Market Overview:
The Latin America Diabetes Devices Market size is expected to reach USD 32.01 billion by 2032, exhibiting the CAGR of 7.9% during the forecast period.
The growth of the diabetes market is driven by several key factors, including the increasing prevalence of diabetes, rising investments in the sector, growing awareness about diabetes management, and the rise of health wearables. Diabetes is a chronic metabolic condition characterized by elevated blood glucose levels, which can cause damage to the heart, blood vessels, kidneys, eyes, and nerves. The main types of diabetes are type 1 diabetes (T1D), type 2 diabetes mellitus, and gestational diabetes mellitus (GDM).
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Here are the key players operating in the market:
- Medtronic PLC
- ARKRAY, Inc
- Abbott Diabetes Care
- BD
- Biocorp
- LifeScan Inc.
- Novo Nordisk
- Molex
- Phillips-Medisize
- GlucoModicum
- B Braun Melsungen AG
- Roche Diabetes Care
- Johnson & Johnson
- Tandem Diabetes Care, Inc.
- Senseonics, Inc
Segmental Analysis:
The research study uses segmental analysis to divide the market into smaller groups based on common characteristics. It helps in identifying specific customer groups that share common attributes and are likely to respond positively to marketing efforts., it assists in understanding the geographic, behavioral, and demographic characteristics each segment. Latin America Diabetes Devices Market segmentation can help businesses understand unique customer needs and preferences to offer better products and services. Besides, stakeholders can make informed decisions about aspects such as product development, pricing, and sales channels.
Latin America Diabetes Devices Market, Type Outlook (Revenue – USD Billion, 2019-2032)
- BGM Devices
- Self-Monitoring Devices
- Blood Glucose Meters
- Testing Strips
- Lancets
- Continuous Glucose Monitoring Devices
- Sensors
- Transmitters
- Receiver
- Insulin Delivery Devices
- Pumps
- Pens
- Syringes
- Jet Injectors
Latin America Diabetes Devices Market, Distribution Channel Outlook (Revenue – USD Billion, 2019-2032)
- Hospital Pharmacies
- Retail Pharmacies
- Diabetes Clinics/Centers
- Online Pharmacies
- Others
Latin America Diabetes Devices Market, End-Use Outlook (Revenue – USD Billion, 2019-2032)
- Hospitals
- Diagnostic Centers
- Homecare
Recent Developments in the Diabetes Management Industry:
- GlucoModicum and Phillips-Medisize Collaboration (October 2023)
GlucoModicum partnered with Phillips-Medisize to develop a noninvasive, needle-free continuous glucose monitor (CGM). This collaboration aims to revolutionize glucose monitoring for people with diabetes by offering a more comfortable and accessible alternative to traditional invasive methods. - Medtronic’s Acquisition of EOFlow Co. (May 2023)
Medtronic plc announced its agreement to acquire EOFlow Co., a leading manufacturer of wearable and fully disposable insulin delivery devices. This acquisition is set to strengthen Medtronic’s position in the diabetes management market, expanding its portfolio to include advanced, user-friendly insulin delivery solutions designed to improve the lives of individuals managing diabetes.
Market expansion is due to factors such as the rising diabetes prevalence, increasing investment in research and development activities, and technological advancements. Further, with the increasing use of technology, manufacturers are focusing on diabetes technologies to modulate insulin delivery. For instance, continuous glucose monitoring (CGM) devices can be linked to smartphone & cloud-based technologies to overcome the cases of repeated finger pricking for glucose level monitoring.