According to the report Latin America Diabetes Care Devices Market, published by Market Data Forecast, the market is projected to reach USD 2.307 billion by 2021, at a CAGR of 6.47% from 2016 to 2021.
Diabetes is a metabolic disorder that affects your pancreas ability to produce or use insulin. Insulin is a hormone secret by the beta cell of the islet of Langerhans of the pancreas. When your body turns the food which u eat into energy molecule glucose. In response to glucose, body secretes insulin which helps to transport glucose/energy to the cells. Insulin acts as a key to remaining energetic. It is a chemical message that tells the cell to open and receive glucose. If the body produces little or no insulin or are insulin resistant, too much sugar remains in your blood. Blood glucose levels are higher than normal for individuals. This results in diabetes. There are two main types of diabetes: Type 1 and Type 2. Type 1 is also known as insulin dependent diabetes mellitus whereas type 2 is known as noninsulin dependent diabetes mellitus.
Moreover, diabetic patients are at a potential risk of having long-term and fatal diseases or disorders such as cardiovascular diseases, retinal detachment leading to blindness, kidney failure and other retinal ailments, stroke, and many such life-threatening conditions. This has led to the spread of awareness about continuous monitoring of blood glucose level. This is the first major sector of diabetes care devices and hence the market thrives under these conditions.
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Latin America Diabetes Care Devices Market: Drivers & Restraints
Latin America Diabetes Care Devices market is mainly driven by the increasing incidence of type 2 diabetes cases or non-insulin dependent Mellitus across the various parts of the region. Moreover, rising interest of the government in controlling diabetes is a key factor for fuelling the growth of the diabetes care devices market in Latin America. Another major contributor is the advanced technological developments in the blood glucose monitoring industry and the insulin delivery industry which are both core sectors in diabetes care devices. The industry still gets hampered by major reasons such as the high costs or non-affordability of diabetes care devices. Inspite of the constraints the industry is expected to grow as the saturation level for the devices is very low theoretically. Also, advancement and innovation in technologies will further boost the market growth.
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Latin America Diabetes Care Devices Market: Segmentation
By Device Type
- Glucose Monitoring Devices
- Self Blood Glucose Monitoring Devices
- Glucose Meters
- Test Strips
- Haemoglobin A1C testing kits
- Continuous Glucose Monitoring Devices
- Self Blood Glucose Monitoring Devices
- Insulin Delivery Systems
- Insulin Syringes
- Insulin pens
- Insulin pumps
- Jet Injectors
- Control Solutions
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Latin America Diabetes Care Devices Market: Overview
The rise in the diabetic population, the growing expenditure on healthcare, evolving concentration on research and development and integration of technology are the major factors for the growth of the Diabetes Care Devices market. The continuous glucose monitoring market is the fastest growing segment in Latin America. The continuous glucose monitoring results help patients regulate their food intake, exercise, and medications. The device contains sensors for checking glucose level from the interstitial fluid. The sensor has a time span where it can be used at one place and then needs to be replaced. This device monitors the glucose levels over time, allowing the patients to identify low and high sugar levels which are more dangerous. Whereas for the self-monitoring devices people must test and it monitors the level at that particular time and not before that
Latin America Diabetes Care Devices Market: Region-wise Outlook
Latin American Diabetes Care Devices Market is segmented into Argentina, Brazil, Mexico and rest of Latin America. Brazil is the top marketplace for Latin America Diabetes Care Devices. Mexico is expected to show the fastest growth rate among the nations in the forecast period, with Brazil following closely behind. The increasing population in the region has led to a rise in the number of consumers seeking treatment. This is one of the driving factors for the market development in the region.
Key Questions Answered
- What is the current and future Diabetes Care Devices market outlook in Latin America? What trends are affecting the Latin American market?
- What is the competitive landscape and market share of major players in the Diabetes Care Devices market space in Latin America?
- What are the key, high growth markets that Diabetes Care Devices manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Diabetes Care Devices currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Diabetes Care Devices?
- What are the challenges and barriers that have hindered widespread adoption of Diabetes Care Devices?
Latin America Diabetes Care Devices Market: Key Players
Diabetes Care Devices with several brand names are being manufactured in various parts of the world. The Latin American market for diabetes care devices has a lot of scope with customized design and feasible products. Roche Diagnostics, Ascensia, Abbott Laboratories, Novo Nordisk, Johnson & Johnson, Tandem and Terumo are the top companies in Latin America Diabetes Care Devices Market.
Reasons to buy Latin America Diabetes Care Devices Market Report:
- Regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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