A reusable injector pen equipped with a smartphone app is known as a smart insulin pen, which can aid individuals with diabetes in managing insulin delivery more effectively. This intelligent system computes and monitors doses while also providing useful prompts, alarms, and summaries. Smart insulin pens come in two types: reusable and pre-filled, and are used to administer precise insulin doses for both type 1 and type 2 diabetes. Manufacturers of smart insulin pens primarily focus on creating first- and second-generation models.
According to estimates, the market for smart insulin pens in Latin America was worth around US$ 5.83 mn in 2022 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% from 2023 to 2030.
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The market’s growth is anticipated to be fueled during the projected timeframe by the rising occurrence of diabetes as well as the significant number of people having pre-diabetic conditions.
The growth of the Latin America smart insulin pen market is predicted to be driven by the rising incidence of diabetes cases in the region. This is because the demand for diabetes treatment is anticipated to increase as a result of this trend. As an illustration, the International Diabetes Federation (IDF) Diabetes Atlas 2019 reported that in 2019, the incidence of diabetes in Chile was nearly 1,262.2 per 100,000 people, and it is projected to increase to 1,531.5 per 100,000 by 2030.
The market’s growth is expected to be driven throughout the projected duration by the high incidence of needle stick injuries in Latin America.
During the forecast period, the Latin American market for smart insulin pen is projected to experience growth due to the high incidence of needle stick injuries in the region. As an example, the occurrence of needle stick injuries in Latin America was roughly 7.7% in 2018, according to a 2018 report from the International Journal of Epidemiology titled “Global prevalence of percutaneous injuries among healthcare workers: a systematic review and meta-analysis.”
Impact of the COVID-19 Pandemic:
There are three primary ways in which COVID-19 can impact the economy, including direct influence on the demand and production for drugs, disturbances in the distribution channels, and financial repercussions on markets and firms. Governments across the world are implementing measures to combat the COVID-19 pandemic and prevent the spread of the virus. In line with this effort, Brazil has implemented guidelines and measures to minimize the spread of COVID-19 within its borders. As an example, the Brazilian government declared economic aid to help its citizens combat the economic downturn caused by issues like unemployment in 2020. Similarly, the Mexican government has taken steps to facilitate the COVID-19 vaccination effort, such as launching a vaccination campaign across all Mexican states in December 2020 to highlight the advantages of vaccination in combating the pandemic.
The Latin American smart insulin pen market is facing growth hindrances primarily due to the availability of alternative products. A case in point is a study published in February 2020 in Nature Biomedical Engineering, which highlights the development of a smart insulin delivery patch by researchers from UCLA and UNC School of Medicine. The patch is capable of monitoring glucose levels in individuals with diabetes and delivering the required insulin dosage for 24 hours. It features pre-loaded insulin doses in tiny microneedles measuring less than 1 mm in length, which facilitate quick drug delivery when blood sugar levels exceed a particular threshold. The patch also reduces the risk of insulin overdose as its insulin delivery slows down when blood sugar levels return to normal.
- Medtronic Plc
- Sanofi S.A.
- Novo Nordisk A/S
- Eli Lilly and Company
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- Jiangsu Delfu Medical Device Co., Ltd.
- BERLIN-CHEMIE AG
- Hoffmann-La Roche AG
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|The market size value in 2023|
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Latin America Smart Insulin Pen Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Latin America Smart Insulin Pen Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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