According to Coherent Market Insights, Latin America continuous glucose monitoring device market was valued at US$ 110.0 million in 2017 and is projected to exhibit a CAGR of 15.9% during the forecast period (2018 – 2026).
Key Trends and Analysis of Latin America Continuous Glucose Monitoring Device Market:
The continuous glucose monitoring (CGM) device is expected to gain significant traction due to its efficient diabetes monitoring and management for 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.
Moreover, convenience offered by continuous glucose monitoring devices such as display of glucose trend graph and direction arrows that allow diabetic patients to anticipate approaching glucose highs and lows regularly throughout the day, may increase the demand for these devices, which in turn is expected to drive the market growth. Moreover, technological advancements in continuous glucose monitoring components such as use of sensor with long life expectancy in continuous glucose monitoring devices that eliminates the repetitive replacement of sensors is expected to generate remarkable revenue in the market over the forecast period.
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Among country, Brazil is expected to grow at a faster pace and account for the largest market share in Latin America continuous glucose monitoring device market, owing to product launches in this country. For instance, in February 2019, Abbott launched its continuous glucose monitoring system, FreeStyle LibreLink.
Furthermore, increasing prevalence of diabetes and presence of major market players such as Medtronic Plc, Dexcom, and Abbott offering continuous glucose monitoring devices are expected to result in increasing demand for continuous glucose monitoring devices, which in turn is expected to fuel growth of the market. For instance, according to International Diabetes Federation, in 2018, around 1,757,500 cases of diabetes were diagnosed in Argentina, which represented 6.2% prevalence rate.
In addition, increasing healthcare expenditure for treatment of diabetes by Latin American countries is expected to drive growth of the Latin America continuous glucose monitoring device market. For instance, in 2017, South and Central America (SACA) region spent US$ 33 billion on healthcare for the treatment of people with diabetes, representing 4% of the total global healthcare expenditure on diabetes.
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Key Market Takeaways:
- Latin America continuous glucose monitoring device market is projected to witness CAGR of 15.9% during the forecast period (2018 – 2026), owing to development of technologically advanced products, which provide convenience and benefits for measuring glucose level regularly in diabetic patients
- Among product type, sensors segment is expected to witness significant growth over the forecast period, as the currently available sensors in the market need to be replaced in every 10 to 14 days, which creates high demand for sensors in this market
Major players operating in Latin America continuous glucose monitoring device market include Medtronic Plc, Abbott, F. Hoffmann-La Roche AG, Johnson & Johnson, Senseonics Inc, Dexcom, Inc., Insulet Corporation, and Tandem Diabetes Care, Inc.
Detailed Segmentation:
- Latin America Continuous Glucose Monitoring Device Market , By Component:
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- Latin America Continuous Glucose Monitoring Device Market , By Distribution Channel:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- Latin America Continuous Glucose Monitoring Device Market , By Country:
- Mexico
- By Components
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- By Distribution Channels:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- By Components
- Argentina
- By Components
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- By Distribution Channels:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- By Components
- Uruguay
- By Components
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- By Distribution Channels:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- By Components
- Brazil
- By Components
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- By Distribution Channels:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- By Components
- Colombia
- By Components
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- By Distribution Channels:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- By Components
- Chile
- By Components
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- By Distribution Channels:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- By Components
- Peru
- By Components
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- By Distribution Channels:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- By Components
- Rest of Latin America
- By Components
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- By Distribution Channels:
- Hospitals & Clinics
- Retail Channel
- Online Channel
- By Components
- Mexico
- Company Profiles
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- Medtronic Plc.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Highlights
- Strategies
- Abbott
- F. Hoffmann-La Roche AG.
- Johnson & Johnson
- Senseonics, Inc
- Dexcom, Inc.
- Insulet Corporation
- Tandem Diabetes Care, Inc
- Medtronic Plc.
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Browse Press Release: https://www.coherentmarketinsights.com/press-release/latin-america-continuous-glucose-monitoring-device-market-to-surpass-us-4113-million-by-2026-2457
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