Latin America Smart Insulin Pen Market is expected to exhibit a CAGR of 8.7% between 2022 and 2028 | Medtronic Plc, Sanofi S.A., Novo Nordisk A/S, Eli Lilly and Company

Overview

With the introduction of the smart insulin pen, more people with diabetes are gaining control of their condition. Many of these devices can connect to a smartphone app and provide real-time glucose data to help users manage their diabetes. One of the biggest benefits of a smart insulin pen is its ability to calculate the right amount of insulin for different situations. It can also remind you when it’s time to take your next dose or alert you when your insulin has expired. Other benefits of smart insulin pens include a variety of other features, including a built-in CGM.

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The Latin America smart insulin pen market is expected to exhibit a CAGR of 8.7% during 2021-2028. The market was estimated to be valued at US$ 5.83 million.

Latin America Smart Insulin Pen Market: Drivers

Approval and launch of new products is expected to propel growth of Latin America smart insulin pen market. For instance, Companion Medical, a subsidiary of Medtronic Plc., launched InPen system, in December 2017. The system is compatible with U-100 (3 mL), Lispro (Humalog, Eli Lilly), and Aspart (Novolog, Novo Nordisk) rapid-acting insulin cartridges

Moreover, high prevalence of diabetes is also of expected to propel growth of Latin America smart insulin pen market. For example, the prevalence of diabetes in Bolivia was approximately 411.4 out of 100,000 population in 2019, according to the International Diabetes Federation (IDF) Diabetes Atlas 2019. The IDF also expected the prevalence to rise to 784.2 in 100,000 population till 2045.

Market Trends

Increasing diabetic care expenditure is expected to contribute to growth of Latin America smart insulin pen market. For example, the healthcare expenditure related to diabetic care was approximately US$ 17,012.2 million in 2019, according to the International Diabetes Federation report 2020. The IDF also expected the expenditure to rise to US$ 20,446.9 million in 2030.

Brazil is expected to witness significant growth in Latin America smart insulin pen market, due to increasing prevalence of type 1 diabetes in Brazil. For instance, the prevalence of type-1 diabetes in Brazil increased from 4.1% in 2010 to 7.3% in 2019, according to International Diabetes Federation report 2019.

Covid-19 Impact Analysis

Elevated obesity and diabetes prevalence has significantly contributed to high COVID-19 mortality rates in certain municipalities in Mexico. During the first seven months of the COVID-19 pandemic there were 85,666 deaths reported in Mexico, with a cumulative mortality rate of 67 per 100,000 population. Such scenario is expected to boost demand for smart insulin pens in Latin America.

Latin America Smart Insulin Pen Market: Competitive Landscape

Major players operating in Latin America smart insulin pen market include, BERLIN-CHEMIE AG, BIOCORP, Eli Lilly and Company, F. Hoffmann-La Roche AG, Jiangsu Delfu Medical Device Co., Ltd., Medtronic Plc, Novo Nordisk A/S, Owen Mumford Ltd., and Sanofi S.A.

Latin America Smart Insulin Pen Market: Key Developments

Major players operating in Latin America smart insulin pen market are focused on adopting collaboration strategies to enhance their market share. For instance, in February 2021, Eli Lilly & Company collaborated with Welldoc, a digital solutions provider for chronic conditions, to integrate Welldoc’s Bluestar app into its second generation smart insulin pens for the treatment of diabetic people.

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Table of Content

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Latin America Smart Insulin Pen Market Size Analysis from 2021 to 2028
11.6 COVID-19 Outbreak: Latin America Smart Insulin Pen Industry Impact

Chapter 2 Global Latin America Smart Insulin Pen Competition by Types, Applications, and Top Regions and Countries
2.1 Global Latin America Smart Insulin Pen (Volume and Value) by Type
2.3 Global Latin America Smart Insulin Pen (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global Latin America Smart Insulin Pen Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Latin America Smart Insulin Pen Market Analysis
Chapter 6 East Asia Latin America Smart Insulin Pen Market Analysis
Chapter 7 Europe Latin America Smart Insulin Pen Market Analysis
Chapter 8 South Asia Latin America Smart Insulin Pen Market Analysis
Chapter 9 Southeast Asia Latin America Smart Insulin Pen Market Analysis
Chapter 10 Middle East Latin America Smart Insulin Pen Market Analysis
Chapter 11 Africa Latin America Smart Insulin Pen Market Analysis
Chapter 12 Oceania Latin America Smart Insulin Pen Market Analysis
Chapter 13 South America Latin America Smart Insulin Pen Market Analysis
Chapter 14 Company Profiles and Key Figures in Latin America Smart Insulin Pen Business
Chapter 15 Global Latin America Smart Insulin Pen Market Forecast (2021-2027)
Chapter 16 Conclusions
Research Methodology