Latin America Continuous Glucose Monitoring Device MarketSize and Trends

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).

Increasing initiatives by key players for distribution of continuous glucose monitoring device in Latin America is expected to boost growth of the Latin America continuous glucose monitoring device market over the forecast period.

Increasing prevalence of diabetes patients in Brazil is expected to drive growth of the Latin America continuous glucose monitoring device market over the forecast period.

The increasing prevalence of diabetes in Brazil is expected to drive growth of the Latin America continuous glucose monitoring device market, as increasing prevalence of diabetes will significantly lead to more adoption of continuous glucose monitoring device. For instance, according to the International Diabetes Federation, 2021 report, around 8.8% people in Brazil were suffering for diabetes in 2021 and is estimated to reach 10.9% till 2045.

Furthermore, from the above source, and 2021 report, in 2021, US$ 65.3 billion was diabetes treatment in South and Central America Region (Latin America), representing 6.7% of the total expenditure worldwide, owing to increasing prevalence of diabetes in the region.

Latin America Continuous Glucose Monitoring Device Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 can affect the economy in three main ways: by directly affecting production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, are facing problems with regards to the transportation of drugs from one place to another.

In COVID-19 pandemic increasing use of continuous glucose monitoring device in the hospital for patients had significantly increased the usage of CGM. For instance, in August 2020, U.S. FDA (Food and Drug Administration), approved the use of Abbott’s FreeStyle Libre 14 day system, the continuous glucose monitoring (CGM) technology, which could be used in the hospital setting during the COVID-19 pandemic and allowed frontline healthcare workers to remotely monitor patients with diabetes receiving inpatient care by assessing real-time glucose levels and glucose history.

Thus, impact of the coronavirus (Covid-19) pandemic on CMD have driven growth of the Latin America continuous glucose monitoring device market during the pandemic.

Latin America Continuous Glucose Monitoring Device Market: Key Developments

Increasing number of reimbursement for continuous glucose monitoring products by the market players in various countries is expected to drive the Latin America continuous glucose monitoring device market growth over the forecast period

For instance, in March 2022, the Ontario provincial government announced a comprehensive reimbursement program for continuous glucose monitoring (CGM) device for eligible residents living with type 1 diabetes. This follows the February 2022 announcement from the Alberta provincial government about a similar program for people living with type 1 diabetes under the age of 18. In Colombia

Furthermore, increasing product launch by the key market player is expected to drive the growth of Latin America continuous glucose monitoring device market. For instance, in March 2019, Medtronic Plc. launched MiniMed 670G system, a self-adjusting insulin pump system for patients who have type 1 diabetes, in the U.K. Medtronic Plc. also supplies diabetic care products in Latin American countries such as Brazil, Chile, Colombia, and others.