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

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

The Latin America Diabetes Care Devices Market is expected to register a CAGR of more than 6%, during the forecast period 2022-2027.

The COVID-19 pandemic has substantially impacted the Latin America Diabetes Care Devices Market. People with diabetes have a weak immune system so, with COVID-19, the immune system gets weaker very fast. People with diabetes will have more chances to get into serious complications rather than normal people. The manufacturers of diabetes care devices have taken care during COVID-19 to deliver the diabetes care devices to diabetes patients with the help of local governments. Novo Nordisk stated on their website that “Since the start of COVID-19, our commitment to patients, our employees and the communities where we operate has remained unchanged, we continue to supply our medicines and devices to people living with diabetes and other serious chronic diseases, safeguard the health of our employees, and take actions to support doctors and nurses as they work to defeat COVID-19.” Doctors around the world suggested diabetes patients should check their diabetes levels more often to be careful and the intake of medicine has increased, which lead to an increase in the usage of diabetes care devices.

The COVID-19 pandemic has been testing the capacity to respond and adapt to populations, governments, and health systems worldwide. In the Latin America region, Brazil presented the first suspected and the first confirmed case. Most Latin American countries failed to implement timely measures to protect individuals with diabetes, which severely impacted individuals, health systems, and economies.

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, close to 10% of the total population is living with diabetes. Diabetic patients in the Latin American region mainly suffer from Type-2 diabetes, and they accounted for close to 90% of the total diabetic population in 2021.

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

Key Market TrendsContinuous Glucose Monitoring Segment is Expected to Witness Highest Growth Rate Over the Forecast Period

Continuous Glucose Monitoring Segment recorded more than USD 224 million in revenue in 2021, which is expected to further increase with a CAGR of more than 15% during the forecast period.

Continuous glucose monitoring sensors use glucose oxidase to detect blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with the platinum inside the sensor, producing an electrical signal to be communicated to the transmitter. Sensors are the most important part of continuous glucose monitoring devices. Technological advancements to improve the accuracy of the sensors are expected to drive segment growth during the forecast period.

The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported that poorly controlled diabetes is associated with a higher risk for hospitalization and death from a viral illness. The frequency of monitoring glucose levels depends on the type of diabetes, which varies from patient to patient. Type-1 diabetic patients need to check their blood glucose levels at regular intervals, monitor their blood glucose levels, and adjust the insulin dosing accordingly. The current CGM devices show a detailed representation of blood glucose patterns and tendencies compared to a routine check of glucose levels at set intervals. Furthermore, the current continuous glucose monitoring devices can either retrospectively display the trends in the levels of blood glucose by downloading the data or give a real-time picture of glucose levels through receiver displays.

The use of CGM by Type-1 diabetic patients is very less, as compared to Type-2 diabetic patients. But the expenditure incurred by Type-1 diabetic patients on these devices is nearly double that of Type-2 diabetics. The newest CGM models, the Abbott Freestyle Libre and the Dexcom G6 overcame many technical barriers.

In Latin America, families pay about 40%–60% of diabetes costs out-of-pocket. Most private health insurance plans cover medical assistance, procedures, and hospitalization. Latin America is undergoing a remarkable epidemiological transformation. Diabetes and other chronic, nontransmissible diseases are now the leading health problems. Despite the large and growing number of diabetes cases, this geographic area invests limited financial resources in diabetes care. According to the International Diabetes Federation, diabetes patients spent USD 966 billion in 2021. Although only 10% of the diabetes population is Type-1, the demand for CGM is more driven by an increase in awareness about the benefits of blood glucose monitoring for diabetes patients, especially in emerging economies. Other factors, innovative product development by major companies, and the rise in the geriatric and obese population may fuel the growth of the market.

Brazil is expected to dominate the Latin America Diabetes Care Devices Market in terms of Revenue

Brazil is expected to dominate the market and register a CAGR of more than 6% in the forecast period 2022-2027.

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 glycaemic control in Brazil show that only 25% met the therapeutic goal of glycated haemoglobin (HbA1c) more than 7% before the pandemic, as recommended by the Brazilian Diabetes Society (SBD).

Brazil has implemented a set of reforms over the past to improve the distribution of doctors, develop new forms of a 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. This also highlights opportunities for continuing and expanding innovations in the delivery of diabetes care and the use of diabetes technology.

In Brazil, the Brazilian health system is managed by each state and local health secretariat and is governed by the MOH. Furthermore, in many towns where the public sector is unable to meet people's requirements, partnerships with private organizations to increase access to PHC have been put in place. According to Universal Health Coverage 2022, The four nations including Argentina, Brazil, Colombia, and Mexico achieved an overall index of essential coverage of 76-77 percent, with households spending less than 25 percent of their income on health care. Expanding access to primary healthcare systems and coverage for noncommunicable illnesses enhanced service coverage, while a rise in the number of qualified healthcare personnel enabled community outreach.

In Brazil, the public health system (Sistema Único de Saúde; SUS) has been progressively increasing the assistance available for individuals with diabetes. The Ministry of Health established a list of medications and supplies provided by the Brazilian Health System (SUS) to patients suffering from diabetes. However, their supply is usually not sufficient or recommended for optimal patient management across cities. The high prevalence of type 2 diabetes is associated with a significant economic burden. Such factors have helped the rise in the adoption of these products in the Brazilian market.

Competitive Landscape

There have been constant innovations driven by manufacturers to compete in the Latin America Diabetes Care Devices Market. The major players, such as Abbott and Medtronic, resort to inorganic market strategies, such as mergers and acquisitions, to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies.

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