by The Latin America continuous glucose monitoring device market comprises CGM devices that monitor glucose levels in interstitial fluid. CGM devices help manage diabetes by measuring glucose every few minutes via a small sensor inserted under the skin. These devices alert patients when glucose levels are too high or too low via a transmitter that communicates with a display device. Various benefits associated with CGM devices including real-time glucose monitoring, data analysis, insulin dose adjustments, reduced episodes of hyperglycemia and hypoglycemia, and improved patient satisfaction and outcomes. Rapid urbanization, changing lifestyles, and rising obesity levels have fueled the diabetes burden in Latin America. This has increased the adoption of CGM devices for diabetes management in the region.
Latin America Continuous Glucose Monitoring Device Market is estimated to be valued at US$ 340.54 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Latin America continuous glucose monitoring device market are Medtronic Plc., Abbott, F. Hoffmann-La Roche AG., Johnson and Johnson, Senseonics, Inc, Dexcom, Inc, Insulet Corporation, Tandem Diabetes Care, Inc, Roche Diagnositics, Lifescan, Bayer Health Care, AgaMatrixc Inc., Arkray Inc., and Nova Biomedical Corporation. These players are focused on launching innovative CGM devices and solutions to gain a competitive edge in the market.
The key opportunities in the Latin America Continuous Glucose Monitoring Device Market Demand include ongoing technological advancements to develop affordable, miniaturized, and advanced CGM systems. Additionally, rising public-private investments to boost diabetes management programs present lucrative growth prospects.
Many international players are expanding their presence across major Latin American countries to tap the growing demand. Local players are also strengthening domestic manufacturing and distribution networks to serve the regional CGM device market. Collaboration with regional healthcare providers and insurers helps gain higher penetration.
Market drivers
The primary driver fueling the Latin America continuous glucose monitoring device market growth is the rising prevalence of diabetes. According to estimates, around 34.2 million people were affected by diabetes in the region in 2020. Moreover, low physical activity and obesity prevalence continue surging diabetes cases. This has increased the clinical need for CGM devices to facilitate effective diabetes management. Healthcare programs by governments and private organizations promote CGM adoption, especially among underserved patient segments. This would aid the regional market expansion during the forecast period.
PEST Analysis
Political: In Latin America, regulations on medical devices and healthcare differ across countries. Continuous monitoring devices need regulatory approvals in each country, which impacts timely market access.
Economic: The economic growth in Latin America provides more scope for improved public and private healthcare spending. The rising incidence of diabetes also fuels the demand for cost-effective glucose monitoring options.
Social: With growing health awareness, diabetes patients opt for continuous monitoring devices for better management of the condition. Family support further aids patients’ acceptance and regular use of these devices.
Technological: Continuous advancements allow monitoring devices to become more compact, accurate, and user-friendly. Devices are increasingly using wireless and app-based data transmission for remote monitoring. Interoperability with other digital health platforms is another area of focus.
Regions with concentration of market value
The Latin America Continuous Glucose Monitoring Device Market Regional Analysis is concentrated majorly in Brazil, Mexico, and Argentina in terms of value. Brazil accounts for over 30% of the regional market value due to the large population size and increasing public healthcare funding. Mexico also captures a significant share with a rising diabetic population and medical device imports. Other large markets include Colombia, Chile, Peru and Venezuela.
Fastest growing region
The Andean region, comprising Peru, Colombia, Venezuela and Ecuador, is projected to witness the fastest value growth during the forecast period. This can be attributed to the expanding health insurance penetration, growing medical tourism and rising government initiatives to strengthen healthcare infrastructure in these countries. Overall economic and demographic trends also support the increased adoption of diabetes management technologies.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
