Market Trends of South America Syringe Industry
The Diabetes Segment is Expected to Witness Significant Growth During the Forecast Period
The growing burden of diabetes in South America is driving the growth of the syringe market. As a chronic metabolic disorder affecting millions of people, diabetes requires consistent and precise management of blood glucose levels. For individuals with diabetes, the administration of insulin is a critical aspect of their daily healthcare routine. Insulin, being a hormone necessary to regulate blood sugar, must be delivered through injections, making syringes an essential tool for diabetic patients. For instance, according to the Journal of Estado De Minas, in June 2023, with over 16.8 million cases among individuals aged 20 to 79, Brazil ranked as the fifth country globally with the highest incidence of diabetes. This burden of diabetes will increase the use of syringes for diabetes. Hence, the burden of diabetes is expected to contribute to the overall market growth.
Similarly, in November 2023, according to Jaqueline Correia, president of the Diabetes Brazil Institute, Brazil had 588,000 diagnosed cases of diabetes in 2022. A concerning 30% of these cases are among young people aged 13 to 16, who are already experiencing complications from the disease. Hence, as the number of diabetics in Brazil increases, the demand for insulin administration syringes will surge.
Thus, these aforementioned factors, such as the rising cases of diabetics and the need for syringes associated with the disease, are likely to contribute to the growth of the diabetics segment during the forecast period.
Brazil is Expected to Hold Significant Share in the South American Syringe Market
Brazil contributes to a significant share of the market due to factors such as the rising cases of chronic diseases such as heart failure, osteoarthritis, and hypertension, which require surgeries. Also, osteoarthritis, a degenerative joint disease, is often treated with corticosteroid injections directly into the inflamed joint for pain relief. As osteoarthritis cases rise, there will be a corresponding increase in the demand for syringes used in these injections. For instance, according to a study published in the Lancet Rheumatology in April 2024, the number of Brazilians diagnosed with osteoarthritis has been growing, with approximately 15 million individuals already being affected in 2023. The prevalence of this disease is on the rise, with projections indicating that up to 1 billion individuals may be afflicted by 2050. Thus, the growing prevalence of osteoarthritis in Brazil will lead to a greater need for syringes used in pain management injections. This will positively impact the syringe market across South America during the forecast period.
Moreover, with an increase in the geriatric population, the chances of surgeries due to their illness increase, increasing demand for syringes, thereby enhancing market growth. For instance, according to the data updated by the United Nations Population Fund dashboard in 2022, an estimated 10% of the total population of Brazil was aged 65 years or older in 2022. Thus, with an increase in the number of old patients, the chances of chronic disease increase, leading to an increased demand for syringes. This led to regional growth during the forecast period.
Therefore, the market is anticipated to witness considerable growth during the forecast period due to the abovementioned factors, such as rising cases of osteoarthritis and the growing geriatric population.
