Latin America Smart Insulin Pen Market, By Type (First Generation, Second Generation (Bluetooth enabled pens, USB Connected pens), By Usability (Prefilled, Reusable), By Indication (Type 1 diabetes, Type 2 diabetes), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and By Country (Brazil, Mexico, Argentina, Colombia, Peru, Venezuela, Chile, Ecuador, and Rest of Latin America) is estimated to be valued at US$ 5.83 Mn in 2021 and is expected to exhibit a CAGR of 8.7% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Increasing diabetic care related healthcare expenditure in Mexico which is expected to propel the growth of the Latin America smart insulin pen market over the forecast period. For instance, according to the International Diabetes Federation report 2020, the healthcare expenditure related to diabetic care was approximately US$ 17,012.2 Mn in year 2019 and is expected to rise to US$ 20,446.9 Mn in year 2030
Latin America Smart Insulin Pen Market– Impact of Coronavirus (COVID-19) Pandemic
Supply chain and manufacturing activities in Latin American countries such as Brazil, Argentina, Panama, Paraguay, Bolivia, Mexico, and others have been disrupted due to lockdowns implemented by governments, while countries such as, Chile, Nicaragua, and others are facing problems for transportation of medical devices used for the treatment of diabetes. Since December 2019, a novel coronavirus spread throughout China and across the world, causing a continuous increase in confirmed cases within a short period of time. Supply of key materials has been severely disrupted due to the forced quarantine, and lack of labor and raw materials. As the link between regional warehouses is not smooth, the transportation of raw materials between regions cannot be carried out successfully. This shortage of raw materials and components have affected the supply chain of the Latin America smart insulin pen market. Due to severe shortage of medical resources at the front line, only patients diagnosed with serious conditions can be hospitalized. Unfortunately, the pathogenic mechanism of the virus has not been identified completely, therefore, there is no specific drugs and treatment except for symptomatic and supportive treatments. Moreover, the Companies such as Pfizer, Inc., Serum Institute of India, and other companies have developed COVID-19 vaccines as supportive treatment for COVID-19 infections in fourth quarter of year 2020. Furthermore, due to high risk of COVID-19 in diabetic patients and cardiovascular disease patients, individuals are avoiding visit to healthcare facilities and try to adopt telemedicine and diabetic medications such as insulin pens and patches to avoid the spread of COVID-19 infection.
Browse 50 Market Data Tables and 30 Figures spread through 198 Pages and in-depth TOC on “Latin America Smart Insulin Pen Market”- Forecast to 2028, Latin America Smart Insulin Pen Market, By Type (First Generation, Second Generation (Bluetooth enabled pens, USB Connected pens), By Usability (Prefilled, Reusable), By Indication (Type 1 diabetes, Type 2 diabetes), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and By Country (Brazil, Mexico, Argentina, Colombia, Peru, Venezuela, Chile, Ecuador, and Rest of Latin America)
To know the latest trends and insights prevalent in the Latin America Smart Insulin Pen Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/latin-america-smart-insulin-pen-market-4625
Moreover, key companies operating in the market are focusing on growth strategies such as product launches which is expected to drive the growth of Latin America smart insulin pen market. For instance, In December 2017, Companion Medical, a subsidiary of Medtronic Plc., announced the global launch of InPen system, a reusable pen that is compatible with U-100 (3 mL), Lispro (Humalog, Eli Lilly), and Aspart (Novolog, Novo Nordisk) rapid-acting insulin cartridges
Key Takeaways of the Latin America Smart Insulin Pen Market:
- The Latin America smart insulin pen market is expected to exhibit a CAGR of 8.7% during the forecast period due to increasing incidence of diabetes in Latin America which is expected to boost the growth of the market. For instance, according to the International Diabetes Federation (IDF) Diabetes Atlas 2019, the prevalence of diabetes in Bolivia was approximately 411.4 out of 100,000 population in 2019 and is expected to rise to 784.2 in 100,000 population till 2045
- Among usability, prefilled segment is estimated to hold the largest market share in Latin America smart insulin pen market over the forecast period. Increasing collaborations between market players is expected to drive the growth of the prefilled segment during the forecast period. For instance, in February 2021, Eli Lilly & Company is an American pharmaceutical company, Collaborated with Welldoc, a Columbia-based digital solutions provider for chronic conditions, to integrate Welldoc’s Bluestar app into its second generation smart insulin pens for the treatment of diabetic people.
- On the basis of country, Brazil is estimated to hold dominant position in Latin America smart insulin pen market over the forecast period owing to the increasing prevalence of type 1 diabetes in Brazil. For instance, according to International Diabetes Federation report 2019, the prevalence of type-1 diabetes in Brazil was approximately 4.1% in 2010 and 7.3% in 2019
- 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
