LatinAmerica Continuous Glucose Monitoring Device Market, by Component(Transmitters, Receivers, Insulin Pump, and Sensors ), by Distribution Channel(Hospitals & Clinics, Retail Channel, and Online Channel), and by Country(Mexico, Argentina, Uruguay, Brazil Colombia, Chile, Peru, and Rest of LatinAmerica), was valued at US$ 126.2 million in 2018 and is projected to exhibit aCAGR of 15.9% during the forecast period (2018 - 2026), as highlighted in a newreport published by Coherent Market Insights.
The continuous glucose monitoring(CGM) device is expected to gain significant traction due to its efficientdiabetes monitoring and management of people on intensive insulin therapy.Moreover, product clearance from the regulatory agencies such as BrazilianHealth Regulatory Agency (ANVISA). Forinstance, in May 2016, CNOGA Medical Ltd. received marketing approval fromBrazilian National Health Surveillance Agency (ANVISA) to market its continuousglucose monitoring device, TensorTip COG (non-invasive combo glucometerdevices), in the Brazil market. The device uses a real-time color image sensorand unique algorithms to accurately measure glucose levels from the patient’sfingertip blood capillaries without pricking the skin.
Major players in the market arefocused on development and launching of innovative continuous glucosemonitoring devices in Latin American countries such as Brazil and Mexico, whichis contributing to growth of Latin America continuous glucose monitoring devicemarket. For instance, in February 2019, Abbott introduced its FreeStyleLibreLink application for smartphones in Brazil and in Mexico in 2017. TheFreeStyle LibreLink application includes features such as largerhigh-resolution display, text-to-speech capability for glucose readings (whenenabled), and the ability to record insulin doses.
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Browse 33 Market Data Tables and23 Figures spread through 161 Pages and in-depth TOC on "Latin AmericaContinuous Glucose Monitoring Device Market, by Component (Transmitters,Receivers, Insulin Pump, and Sensors), by Distribution Channel (Hospitals &Clinics, Retail Channel, and Online Channel), and by Country (Mexico,Argentina, Uruguay, Brazil Colombia, Chile, Peru, and Rest of Latin America) –Country Specific Forecast to 2026"
Presence of major market playerssuch as Medtronic Plc and Abbott in Latin America that are engaged indistribution of continuous monitoring devices in these countries is alsoexpected to propel the Latin America continuous glucose monitoring devicemarket growth over the forecast period.
Moreover, high prevalence ofdiabetes in Latin America is also expected to increase demand for continuousglucose monitoring devices in this region and this is expected drive marketgrowth in the near future. For instance, according to the InternationalDiabetes Federation (IDF) Diabetes Atlas 8th Edition, in 2017, there were anestimated 26 million adults aged 20-79 years living with diabetes in the IDFSouth and Central America region, representing a regional prevalence of 8%.
Furthermore, increasinghealthcare expenditure for treatment of diabetes in Latin American countriessuch as Uruguay Chile, Peru, and Colombia is expected to boost the marketgrowth.
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For instance, according to theInternational Trade Administration’s (ITA) estimation, in 2018, Chile’s annualhealthcare expenditure accounted for around 8% of its GDP. In addition,according to World Data Atlas, in 2016, per capita health expenditure inUruguay accounted for US$ 1,379.
Key Takeaways of the LatinAmerica Continuous Glucose Monitoring Device Market:
Latin America continuous glucosemonitoring device market is expected to witness a CAGR of 15.9% during theforecast period (2018 – 2026), owing to increasing prevalence of diabetes inLatin America
Among component, sensors segmentis expected to witness significant growth over the forecast period, as thecurrently available sensors in the market need to be replaced in every 10 to 14days, which creates high demand for sensors in this market
Major players operating in LatinAmerica continuous glucose monitoring device market include Medtronic Plc,Abbott, F. Hoffmann-La Roche AG, Johnson & Johnson, Senseonics, Inc,Dexcom, Inc., Insulet Corporation, and Tandem Diabetes Care, Inc.
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