The size of the needles market in Latin America was valued at USD 600.32 million in 2023. It is estimated to be growing at a CAGR of 7.2% and worth USD 849.87 million by 2028.
The market is showcasing significant growth potential in the mentioned period. Moreover, it will also expand in the future years because of the recent developments in the pharmaceutical industry. Needles are medical tools with extremely thin and hollow tubes with a sharp end with a tiny hole at the pointed end. A needle generally comes with a syringe made up of either glass or plastic and has a cylinder-like shape with a piston at one end that holds the needle.
The growing prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes and chronic infections such as HIV and AIDS majorly drive the growth of the needles market in Latin America. In Brazil, non-communicable diseases account for approximately 74% of all deaths. Needles are essential medical instruments consisting of hollow metal rods with sharp points that are crucial in medical procedures when used with syringes. They are employed to administer drugs or withdraw blood from patients. Various types of needles including regular bevel, short bevel, intradermal bevel, 5-bevel, blunt tips, and safety tips are available in the market to cater the diverse medical needs. Healthcare providers select and utilize these needles based on specific patient requirements.
The growing number of hospitals and clinics and the rising patient population across Latin America further boost the growth rate of the Latin American market. This trend is driven by a surge in surgical and treatment procedures, prompting higher adoption of various types of needles by healthcare facilities. Needles play a pivotal role in surgical procedures, such as administering anesthesia before surgery and delivering saline solutions during procedures to ensure a clear surgical area. These needles are available in both sterilized and disposable forms, with disposable options being favored in healthcare settings to minimize infection transmission.
The ongoing advancements in the development of diverse needle types tailored for specific applications contribute to the growth of the Latin American needles market. The growing prevalence of diabetes has propelled the demand for self-administered injections. Concurrently, manufacturers are investing in producing machinery for manufacturing needles in a secure and sterilized manner. Factors such as increased investments from the governments of Latin American countries, support from healthcare entities and the strong presence of key market players contribute to the market's progress in the Latin American region.
The presence of alternative drug delivery methods, particularly oral administration is one of the major factors hindering the growth of the Latin American needles market. Factors such as the high cost of certain needle types, rising incidents of needle stick injuries, limited awareness about syringe safety, and prolonged approval timelines for innovative needle designs further impede the growth rate of the Latin American market.
This research report on the Latin America Needles Market has been segmented and sub-segmented into the following categories.
By Type:
By Product:
By Delivery Mode:
By Material:
By End User:
By Country:
Latin America accounted for a moderate share of the worldwide market in 2022 and is anticipated to account for a substantial share of the global market during the forecast period owing to the growing patient safety awareness, increased understanding of safe syringe practices, growing efforts from governments of Latin American countries and healthcare facilities for the needle approvals and adoption to mitigate associated risks. Brazil led the needles market in Latin America in 2022 and the domination of Brazil in the Latin American region is likely to continue throughout the forecast period. Mexico is expected to showcase a healthy CAGR in the coming years. In Mexico, research labs and clinical trial centers contribute to the market, aided by training programs from healthcare institutions to ensure proper needle insertion by healthcare professionals.
KEY MARKET PLAYERS:
Some of the key market participants dominating the Latin America Needles Market Profiled in the Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation and Smiths Medical, Terumo Corporation, Smiths Medical, and Thermo Fisher Scientific.
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