Latin America Continuous Glucose Monitoring Device Market, by Component (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), was valued at US$ 126.2 million in 2018 and is projected to exhibit a CAGR of 15.9% during the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights.
The continuous glucose monitoring (CGM) device is expected to gain significant traction due to its efficient diabetes monitoring and management of people on intensive insulin therapy. Moreover, product clearance from the regulatory agencies such as Brazilian Health Regulatory Agency (ANVISA). For instance, in May 2016, CNOGA Medical Ltd. received marketing approval from Brazilian National Health Surveillance Agency (ANVISA) to market its continuous glucose monitoring device, TensorTip COG (non-invasive combo glucometer devices), in the Brazil market. The device uses a real-time color image sensor and unique algorithms to accurately measure glucose levels from the patient’s fingertip blood capillaries without pricking the skin.
Major players in the market are focused on development and launching of innovative continuous glucose monitoring devices in Latin American countries such as Brazil and Mexico, which is contributing to growth of Latin America continuous glucose monitoring device market. For instance, in February 2019, Abbott introduced its FreeStyle LibreLink application for smartphones in Brazil and in Mexico in 2017. 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.
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 (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 2026"
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Presence of major market players such as Medtronic Plc and Abbott in Latin America that are engaged in distribution of continuous monitoring devices in these countries is also expected to propel the Latin America continuous glucose monitoring device market growth over the forecast period.
Moreover, high prevalence of diabetes in Latin America is also expected to increase demand for continuous glucose monitoring devices in this region and this is expected drive market growth in the near future. For instance, according to the International Diabetes Federation (IDF) Diabetes Atlas 8th Edition, in 2017, there were an estimated 26 million adults aged 20-79 years living with diabetes in the IDF South and Central America region, representing a regional prevalence of 8%.
Furthermore, increasing healthcare expenditure for treatment of diabetes in Latin American countries such as Uruguay Chile, Peru, and Colombia is expected to boost the market growth. For instance, according to the International Trade Administration’s (ITA) estimation, in 2018, Chile’s annual healthcare expenditure accounted for around 8% of its GDP. In addition, according to World Data Atlas, in 2016, per capita health expenditure in Uruguay accounted for US$ 1,379.
Key Takeaways of the Latin America Continuous Glucose Monitoring Device Market: