Latin America Continuous Glucose Monitoring Device Market, by Component type (Transmitters, Receivers, Insulin Pump, and Sensors), by End User (Hospitals & Clinics, Retail Channel, and Online Channel), and by Country (Mexico, Argentina, Uruguay, Brazil, Colombia, Chile, Peru, and Rest of Latin America), 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), as highlighted in a new report published by Coherent Market Insights.
Major players in the market are focused on development and launching of new innovative continuous glucose monitoring device, which is expected to drive growth of the Latin America continuous glucose monitoring device market over the forecast period. For instance, in February 2019, Abbott, a medical device company, launched its FreeStyle LibreLink application for smartphones in Brazil. The FreeStyle LibreLink application includes features such as larger high-resolution display, text-to-speech capability for glucose readings (when enabled), and the ability to record insulin doses.
Furthermore, increasing prevalence of diabetes in Mexico is expected to drive growth of the Latin America continuous glucose monitoring device over the forecast period. For instance, in November 2021, International Diabetes Federation published a report, which reported that, in 2021, an estimated 14 million adults in Mexico were living with diabetes, with a rise of 10% from the past two years 2019-2020. An additional 11 million adults in the country have impaired glucose tolerance (IGT), which placed them at high risk of developing type 2 diabetes. Diabetes-related health expenditure in Mexico has reached US$ 20 billion according to the reports published from the same source above, putting it in the top ten countries or territories in Latin America with the highest total health expenditure.
Thus rise in the prevalence rate of diabetic patients in Mexico will boost the adoption of continuous glucose monitoring device in Latin America.
Latin America Continuous Glucose Monitoring Device Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
Increasing implementation of inpatient continuous glucose monitoring device use during the pandemic had driven growth of the Latin America continuous glucose monitoring device market. For instance, in November 2020, according to the reports published in The Pharmacist Resource for Clinical Excellence, which reported that healthcare changes necessitated by coronavirus disease 2019 (COVID-19) had introduced an opportunity for using CGM (Continuous Glucose Monitoring Device) technology to improve patient care and safety in the inpatient setting. In April 2020, the U.S. FDA (Food and Drug Administration) stated that there was no objection to CGM use in the hospital setting during the COVID-19 pandemic.
Thus, the coronavirus (COVID-19) pandemic had positive impact on growth of the Latin America continuous glucose monitoring device market during the pandemic.
Latin America Continuous Glucose Monitoring Device Market: Key Developments
Increasing number of product development and product approvals from the U.S. FDA (Food and Drug Administration) by the market players is expected to boost growth of the Latin America continuous glucose monitoring device market over the forecast period. For instance, on June 3, 2022, Abbott, a medical device company, announced development of a new bio wearable that will continuously monitor glucose and ketone levels in one sensor. The system has secured breakthrough device designation from the U.S. Food and Drug Administration, which is designed with review of innovative technologies that can improve the lives of people with life-threatening or irreversibly debilitating diseases or conditions.
In May 2019, LifeScan, a medical device company, announced it entered into an exclusive agreement with Sanvita Medical, LLC, a manufacturer of medical device, to market continuous glucose monitoring (CGM) sensors. Sanvita Medical is a subsidiary of Nova Biomedical Corporation, a medical device company. This agreement helped the companies to launch continuous glucose monitoring device in the North America (Mexico) and further expansion of the companies in other markets across the globe.
Browse 33 Market Data Tables and 23 Figures spread through 161 Pages and in-depth TOC on "Latin America Continuous Glucose Monitoring Device Market, by Component type (Transmitters, Receivers, Insulin Pump, and Sensors), by Distribution Channel (Hospitals & Clinics, Retail Channel, and Online Channel), and by Country (Mexico, Argentina, Uruguay, Brazil Colombia, Chile, Peru, and Rest of Latin America) - Country Specific Forecast to 2030"
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Key Takeaways of the Latin America Continuous Glucose Monitoring Device Market:
- Latin America continuous glucose monitoring device market is expected to exhibit a CAGR of 15.8% over the forecast period, owing to increasing prevalence of diabetes in Latin America. For instance, according to the International Diabetes Federation 2021 report, approximately 5.4% people in Argentine are suffering from diabetes in 2021 and is expected to reach 6.4% till 2045.
- Among component type, sensors segment is expected to witness significant growth over the forecast period, as the currently available sensors in the market need to be replaced in every 10 to 14 days, which creates high demand for sensors in this market
- Major players operating in the Latin America continuous glucose monitoring device include Medtronic Plc., Abbott, F. Hoffmann-La Roche AG., Johnson & Johnson, Senseonics, Inc, Dexcom, Inc, Insulet Corporation, Tandem Diabetes Care, Inc, Roche Diagnositics, Lifescan, Bayer Health Care, AgaMatrixc Inc., Arkray Inc., and Nova Biomedical Corporation