LATIN AMERICA SMART INSULIN PEN MARKET ANALYSIS

Market Challenges And Opportunities

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.

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: 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.

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