Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Latin America Continuous Glucose Monitoring Device - Market Insights
Continuous glucose monitoring devices have the potential to improve clinical outcomes for avoiding hypo/hyperglycemic events, an outcome of uncontrolled diabetes, which can arise due to skipped insulin dose. The currently available CGM devices display the glucose level and the magnitude and direction of changing glucose levels, thus becoming a vital tool to predict the forthcoming events of hypo- and hyperglycemia. Moreover, the device is more convenient for type 1 diabetic patients, as it requires continuous monitoring of glucose for administration of insulin on regular basis. Thus, use and benefits of CGM device in controlling both type 1 diabetes and hypoglycemia & hyperglycemia is expected to drive the market growth.
The Latin America continuous glucose monitoring device market was valued at US$ 126.2 million in 2018 and is expected to witness a CAGR of 15.9% during the forecast period (2018– 2026).
Figure 1. Latin America Continuous Glucose Monitoring Device Market Share (%), By Component
Source: Coherent Market Insights Analysis (2019)
Increasing initiative by key players for distribution of continuous monitoring device in Latin America is expected to boost growth of Latin America continuous glucose monitoring device market
Major players are adopting inorganic growth strategies such as collaboration, in order to distribute their products in Latin America and increase their market share in the region. For instance, in February 2019, Senseonics Holdings, Inc. announced expansion of distribution agreement with Roche Diabetes Care by providing them with exclusive distribution rights, for distribution of implantable continuous glucose monitoring (CGM) system, in 17 countries including Brazil, Russia, India, and China as well as selected markets in the Asia Pacific and Latin American regions.
Moreover, increasing product launches by key players also contribute to growth of Latin America continuous glucose monitoring device market. Insulin pumps segment is expected to witness significant growth over the forecast period, owing to increasing product launches of insulin pumps for continuous glucose monitoring. For instance, in March 2019, Medtronic Plc. launched MiniMed 670G system, a self-adjusting insulin pump system for patients who have type 1 diabetes, in the U.K. Medtronic Plc. also supplies diabetic care products in Latin American countries such as Brazil, Chile, Colombia, and others.
However, high cost of continuous glucose monitoring devices is expected to hinder the Latin America continuous glucose monitoring device market growth. A CGM system is more expensive than using a standard glucose meter due to the sensors integrated in this system. These sensors have very short life span such as 7- 14 days and it requires continuous replacement. Thus, it may lead to high cost of the device throughout the treatment due to repetitive replacement, which may lower the user acceptance towards this device.
Latin America Continuous Glucose Monitoring Device Market – Country-wise Analysis
On the basis of country-wise segmentation, Latin America continuous glucose monitoring device market is segmented into Mexico, Argentina, Uruguay, Brazil, Colombia, Chile, Peru and Rest of Latin America.
Brazil is expected to grow at a faster pace and account for the largest market share in Latin America continuous glucose monitoring device market over the forecast period, owing to product launches in the countries. For instance, in February 2019, Abbott launched their continuous glucose monitoring system, FreeStyle LibreLink.
Mexico continuous glucose monitoring device market is expected to witness significant growth over the forecast period, owing to launch of continuous glucose monitoring devices in Mexico. For instance, in October 2017, Abbott introduced its FreeStyle Libre system in Mexico. Moreover, according to Mexican Federation of Diabetes AC, in 2017, around 9.4% of the population in Mexico was diagnosed with diabetes.
Moreover, increasing healthcare expenditure in Latin American countries such as Argentina, Colombia, Chile, and Peru is expected to boost the market growth. According to the World Health Organization (WHO), Colombia has the best and high quality healthcare system among all the Latin American countries. Moreover, increasing healthcare expenditure in Argentina is expected to aid in significant market growth. For instance, according to the World Bank, in 2014, the total health expenditure in Argentina was reported as 76.57% of the total GDP (US$ 526.32 Billion).
Figure 2: Latin America Continuous Glucose Monitoring Device Market Share (%), By Region
Source: Coherent Market Insights Analysis (2019)
Latin America Continuous Glucose Monitoring Device Market- Competitive Landscape
Key players operating in Latin America continuous glucose monitoring device market include Medtronic Plc, Abbott, F. Hoffmann-La Roche AG, Johnson & Johnson, Senseonics, Inc, Dexcom, Inc., Insulet Corporation, and Tandem Diabetes Care, Inc.