Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
According to Latin America Continuous Glucose Monitoring Device Market Report, by Component (Transmitters, Receivers, Insulin Pump, and Sensors), By Distribution Channel (Hospitals & Clinics, Retail Channel, and Online Channel), and by Country (Mexico, Argentina, Uruguay, Brazil Colombia, Chile, Peru, and Rest of Latin America), published by Coherent Market Insights, Latin America continuous glucose monitoring devices market was valued at US$ 126.2 million in 2018 and is projected to exhibit a CAGR of 15.9% during the forecast period (2018 – 2026).
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Increasing adoption of continuous glucose monitoring (CGM) devices is expected to propel growth of Latin America continuous glucose monitoring devices market over the forecast period. CGM devices are efficient in monitoring and management of diabetes patients on intensive insulin therapy. Moreover, increasing approval and launch of new products is also expected to aid in growth of the market. For instance, in May 2016, CNOGA Medical Ltd. received marketing approval from Brazilian National Health Surveillance Agency (ANVISA) for its continuous CGM device, TensorTip COG (non-invasive combo glucometer devices), in Brazil.
Presence of major market players such as Medtronic Plc and Abbott is expected to aid in growth of Latin America continuous glucose monitoring device market growth over the forecast period. Moreover, increasing incidence of diabetes is also expected to aid in the market growth. For instance, according to the International Diabetes Federation (IDF) Diabetes Atlas 8th Edition, in 2017, there were an estimated 26 million adults aged 20-79 years living with diabetes in the IDF South and Central America region, representing a regional prevalence of 8%.
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Increasing healthcare expenditure is expected to offer lucrative growth opportunities for players in Latin America continuous glucose monitoring device market. For instance, according to the International Trade Administration’s (ITA) estimation, in 2018, Chile’s annual healthcare expenditure accounted for around 8% of its GDP. In addition, according to World Data Atlas, in 2016, per capita health expenditure in Uruguay accounted for US$ 1,379.
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Among components, the sensors segment is expected to witness significant growth in the market over the forecast period. This is attributed to high demand for sensors as currently available sensors need to be replaced in every 10 to 14 days.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in February 2019, Abbott launched FreeStyle LibreLink application for smartphones in Brazil and in Mexico in 2017. The FreeStyle LibreLink application includes features such as larger high-resolution display, text-to-speech capability for glucose readings (when enabled), and the ability to record insulin doses.
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- Latin America continuous glucose monitoring device market is expected to witness a CAGR of 15.9% during the forecast period (2018 – 2026)
- Increasing adoption of continuous glucose monitoring (CGM) devices is expected to propel growth of Latin America continuous glucose monitoring devices market over the forecast period
- 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.
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