The Latin America continuous glucose monitoring (CGM) device market is expected to witness significant growth during the forecast period. The increasing prevalence of diabetes, growing awareness about advanced diabetes care devices, and technological advancements in CGM devices are the major factors driving market growth. The rising adoption of advanced diabetes care devices in the region, government initiatives to promote diabetes management, and favorable reimbursement policies are also contributing to the growth of the market. However, high costs associated with CGM devices and the lack of awareness about advanced diabetes care technologies in some countries may hinder market growth. Major players are adopting inorganic growth strategies such as distribution agreement, in order to distribute their products in Latin America and increase their market share in the region.
Latin America Continuous Glucose Monitoring Device Market is estimated to be valued at US$ 219.3 million in 2022 and is expected to exhibit a CAGR of 15.8% during the forecast period (2022-2030).
Leading Companies in the Latin America Continuous Glucose Monitoring Device Industry:
1. Medtronic Plc.
Medtronic Plc. is a global medical technology company founded in 1949 and headquartered in Dublin, Ireland. It operates in over 150 countries and offers a range of CGM devices, including the Guardian Connect and the MiniMed 670G. In November 2021, Medtronic announced the launch of its new Advanced Hemodynamic Monitoring (AHM) system for use during cardiopulmonary bypass procedures.
2. Abbott
Abbott is an American-based healthcare company founded in 1888 and headquartered in Illinois. It operates in over 160 countries and offers a range of CGM devices, including the FreeStyle Libre and FreeStyle Libre 2. In February, 2023 Abbott and Cardiovascular Systems, Inc. (CSI), announced a definitive agreement for Abbott to acquire CSI, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.
3. F. Hoffmann-La Roche AG.
F. Hoffmann-La Roche AG. is a Swiss-based healthcare company founded in 1896. It operates in over 100 countries and offers a range of CGM devices, including the Accu-Chek Guide and the Accu-Chek Aviva.
4. Johnson & Johnson
Johnson & Johnson is an American-based healthcare company founded in 1886. It operates in over 60 countries and offers a range of CGM devices, including the OneTouch Verio and the OneTouch Reveal. In December 2021, Johnson & Johnson announced the acquisition of Teneobio, a biotechnology company that is developing a novel platform for cancer treatment. The technology is based on a new class of biologics called Human Heavy-Chain Antibodies (UniAbs), which have the potential to target cancer cells more specifically than traditional monoclonal antibodies.
5. Senseonics, Inc
Senseonics, Inc is an American-based medical technology company founded in 1996. It offers a range of CGM devices, including the Eversense and the Eversense XL.
6. Dexcom, Inc
Dexcom, Inc is an American-based medical device company founded in 1999. It offers a range of CGM devices, including the Dexcom G6 and the Dexcom G7.
7. Insulet Corporation
Insulet Corporation is an American-based medical device company founded in 2000. It offers the Omnipod, a wearable insulin pump that also provides CGM capabilities.
8. Tandem Diabetes Care, Inc
Tandem Diabetes Care, Inc is an American-based medical device company founded in 2008. It offers a range of insulin pumps that also provide CGM capabilities, including the t:slim X2 and the t:flex.
9. Roche Diagnostics
Roche Diagnostics is a Swiss-based healthcare company founded in 1896. It operates in over 150 countries and offers a range of CGM devices, including the Accu-Chek Guide and the Accu-Chek Aviva.
10. Lifescan
Lifescan is an American-based medical device company founded in 1981. It offers a range of CGM devices, including the OneTouch Verio and the OneTouch Reveal.
11. Bayer Health Care
Bayer Health Care is a German-based healthcare company founded in 1863. It operates in over 90 countries and offers a range of CGM devices, including the Contour Next and the Contour Plus. In March, 2023 announcement with Microsoft, Bayer today launched new cloud-based solutions for the agri-food industry: AgPowered Services from Bayer in combination with the new Microsoft Azure Data Manager for Agriculture provide ready-to-use capabilities available for businesses and organizations from start-ups to global enterprises to license and use for their own internal or customer-facing digital solutions.
12. AgaMatrixc Inc.
AgaMatrixc Inc. is an American-based medical technology company founded in 2001. It offers a range of CGM devices, including the WaveSense JAZZ and the WaveSense PRESTO.
13. Arkray Inc.
Arkray Inc. is a Japanese-based healthcare company founded in 1960. It offers a range of CGM devices, including the Glucocard Vital and the Glucocard Shine.
14. Nova Biomedical Corporation
Nova Biomedical Corporation is an American-based medical technology company founded in 1976. It offers a range of CGM devices, including the StatStrip Glucose and the StatStrip
*Definition- Continuous glucose monitoring (CGM) devices are wearable medical devices that track glucose levels in real-time, providing data on glucose fluctuations and trends to help manage diabetes. These devices use a sensor inserted under the skin to measure glucose levels, which are then transmitted to a display device or smartphone app.
