Coherent Market Insights published a business research report on Latin America Continuous Glucose Monitoring Device Market: Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2022–2028. Latin America Continuous Glucose Monitoring Device Market with 150+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis. The information is gathered based on modern floats and requests identified with the administrations and items.
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Due to its effective diabetes monitoring and treatment of people on intensive insulin therapy, the continuous glucose monitoring (CGM) system is expected to gain considerable traction. Furthermore, product approval from regulatory agencies such as the Brazilian Health Regulatory Agency is required (ANVISA). For example, in May 2016, CNOGA Medical Ltd. obtained marketing approval from the Brazilian National Health Surveillance Agency (ANVISA) to market its TensorTip COG (non-invasive combo glucometer devices) continuous glucose monitoring system in the Brazilian market. Without pricking the skin, the system uses a real-time color image sensor and proprietary algorithms to reliably calculate glucose levels in the patient’s fingertip blood capillaries.
Major players in the market are focusing on developing and launching innovative continuous glucose monitoring devices in Latin American countries such as Brazil and Mexico, which is contributing to the market’s growth. For example, Abbott launched its FreeStyle LibreLink smartphone application in Brazil in February 2019 and Mexico in 2017. The FreeStyle LibreLink app has a higher-resolution display, text-to-speech capabilities for glucose readings (when enabled), and the ability to record insulin doses.
The presence of major market players in Latin America, such as Medtronic Plc and Abbott, who are involved in the distribution of continuous glucose monitoring devices in these countries, is expected to boost the Latin America continuous glucose monitoring device market growth over the forecast period.
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Furthermore, the high prevalence of diabetes in Latin America is expected to increase demand for continuous glucose monitoring devices in the near future, driving market growth. According to the 8th edition of the International Diabetes Federation’s (IDF) Diabetes Atlas, there were an estimated 26 million adults aged 20 to 79 living with diabetes in the IDF South and Central America region in 2017, reflecting an 8 percent regional prevalence.
In addition, the healthcare expenditures for diabetes treatment in Latin American countries such as Uruguay, Chile, Peru, and Colombia are expected to drive market growth. For example, according to the International Trade Administration (ITA), Chile’s annual healthcare spending accounted for about 8% of its GDP in 2018. Furthermore, according to World Data Atlas, Uruguay’s per capita health expenditure was US$ 1,379 in 2016.
Due to the rising prevalence of diabetes in Latin America, the Latin American continuous glucose monitoring system market is expected to grow at a 15.9% CAGR from 2018 to 2026.
The sensors segment of the market is expected to grow significantly over the forecast period, as currently available sensors must be replaced every 10 to 14 days, resulting in high demand for sensors in this market.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Latin America Continuous Glucose Monitoring Device Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Latin America Continuous Glucose Monitoring Device Industry Impact
Chapter 2 Latin America Continuous Glucose Monitoring Device Competition by Types, Applications, and Top Regions and Countries
2.1 Latin America Continuous Glucose Monitoring Device (Volume and Value) by Type
2.3 Latin America Continuous Glucose Monitoring Device (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Company Profiles and Key Figures in Latin America Continuous Glucose Monitoring Device Business
Chapter 5 Latin America Continuous Glucose Monitoring Device Market Forecast (2022-2028)
Chapter 6 Conclusions
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