Market Challenges And Opportunities

Restraints & Challenges:

High cost of insulin products
Side effects related to the use of insulin

Latin America Insulin Vials Market: Restraint

The high cost of insulin products and side effects such as hypoglycemia and weight gain related to the use of insulin are the factors that are expected to hinder growth of the Latin America insulin vials market over the forecast period. For instance, according to the Daily Chronicle report 2019, the price of Lantus, a long-acting insulin manufactured by Sanofi S.A. (operates in Latin America) raised from US$ 289 per vial in 2013 to US$ 431 per vial in year 2019.

Latin America Insulin Vials Market – Impact of Coronavirus (Covid-19) Pandemic

Government of various countries are focusing on initiatives to fight against the COVID-19 pandemic and stop the spread of the coronavirus infection by implementing various measures in the countries. The Latin American countries such as Brazil have implemented some measures and guidelines such as remote working to reduce the spread of COVID-19 in the country.

Supply chain and manufacturing activities in Latin American countries such as Brazil, Argentina, and others have been disrupted due to lockdowns implemented by governments since the past few months, while countries such as Mexico, Chile, Nicaragua, and others are facing problems with regards to transportation of medical products such as biosimilars, medical devices, and drugs used for treatment of diabetes. This is expected to hamper the growth of Latin America insulin vials market during the COVID-19 pandemic.

For instance, according to the Brazilian National Regulatory Authority, ANVISA (Agência Nacional de Vigilância Sanitária) report 2020, in February 2020, Brazil declared national emergency due to the outbreak of COVID-19 pandemic and later implemented stringent measures and guidelines such as lockdown, social-distancing, remote working, and others. These guidelines will be followed by the pharmaceutical industries, automobile industries, and others, in order to reduce the spread of COVID-19 in Brazil. Thus, COVID-19 pandemic is expected to have a negative impact on the growth of Latin America insulin vials market, owing to lack of labor and restricted supply of goods and materials related to manufacturing and distribution of insulin vials.

The increasing incidence of diabetes is expected to drive growth of the Latin America insulin vials market over the forecast period.