South and Central America Syringes Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Syringe Type (Luer Lock Syringes, Glass Syringes, Luer Slip Syringes, and Others), Application (Aesthetics, Human Health, Lab / Industrial, and Others), Usability (Sterilizable/Reusable Syringes and Disposable Syringes), and End User (Hospitals & Clinics, Blood Collection Centers, Diabetic Care Centers, and Others) and Country
The South & Central America syringe market is projected to reach US$ 1,141.52 million by 2027 from US$ 593.98 million in 2019. The market is estimated to grow at CAGR of 8.4% from 2020 to 2027.
The growth of the South & Central America syringe market is attributed to the growing number of chronic and infectious diseases and increasing adoption of injectable drugs. However, the rising number of incidences related to needle-stick injuries hinders the growth of the market.
Syringes play a major role in the administration of vaccines, nutritional supplements, and medicines. They have several applications ranging from injecting liquid nutritionals into a feeding tube to conduct vaccination. Increasing prevalence of chronic conditions and rising patient population are expected to drive the market growth during the forecast period.
Parenteral injection offers drug dosage reliability and precision, as well as rapid onset of drug action. Injectable drug delivery devices, such as conventional syringes, needle-free injectors, and auto and pen injectors, are extensively used for drug administration to treat diseases ranging from cancer to autoimmune disorders. Thus, increasing adoption of injectable drugs drives the market growth. The administration of biologics is mainly done through the injectable route. As per the article published by The Economist, in 2015, more than 900 biologics are under development in the US for the treatment of over 100 diseases.The demand for vaccines, insulin, human growth hormone, and many modern medicines is rising to treat cancer and other chronic diseases. As per the BioPharm International, biologics account for ~70% of the top-10 selling drugs in the world. Thus, rising adoption of injectable drugs demands for syringes, which, in turn is expected to boost the market growth.
Based on syringe type, the South & Central America Syringe market is subsegmented into luer lock syringes, glass syringes, luer slip syringes, and others. The luer lock syringes segment accounted for the largest share of the market in 2019; whereas the glass syringes segment is estimated to register the highest CAGR of 9.2% in the market during the forecast period.
Based on application, the market is segmented into aesthetics, human health, lab/industrial, and others. The human health segment held the largest share of the market in 2019; whereas, the aesthetics segment is estimated to register the highest CAGR of 9.4% in the market during the forecast period.
Based on usability, the market is segmented into sterilizable/reusable syringes and disposable syringes. The disposable syringes segment held a larger share of the market in 2019 and is estimated to register the highest CAGR of 8.6% in the market during the forecast period.
Based on end user, the market is segmented into hospitals & clinics, blood collection centers, diabetic care centers, and others. The hospitals & clinics segment held the largest share of the market in 2019; whereas, the diabetic care centers segment is estimated to register the highest CAGR of 9.4% in the market during the forecast period.
The World Health Organization (WHO), Food and Drug Administration (FDA), National Center for Biotechnology Information, International Diabetes Federation, and International Society of Aesthetic Plastic Surgery are among the major primary and secondary sources referred to while preparing the report of South & Central America syringe market.
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