- Infusion Pumps
- Metered Dose Inhalers
- Ocular Inserts
- Nasal Sprays
- Implantable Drug Delivery Devices
- Transdermal Patches
- Trans-Mucosal Drug Delivery Devices
Latin America Drug Delivery Devices Market size is expected to grow at a CAGR of 9.8% during the forecast period 2022 to 2028. The Latin America market provides a detailed overview and that can be segmented by product type, by route of administration, by formulation, by application, and by distribution channel. By product type, the Latin America drug delivery devices market has been segmented into infusion Pumps, Metered Dose Inhalers, Nebulizers, Syringes, Ocular Inserts, Nasal Sprays, Implantable Drug Delivery Devices, Transdermal Patches, Trans-Mucosal Drug Delivery Devices, and Others. The infusion Pumps segment is likely to be the largest and fastest-growing segment in terms of type in 2021 and is expected to maintain the trend in the forecasted years. Based on route of administration, the Latin America drug delivery devices market is segmented into Oral, Parenteral, Transdermal, Trans-Mucosal, Inhalation, Ocular, and Others. Among these, the Oral segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on formulation, the Latin America drug delivery devices market is segmented into Solid, Liquid, Semi-Solid. The Liquid segment accounts for the largest share in 2021. Hosted segment is the second-largest share during the forecast period 2022-2028. Based on the application, the segment has been segregated into Diabetes, Oncology, Autoimmune Disorders, Neurological Disorders, Gastrointestinal Disorders, Respiratory Disorders, and Others. The Diabetes segment is expected to dominate other segments in the Latin America drug delivery devices market. The Oncology segment is expected to witness the highest CAGR during the forecast period according to precision business insights. Based on distribution channel, the market is segmented into Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others. The Hospital Pharmacies segment accounts for the largest share in 2021 and is anticipated to register a significant CAGR in the upcoming years. Key Development: In Oct 2022, Merck KGaA extended its collaboration with Biocorp to develop a version of a Bluetooth enabled clip-on device that is specific to one of its drug delivery devices. In Oct 2022, Eisai started work on $69M injectable drug delivery facility.
Fastest Growing Market
Increase in the prevalence of chronic diseases such as diabetes and cancer in Brazil and Mexico, adoption of newer drug delivery devices and expansion of business by market players, rise in awareness about self-injector devices and development in economic growth are anticipated to propel the market growth over the forecast years.
The fastest-growing segment of the Latin America drug delivery devices market is Diabetes due to high prevalence of the diabetes around the world and high demand for devices to deliver insulin.
Nanoparticles drug delivery vehicles are the recent trends in the market and increasing research on nanoparticles will further drive the global market growth.
The drug delivery device is inefficient in delivering poorly soluble drugs and other bioavailability hurdles of poorly soluble drugs are the key challenges to make drug delivery devices.
Stringent regulation for the approval of drug delivery devices, product recalls and Complications in the use of drug delivery devices such as dosage errors, the high cost of drug delivery devices are the major restraining factors in the global market.