to the increasing use of injectable in drug delivery, Rising geriatric population and increased risk of infection with reusable syringes. Geographically, market is segmented into Argentina, Brazil and Mexico. Latin America is expected to grow at a significant CAGR owing to the presence of developing countries, and growing healthcare facilities.
Becton, Dickinson and Company, Terumo Corporation, Medtronic plc, Smiths Medical, B. Braun Medical Inc., NIPRO Corporation, Hindustan Syringes & Medical Devices Limited, Gerresheimer AG, SCHOTT AG, and CODAN Medizinische Geräte GmbH & Co KG are some of the key players operating in the Latin America syringes market.
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