LATIN AMERICA INSULIN VIALS MARKET ANALYSIS

Latin America Insulin Vials MarketSize and Trends

Latin America insulin vials market is estimated to be valued at US$ 1,416.4 million in 2021 and is expected to exhibit a CAGR of 8.5% over the forecast period (2021-2028).

The increasing incidence of diabetes is expected to drive growth of the Latin America insulin vials market over the forecast period.

For instance, according to the International Diabetes Federation report 2019, the prevalence of diabetes in Costa Rica is expected to increase from 9.1% in 2019 to 10.3% in 2030 and estimated to reach 11.0% in 2045. Moreover, the same source states that the prevalence of diabetes in Paraguay is expected to increase from 9.6% in 2019 to 10.9% in 2030, and 11.6% in 2045.

The increasing research and development activities for the development of more effective insulin for the treatment of diabetes is expected to drive the market growth over the forecast period.

Market- Trends

For instance, in July 2019, Sanofi S.A., a France-based pharmaceutical company announced positive results for the Phase 3 clinical trial of its new drug Zynquista (sotagliflozin), which is used with insulin to treat adults suffering from type 2 diabetes. Sanofi S.A. also operates in Latin America and new developments of the company in the field of diabetes therapeutics associated with use of insulin are expected to fuel the growth of insulin vial market in Latin America.

Market- Trends

The rising diabetes related healthcare expenditure is expected to drive the market growth over the forecast period.

For instance, according to the International Diabetes Federation report 2019, total diabetes related health expenditure in Brazil increased from US$ 4,296.7 million in 2010 to US$ 52,300.2 million in 2019, and is further expected to increase to US$ 60,336.8 million by 2030.