The Latin America continuous glucose monitoring (CGM) device market is expected to witness significant growth during the forecast period. The increasing prevalence of diabetes, growing awareness about advanced diabetes care devices, and technological advancements in CGM devices are the major factors driving market growth. The rising adoption of advanced diabetes care devices in the region, government initiatives to promote diabetes management, and favorable reimbursement policies are also contributing to the growth of the market. However, high costs associated with CGM devices and the lack of awareness about advanced diabetes care technologies in some countries may hinder market growth. Major players are adopting inorganic growth strategies such as distribution agreement, in order to distribute their products in Latin America and increase their market share in the region.
Latin America Continuous Glucose Monitoring Device Market
is estimated to be valued at US$ 219.3 million in 2022 and is expected to exhibit a CAGR of 15.8% during the forecast period (2022-2030).
Leading Companies in the Latin America Continuous Glucose Monitoring Device Industry:
1. Medtronic Plc.
Medtronic Plc. is a global medical technology company founded in 1949 and headquartered in Dublin, Ireland. It operates in over 150 countries and offers a range of CGM devices, including the Guardian Connect and the MiniMed 670G. In November 2021, Medtronic announced the launch of its new Advanced Hemodynamic Monitoring (AHM) system for use during cardiopulmonary bypass procedures.
2. Abbott
Abbott is an American-based healthcare company founded in 1888 and headquartered in Illinois. It operates in over 160 countries and offers a range of CGM devices, including the FreeStyle Libre and FreeStyle Libre 2. In February, 2023 Abbott and Cardiovascular Systems, Inc. (CSI), announced a definitive agreement for Abbott to acquire CSI, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.
3. F. Hoffmann-La Roche AG.
F. Hoffmann-La Roche AG. is a Swiss-based healthcare company founded in 1896. It operates in over 100 countries and offers a range of CGM devices, including the Accu-Chek Guide and the Accu-Chek Aviva.
4. Johnson & Johnson
Johnson & Johnson is an American-based healthcare company founded in 1886. It operates in over 60 countries and offers a range of CGM devices, including the OneTouch Verio and the OneTouch Reveal. In December 2021, Johnson & Johnson announced the acquisition of Teneobio, a biotechnology company that is developing a novel platform for cancer treatment. The technology is based on a new class of biologics called Human Heavy-Chain Antibodies (UniAbs), which have the potential to target cancer cells more specifically than traditional monoclonal antibodies.