Latin America Diabetes Devices Market Size, Share & Trends Analysis Report By Type (Blood Glucose Monitoring Devices, Insulin Delivery Devices), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics/Centers, Online Pharmacies, Others), By Application (Hospitals, Homecare, Diagnostics Centers) and By Country(Brazil, Mexico, Argentina, Chile, Colombia, Rest of LATAM) Forecasts, 2022-2030

Market Overview

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.

Market Dynamics

Market driving factors

• Increased Investment in R and D: Increased R&D in the field of diabetes, as well as increased awareness about disease care, are driving the market in Latin America. The investment is significant for diabetics because it will allow us to expand our offering of future insulin delivery and sensor advancements that have the potential to improve patients' diabetes management, and hence the new offerings as a result of this will enhance the demand of diabetic care devices in Asia Pacific region.

• Improving diagnosis & treatment rates: Diabetes monitoring leads to better outcomes, provided that patients demonstrate adequate adherence, use the monitoring to make therapy adjustments, receive adequate education on how to respond to the measurements, and utilize the emerging power of these devices support that is increasingly associated with medical monitors and this is a significant driver in accelerating the demand for these useful devices.

Market restraining factors

• The devices are expensive for a significant portion of the population: The high cost of continuous glucose monitoring devices is projected to limit the market's expansion in Latin America. Because of the sensors included in this system, a CGM system is more expensive than a basic glucose metre. These sensors have a short life period of 7-14 days and must be replaced on a regular basis. Thus, it may lead to a high cost for the device throughout the treatment due to repetitive replacement, which may lower the user acceptance of this device.

• Low medical literacy rate and awareness: A large portion of the population in the Asia Pacific region comes from rural areas, where illiteracy rates are extremely high, as well as the level, quality, and awareness of medical facilities. As a result, many people are unaware of these devices and even of this disease, which may stymie market growth in this region.

Market opportunities

• Diabetic Population Boom in the Region: In 2020, diabetes and its complications are predicted to cause roughly 4 million deaths in people aged 20 to 79. This means that one person dies every eight minutes. Diabetic complications account for 11.30% of all deaths among adults in this age group worldwide. Diabetes and high glucose levels have been associated with an increased risk of complications, respiratory failure, and death in hospitalized Coronavirus patients.
• Diabetes has been connected to a variety of health issues. People with diabetes have a 300% higher risk of being hospitalized than people without diabetes, resulting in higher healthcare costs. Children and teenagers are more prone to develop diabetes early due to their young age and longer diabetes duration, reducing their quality of life, shortening their life expectancy, and raising healthcare costs. As a result, diabetes is expected to grow more prevalent in the future. There is also concern that, as a result of modern lifestyle and technology advancements, diabetes will occur at a higher rate in kids and young adults, resulting in increased use of diabetes care devices in the Latin American Region.

Regional Analysis

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.

Segmental Analysis

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.

Impact of covid-19

The automotive industry is critical to the economy's growth. However, during the second and third quarters of 2020, the COVID-19 outbreak impacted the whole automotive supply chain, affecting new car sales in FY 2020.

South America is most affected by COVID-19, with Brazil leading the way, followed by Ecuador, Chile, Peru, and Argentina. South America's government (SAM) has taken a number of steps to protect its citizens and stem the spread of COVID-19. South America is expected to have fewer export revenues as commodity prices fall and export volumes fall, particularly to China, Europe, and the United States, which are all significant trading partners. The manufacturing industry, especially automotive manufacturing, has been damaged by containment measures in various South American countries. Due to the pandemic, major automotive manufacturers have also temporarily halted manufacturing in the region as a cost-cutting move. Furthermore, the automobile disc brake industry has been significantly affected in 2020 due to a lack of raw materials and supply chain disruption.

The Automotive Brake System control module of a vehicle is meant to alert the driver with a warning light if the system fails. The module itself is rarely defective; instead, the sensors or the wiring to the sensors are frequently defective. The most typical cause of dysfunction is when the Automotive Brake System is contaminated with particles or metal shavings. There is no signal continuity when sensor wiring is destroyed. Brake fluid becomes contaminated in corrosive situations, and the hydraulic unit fails to function.

Recent Developments

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.