Latin America Diabetes Devices Market - 2024 - 2031

Report Overview

Latin America Diabetes Devices Market reached US$ 1.44 billion in 2023 and is expected to reach US$ 2.77 billion by 2031, growing at a CAGR of 8.7% during the forecast period 2024-2031.

Diabetes is a group of metabolic disorders characterized by a chronically high blood sugar level. Common symptoms include frequent urination, increased thirst, and increased hunger. Diabetes, if untreated, may cause an array of health problems.

Acute consequences include diabetic ketoacidosis, hyperosmolar hyperglycemia, and death. Long-term risks include cardiovascular illness, stroke, chronic kidney disease, foot ulcers, nerve damage, eye damage, and cognitive impairment. Diabetes devices are used to monitor and manage the disease symptoms and are useful for estimating the onset of the adverse effects of the disease.

Market Dynamics: Drivers & Restraints

Growing awareness among individuals

The growing awareness of disease care is driving the Middle East and Africa market. With the rising prevalence of chronic diseases, there is a rise in demand, resulting in market expansion.

Diabetes management courses and campaigns will help improve health literacy by allowing users to comprehend different tests and equipment. As a result, improving health literacy will assist developing markets such as MEA in positioning themselves for success in the diabetes care devices market.

With the growing prevalence of diabetes in the regions, there is a growing demand for diabetes devices to manage and measure glucose levels which is crucial for treating diabetes. The World Health Organization stated that more than half (54%) of people living with diabetes in the African region are undiagnosed.

Initiating awareness among the individuals in the region by governments could help in increasing the demand for diabetes devices. For instance, Saudi schools, hospitals, and universities are marking World Diabetes Day on November 14 with education campaigns on the disease's health risks and its potential to kill.

High costs associated with diabetes devices

Diabetic devices such as continuous glucose monitors (CGMs) and insulin pumps, are costly and cannot be afforded by many individuals. For individuals, particularly those without insurance or in areas with limited resources for healthcare, high expenses can be challenging. Thus, the high costs of these devices could hamper the market growth.

Market Segment Analysis

The Latin America diabetes devices market is segmented based on device type, and distribution channel.

The blood glucose monitoring (BGM) devices segment is expected to dominate the market share

Blood glucose monitoring (BGM) devices hold a major portion of the market share and are expected to continue throughout the forecast period. This is due to the increasing technological advancements in the devices and the increasing number of launches of the devices. The increasing patient pool of diabetes in the region also plays a dominant role in holding the segment in a significant position in the market share.

Medical device manufacturing companies are introducing advanced devices that are accurate and efficient. For instance, GulfDrug LLC (Gulf Drug) of the United Arab Emirates (UAE) officially announced the launch of its tubeless, wearable, and disposable insulin pump "EOPatch" in the UAE. It becomes possible in the UAE to control and manage insulin infusions with EOPatch directly from Android and iOS smartphones using the brand-new Narsha app.

Additionally, on Aug. 17, 2023, Nemaura Medical, Inc. received SFDA (Saudi Food and Drug Authority) approval for sugarBEAT, its non-invasive wearable glucose sensor.

Market Segmentation

By Device Type

Blood Glucose Monitoring (BGM) Devices

Self-Monitoring Devices

Blood Glucose Meters

Testing Strips

Lancets

Continuous Glucose Monitoring Devices

Sensors

Durables

Others

Insulin Delivery Devices

Insulin Pumps

Insulin Pens

Insulin Syringes

Jet Injectors

Others

Others

By Distribution Channel

Hospital Pharmacies

Retail Pharmacies

Diabetes Clinics/Centers

Online Pharmacies

Others

Market Competitive Landscape

The major players in the market include Hoffmann-La Roche AG, Medtronic Plc, Abbott Laboratories, Novo Nordisk A/S, DexCom, Inc., Nipro Medical, Sol-Millennium Medical Group, SABIC, Colexa Biosensor Ltd. and AMETEK.Inc. among others.

Why Purchase the Report?

To visualize the Latin America diabetes devices market segmentation based on device type, and distribution channel, as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel data sheet with numerous data points of diabetes devices market-level with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as Excel consisting of key products of all the major players.

The Latin America diabetes devices market report would provide approximately 53 tables, 47 figures, and 176 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies