During the projected period, the Latin America Diabetes Devices Market is expected to increase at a CAGR of 6.8 %, reaching a total value of 2835 million USD in 2030.
Diabetes is a condition in which the pancreas is unable to produce insulin from serum. Untreated diabetes is caused by increased blood sugar levels. Diabetes medications are used in particular for diabetes diagnosis. The goal of diabetes treatment is to increase glucose levels in the body. Diabetes care gadgets are used to keep track of a diabetic's blood glucose levels. A continuous glucose monitor (CGM) is a medical gadget that continuously tracks and monitors a diabetic patient's blood glucose levels throughout the day. People with diabetes will benefit from this wearable device since it can help them manage their glucose levels. Ketone monitors, blood glucose monitors, continuous glucose monitors, insulin pumps, smart insulin pens, and diabetes management applications are all examples of diabetic monitoring devices. Glucose monitoring devices aid in the maintenance and control of glucose levels, hence enhancing the patient's health.
Diabetic prevalence is significant in Latin American countries, and Mexico is noted for having a large number of diabetic patients due to the country's growing incidence of Type-2 diabetes. Type-2 diabetes affects the majority of diabetic patients in Latin America, accounting for about 90% of the total diabetic population.
The Latin America Diabetes Devices Market region segment has been categorized by kind, distribution channel, and application.
According to type, the diabetes devices market is divided into blood glucose monitoring devices and insulin administration devices. The insulin delivery devices sector is likely to lead the market, with a projected value of USD 30,412.19 million by 2030, representing a 7.62% CAGR over the forecast period.
The expanding number of rules and approvals for technological developments in insulin delivery devices such as insulin pens, insulin pumps, jet injectors, and other devices are some of the key driving factors for demand for insulin delivery devices. The growing acceptability of insulin patches and smart insulin pumps for diabetes self-management is one of the factors boosting demand for insulin delivery devices.
Based on the distribution channel, the diabetic devices market has been divided into hospitals, retail pharmacies, diabetes clinics/centres, internet pharmacies, and others. The retail pharmacies sector is estimated to lead the market, with revenues of USD 11,491.59 million by 2030, representing a CAGR of 6.92% over the forecast period. Some of the reasons projected to promote the growth of the retail sales segment over the projection period include the rising penetration of private-label products in retail stores at lower prices.
Based on application, the diabetic devices market has been divided into hospitals, home care, and diagnostic centres. The hospital's category is likely to lead the market, with revenues of USD 19,845.68 million expected by 2030, representing a CAGR of 6.42% during the forecast period. Diabetic people are increasingly being admitted to hospitals.
Type 1 diabetes patients had longer hospital stays, a higher death rate, and more complications than type 2 diabetes patients. Type 1 diabetes patients are administered insulin to prevent ketoacidosis, although they have a higher rate of hyperglycemia. As a result, an increase in the number of type 1 diabetes patients in hospitals, as well as an increase in the demand for continuous blood glucose monitoring, are two factors pushing up the demand.
The Latin America Diabetes Devices Market is predicted to grow at a CAGR of 6.8% over the forecast period, reaching a total value of 2835 million USD in 2030. The prevalence of diabetes is high in Latin American countries, and Mexico is known for having a big number of diabetic patients due to the country's rising Type-2 diabetes rate. In Latin America, type-2 diabetes affects the vast majority of diabetic individuals, accounting for over 90% of the total diabetic population.
Brazil was the most significant contributor to this regional market in 2021. Healthcare reforms can be achieved through effective initiatives for universal coverage, changes in the care model, and increased resources directed to the detection and prevention of chronic illness. This will make it easier for patients in this region to obtain medical devices. In order for the product to be offered in the market, organizations participating in the manufacturing of Diabetes Care Devices need also ensure that the technology used in the device is feasible. Companies in the Latin American market have a lot of potential with unique designs and practical products. Insulin cartridges and insulin pens have the largest market shares in Brazil's insulin delivery devices market. The rising demand for insulin has prompted extensive research and development into the production of various painless insulin delivery systems, such as CGMs. Syringes were the sole way to deliver insulin at first, but they were unpleasant and inconvenient to use. Brazil has a large number of diabetes patients, which propels the device industry forward. The insulin delivery device market in Brazil accounts for 54% of the total device market. The Latin American market will be of more interest in the near future since it is still developing and is likely to dominate the industry in the future because of the vast patient pool in this region.
In Argentina, it is observed that obesity in the public has increased which is the reason for the increased number of diabetic patients in the country and the growth is expected to be even more in the future and hence the demand for diabetic care devices is also expected to accelerate.
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Tandem Diabetes Care and Abbott have agreed to collaborate on the development and commercialization of integrated diabetes solutions that combine Abbott's continuous glucose monitoring (CGM) technology with Tandem's innovative insulin delivery systems, giving people with diabetes more options in how they manage their disease.