LATIN AMERICA SMART INSULIN PEN MARKET ANALYSIS

A smart insulin pen is a reusable injector pen with an intuitive smartphone app that can help people with diabetes to manage insulin delivery in a better way. This smart system calculates and tracks doses and provides helpful reminders, alerts, and reports. Smart insulin pen are either reusable or pre-filled for the application of delivering accurate insulin dose in Type 1 Diabetes and Type 2 Diabetes. The company’s producing smart insulin pens are predominantly engaged in designing and manufacturing of first and second generation smart insulin pens.

The Latin America smart insulin pen market is estimated to be valued at US$ 5.83 million in 2021 and is expected to exhibit a CAGR of 8.7% during the forecast period (2021-2028).

Figure 1. Latin America Smart Insulin Pen Market Share (%) in Terms of Value, By Type, 2021

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High number of individuals with pre-diabetic conditions and increasing prevalence of diabetes are expected to drive the market growth during the forecast period.

The increasing number of diabetes cases in Latin America is expected to drive the Latin America smart insulin pen market growth, as this will result in increased demand for treatment of diabetes. For instance, according to the International Diabetes Federation (IDF) Diabetes Atlas 2019, the prevalence of diabetes in Chile was approximately 1,262.2 out of 100,000 in 2019 and is expected to rise by 1,531.5 out of 100,000 population till 2030.

Figure 2.Latin America Smart Insulin Pen Market Share (%) in Terms of Value, By Usability, 2021

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High prevalence of needle stick injuries in Latin America is anticipated to drive the market growth during the forecast period

High prevalence of needle stick injuries in Latin America is expected to drive the Latin America smart insulin pen market growth during the forecast period. For instance, according to the international journal of Epidemiology report on ‘Global prevalence of percutaneous injuries among healthcare workers: a systematic review and meta-analysis’ published in 2018, the prevalence of needle stick injuries in Latin America was approximately 7.7% in 2018

Latin America Smart Insulin Pen Market– Impact of Coronavirus (COVID-19) Pandemic

COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Governments of various countries are focusing on the initiatives to fight against COVID-19 pandemic, and to stop the spread of coronavirus infections by implementing various measures in the countries. Moreover, to reduce the spread of COVID-19 in the country Brazil has implemented some measures and guidelines. For instance, in 2020, Brazil government announced economic assistance to the Brazilian population to fight against the economic crises such as unemployment and others observed in Brazil. Moreover, Government of Mexico taking initiatives to facilitate COVID-19 vaccination drive from healthcare facilities. For instance, in December 2020, Government of Mexico announced vaccination campaign drive in each state of Mexico to promote benefits of vaccination in the fight against COVID-19 pandemic

Latin America Smart Insulin Pen Market: Restraint

The major factor that hinders growth of the Latin America smart insulin pen market is availability of substitute products. For instance, according to the study published in Nature Biomedical Engineering February 2020, the researchers from UCLA, UNC School of Medicine developed a smart insulin-delivery patch, which monitors the glucose levels in people with diabetes and deliver the necessary insulin dosage for 24 hours. The adhesive patch has doses of insulin pre-loaded in tiny micro needles, which are less than 1 mm in length and delivers medicine quickly when the blood sugar levels reach a certain threshold. When blood sugar returns to normal, the patch's insulin delivery also slows down. Such patch delivery helps to prevent overdosing of insulin.

Key Players

Major players operating in the Latin America smart insulin pen market are Medtronic Plc, Sanofi S.A., Novo Nordisk A/S, Eli Lilly and Company, Owen Mumford Ltd., BIOCORP, Jiangsu Delfu medical device Co., Ltd., BERLIN-CHEMIE AG, and F. Hoffmann-La Roche AG