LATIN AMERICA BIGUANIDE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

LATIN AMERICA BIGUANIDE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Latin America Biguanide Market is set to witness a CAGR of more than 2.9% during the forecast period. The market is estimated to reach a value of about USD 420 million by 2027.

The COVID-19 pandemic positively impacted the Latin America Biguanide Market. Diabetes and uncontrolled hyperglycemia are risk factors for poor outcomes in patients with COVID-19 including an increased risk of severe illness or death. People with diabetes have a weaker immune system, the COVID-19 complication aggravates the condition, and the immune system gets weaker very fast. People with diabetes have more chances to get into serious complications rather than normal people. The COVID-19 pandemic has been testing the capacity to respond and adapt to populations, governments, and health systems worldwide. Brazil presented the first suspected and the first confirmed case in the Latin America region. Most Latin American countries failed to implement timely measures to protect individuals with diabetes, which severely impacted individuals, health systems, and economies.

Biguanides are a class of medications used to treat type 2 diabetes. They work by reducing the production of glucose that occurs during digestion. Metformin is the only biguanide currently available in most countries for treating diabetes. Glucophage (metformin) and Glucophage XR (metformin extended release) are well-known brand names for these drugs. Others include Fortamet, Glumetza, and Riomet. Metformin is also available in combination with several other types of diabetes medications, such as sulfonylureas.

As Type 2 diabetes is associated with both poorer clinical outcomes during the COVID-19 pandemic and an increased risk of death in such hospitalized patients, the role of glucose control has been emphasized to improve the prognosis. Metformin is the first-line choice for the management of hyperglycemia in T2DM. Besides being an important glucose-lowering agent, metformin also has significant anti-inflammatory. Therefore, metformin has been a potential candidate for treating patients affected by COVID-19 infection, with type 2 diabetes, as well as an excellent antidiabetic (glucose-lowering) agent during COVID-19 pandemic times.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsRising diabetes prevalence

The diabetes population in the Latin American region is expected to rise by more than 3% during the forecast period.

The diabetic prevalence is high in countries in the Latin American region, and Mexico is known to have a high number of diabetic patients due to the growing prevalence of Type-2 diabetes in the country. The gradually growing obesity rate, combined with the genetic predisposition for Type-2 diabetes, acted as a prominent driver for the increase in the Type-2 diabetic population over the last 40 years. Currently, nearly 10% of the population is living with diabetes. Diabetic patients in the Latin American region mainly suffer from Type-2 diabetes, accounting for nearly 90% of the total diabetic population in 2021.

According to IDF Diabetes Atlas 2021, 15.7 million adults about 10.5% are currently living with diabetes in Brazil – or one in ten adults. The cost of diabetes-related health expenditure in Brazil is the third highest in the world, at 42.9 billion USD. In addition, 18 million adults around 11.9% have Impaired Glucose Tolerance which places them at high risk of developing type 2 diabetes. 32% of people living with diabetes in Brazil are undiagnosed. Additional data on glycemic control in Brazil show that only 25% met the therapeutic goal of glycated hemoglobin (HbA1c) less than 7% before the pandemic, as recommended by the Brazilian Diabetes Society (SBD).

When diabetes is undetected or inadequately treated, people with diabetes are at risk of serious and life-threatening complications, such as heart attack, stroke, kidney failure, blindness, and lower-limb amputation. These result in reduced quality of life and higher healthcare costs and lead to a greater need for access to care. Brazil has implemented a set of reforms over the past to improve the distribution of doctors, develop new forms of service organization, introduce new financing models, and implement a range of quality improvement initiatives and policy frameworks to overcome risk factors such as obesity and emerging pandemic threats.

Owing to the rising rate of obesity, growing genetic factors for type-2 diabetes, and the increasing prevalence, the market will likely continue to grow.

Mexico held the highest market share in the Latin America Biguanide Market in 2021

Mexico is expected to register the highest CAGR of more than 1.9% in the Latin America Biguanide Market in the forecast period.

According to IDF Diabetes Atlas 2021, the prevalence of diabetes in Mexico has now reached 16.9%, or one in six adults. In 2021, an estimated 14 million adults in Mexico are living with diabetes – a rise of 10% in the past two years. Additionally, 11 million adults in the country have Impaired Glucose tolerance (IGT), which places them at high risk of developing type 2 diabetes. Diabetes-related health expenditure in Mexico has reached USD 20 billion, putting it in the top ten countries or territories with the highest total health expenditure. Under half (47.5%) of people living with diabetes in the country are undiagnosed.

Lack of health insurance deprived the poor of access to services and put them at risk of financial hardship. To protect the people against excessive health expenditures, many countries like Mexico have implemented mechanisms such as community-based health insurance, national health insurance, and targeted public health insurance. Mexico has multiple health insurance providers. The Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado [State Employee’s Social Security and Social Services Institute, ISSSTE] provides coverage for government employees, and the Instituto Mexicano del Seguro Social [Mexican Social Security Institute, IMSS] covers for private-sector employees. The Seguro Popular [People’s Insurance] was launched to protect the working-age population against steep healthcare costs. Enrolment in the Seguro Popular is independent of health status or pre-existing illness, there is no co-payment in accordance with the type of health care received, and family contributions are determined solely by the ability to pay. The various initiatives by the Mexican government are expected to drive the market’s growth. The Government of Mexico partnered with numerous private companies to utilize their supply chain (manufacturing, distribution, and retailers) to ensure low prices for drugs.

Competitive Landscape

The Latin American Biguanide market is fragmented, with manufacturers like Takeda, Merck, Sanofi, GlaxoSmithKline, Bristol-Myers Squibb, and Boehringer Ingelheim Pharmaceuticals having a global market presence and the market is highly competitive due to generic drugs manufacturers' presence.

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