The Latin America Diabetes Care Devices Market has been estimated at USD 1.686 billion in 2015 and is projected to reach USD 2.307 billion by 2020, at a CAGR of 6.47% during the forecast period from 2015 to 2020.Diabetes is a group of metabolic disorders, chronic condition which is associated with abnormally high level of sugar (glucose) in the blood. Latin America currently witnesses 29.6 million people affected with Diabetes which is going to reach 48.8 million by 2040.
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In Latin America, the market is mainly driven with increasing R & D in the field of Diabetes along with increasing awareness about disease care. But still there is a class of people with low medical literacy rate due to which the market growth is constrained. The high cost of medical devices is also restricting the market in Latin America. Chronic problems have alarmingly increased direct costs (medical care) and indirect costs (temporary disability, permanent disability and premature mortality). If more resources are not assigned to preventive medicine, these trends, in addition to not meeting the needs of the population, will financially collapse health systems and the patients’ pockets.
In Latin America, the diabetes care device market is segmented by type and by country. By type the market has been segmented in to Insulin delivery devices, Diabetes monitoring devices and Diabetes Control Solutions. The products in each of these segments are segregated in the following way: Diabetes Monitoring Devices (Self-blood Monitoring Devices: Blood Glucose Monitoring Devices, Test Strips, Lancets and Hemoglobin A1c Testing Kits; Continuous Glucose Monitoring Devices); Insulin Delivery Devices (Insulin Pens, Insulin Pumps, Jet Injectors and Insulin Syringes) and Diabetes Control Solutions.
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Geographically, Latin America is segmented into Brazil, Mexico and Rest of the Latin America. Brazil is the highest contributor to this market. Effective strategies for universal coverage, with changes in the model of care and more resources allocated to detection and prevention of chronic illness can come up with health care reforms. This will help the patients in this region to purchase the medical devices without any trouble. Also, the companies involved in the manufacturing of Diabetes Care Devices should make sure that the technology that is involved in the device is feasible, in order for the product to get sold in the market. With customized design and feasible products, there is a lot of scope for the companies in Latin American market
Roche Diagnostics, Ascensia, Abbott Laboratories, Novo Nordisk, Johnson & Johnson, Tandem and Terumo are the top companies in Latin America Diabetes Care Devices Market.
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