by The Latin America continuous glucose monitoring device market comprises devices that continuously monitor patients’ glucose levels and alert them in case levels are outside preset limits. Continuous glucose monitoring devices are more effective in managing diabetes as they help avoid common issues associated with conventional finger-stick methods like hypoglycemia unawareness. These devices are small, painless, affordable and convenient for real-time glucose monitoring with readings available every few minutes via a transmitter.
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.
The growing prevalence of diabetes in Latin America Continuous Glucose Monitoring Device Market Growth American countries is fueling the demand for continuous glucose monitoring devices in the region. As per International Diabetes Federation estimates, over 16 million adults are suffering from diabetes in Latin America and the number is projected to increase to over 25 million by 2030.
Rising awareness regarding the merits of real-time glucose monitoring and increasing healthcare expenditures are encouraging more patients to opt for continuous glucose monitoring devices. Major device manufacturers are also expanding their geographic footprint in key Latin American markets which will further support the market growth over the forecast period.
Market key trends
Telehealth is emerging as a key trend in the Latin America Continuous Glucose Monitoring Device Market Size And Trends. The COVID-19 pandemic accelerated the adoption of remote patient monitoring solutions. Many device manufactures are now offering telehealth integrations and services with their continuous glucose monitoring devices to facilitate remote consultations and glucose level monitoring by healthcare providers. This is improving access and adherence to diabetes management plans. Growing investment in digital health initiatives by Latin American governments and health systems will further drive the deployment of telehealth integrated continuous glucose monitoring solutions in the region.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements and established brand loyalty for existing players. However, growing demand for CGM devices offers opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. But growing medical reimbursements increase affordability.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials are commodity and requirements are fragmented across players.
Threat of new substitutes: Threat of new substitutes is low as emerging technologies like AI integrated CGM are complementary rather than replacements.
Competitive rivalry: The competitive rivalry is high between established players due to technological advancements, pricing pressures and partnerships with distributors.
Geographical Regions
Brazil accounts for over 30% of the Latin America continuous glucose monitoring device market value currently, driven by the large diabetic population and growing medical reimbursements. The country has witnessed a 15% CAGR between 2018-21. Growing awareness, expanding private insurance coverage and partnerships between local organizations and major players are further fueling adoption.
Argentina is the fastest growing market, expanding at an estimated 18% CAGR during 2022-27. This can be attributed to improving accessibility in smaller towns via e-health solutions and telemedicine. Furthermore, collaborations between the government and diagnostic device manufacturers to enhance affordability will boost revenue generation. Rising lifestyle diseases, obesity rates and focus on diabetes management are supporting the growth of continuous glucose monitoring in the country.
*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
