Report : South America Injection Pen Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Disposable Injection Pens and Reusable Injection Pens), Therapy (Diabetes, Growth Hormone Therapy, Autoimmune Diseases, Fertility, Cancer, and Others Therapy), and End User (Hospitals and Clinics, Home Care, and Others)
At 6.4% CAGR, the South America Injection Pen Market is speculated to be worth US$ 3,467.89 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America injection pen market was valued at US$ 2,389.84 million in 2022 and is expected to reach US$ 3,467.89 million by 2028, registering an annual growth rate of 6.4% from 2022 to 2028. Rising prevalence of chronic disorders and increase in strategic developments are the critical factors attributed to the South America injection pen market expansion.
The aging population and changes in social behavior contribute to a few common and costly long-term health problems. According to the World Health Organization (WHO), the prevalence of chronic lifestyle diseases is projected to reach 57% by 2026. With the accelerating urbanization, people are more inclined toward sedentary lifestyle, which results in obesity and diabetes. Diabetes is one of the biggest global health problems of the 21st century. The increase in disease prevalence is about 35% over the predicted period. Furthermore, other chronic conditions such as osteoporosis, cardiovascular disorders, and multiple sclerosis require frequent drug administration for treatment and disease management. It has become new standard for injectable drug delivery among large patient population on a global level. Moreover, it can be easily used by the large patient population with minimal training with does not require constant assistance from of healthcare professionals, owing to which injection pens are largely adopted in home healthcare settings, thereby driving its growth in the South America injection pen market.
On the contrary, presence of alternate drug delivery devices and inadequate reimbursement scenario hurdles the growth of South America injection pen market.
Based on type, the South America injection pen market is segmented into disposable injection pens and reusable injection pens. The disposable injection pens segment held 72.7% market share in 2022, amassing US$ 1,737.88 million. It is projected to garner US$ 2,534.90 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on therapy, the South America injection pen market is segmented into diabetes therapy, growth hormone therapy, autoimmune diseases therapy, fertility therapy, cancer therapy, and others. The diabetes therapy segment held 53.1% market share in 2022, amassing US$ 1,269.78 million. It is projected to garner US$ 1,852.63 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on end user, the South America injection pen market is segmented into hospitals & clinics, home care and others. The home care segment held 58.0% market share in 2022, amassing US$ 1,386.05 million. It is projected to garner US$ 2,036.06 million by 2028 to expand at 6.6% CAGR during 2022–2028.
Based on country, the South America injection pen market is segmented into Brazil, Argentina, and the Rest of SAM. Our regional analysis states that Brazil captured 48.4% market share in 2022. It was assessed at US$ 1,157.05 million in 2022 and is likely to hit US$ 1,666.81 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.
Key players dominating the South America injection pen market are AstraZeneca Plc, Becton Dickinson and Co, Eli Lilly and Co, Gerresheimer AG, Haselmeier GmbH, Merck KGaA, Novo Nordisk AS, Owen Mumford Ltd, Sanofi SA, and Teva Pharmaceutical Industries Ltd among others.
- In 2019, Medtronic and Novo Nordisk have Entered into Agreement to Provide Integrated Digital Solutions for People with Diabetes. This collaboration develops solutions to enable dosing data from Novo Nordisk smart insulin pens to be shared with Medtronic continuous glucose monitoring devices.
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