Latin America Blood Glucose Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The countries in the Latin America region show a high prevalence of diabetes. According to WHO in the year 2015, approximately 1.6 million deaths were attributed directly to diabetes on a global scale. An additional 2.2 million deaths were caused due to high blood glucose in 2012. According to the ADA (American Diabetes Association), the total assessed cost for diagnosed diabetes in 2017 was USD327 billion, which is inclusive of USD237 billion in direct medical costs and USD90 billion in augmented productivity. Diabetes prevalence is on the rise and checking blood glucose levels regularly with glucose monitoring devices is vital for proper diabetes diagnosis and treatment. People suffering from Type 1 and Type 2 diabetes can live better, longer, and healthier lives by carefully regulating their blood glucose levels. Yet, blood glucose level monitoring with invasive devices is both painful and expensive. The pain is because of a lancet pricking the fingertip to produce the required blood drop for testing. As a result of the pain and expense, many diabetics do not monitor their blood glucose levels as often as they should. However, owing to the increased patient awareness for glucose monitoring devices, Self-Monitoring Blood Glucose (SMBG) users grew more than 50% in 2013 from the number of users in 2007.

Source: Mordor Intelligence Analysis

The rise in Diabetic population

Diabetes is a chronic disorder, which occurs when the pancreas is unable to produce insulin required for the body or when the body fails to use the insulin which is produced by the pancreas.  Diabetes is caused by several factors, such as sedentary lifestyle, obesity, unhealthy diets, pollution, and others. The incidence and prevalence of diabetes are increasing rapidly. Once diabetes is diagnosed, it is a lifetime treatment. According to WHO statistics, the prevalence of diabetes in the African region has increased from 3.1% in 1980 to 7.1% in 2014. In South America, the prevalence of diabetes has increased from 5% in 1980 to 8.3% in 2014. In Europe, the prevalence of diabetes has increased from 5.3% in 1980 to 7.3% in 2014. In Asia-Pacific, the prevalence of diabetes has increased from 4.1% in 1980 to 8.6% in 2014. It is evident from WHO’s diabetes statistics that the diabetic population is increasing rapidly. There is a huge requirement for glucose monitoring devices for the diagnosis and treatment of diabetes. Hence, a rise in the diabetic population drives the market by increasing the use of blood glucose monitoring devices. The other factors, such as technological innovations, the convenience of Conventional Glucose Monitoring over conventional monitoring, early detection of hypo and hyperglycaemic diabetes are the major drivers for the market.

Brazil leads the Blood Glucose Monitoring Market 

In 2017, Brazil held the largest share in the blood glucose monitoring market due to the large patient pool and wide acceptance of advanced technologies. The Increasing in self-blood glucose monitoring market is due to an increase in diabetes population in all age groups. The diabetic population in Brazil is expected to cross USD 613.71 million by 2023. Diabetes-related complications mostly due to poor glucose control results. The main motto of diabetes medication is to bring blood sugar levels normal. As people are now want to know about their blood glucose levels instantly to take their medication mainly type1 diabetes population. In Brazil, the BGM market is expected to grow with CAGR 5.45% by 2023. The meters are now portable and accurate to use. As there is an increase in technologies of Glucometers has increased the self-blood glucose monitoring market.

Key Players:

Abbott Laboratories., Arkay, Inc, B. Braun Melsungen AG, Bayer Healthcare AG, Becton Dickinson., F. Hoffmann-La Roche, LifeScan, Medtronic, Novel Biomedical Corporation, Terumo Europe NV

Key Developments: 

• March 2018: Medtronic received FDA approval for a new smart continuous glucose monitor for diabetes.
• Sep 2017: Abbott received FDA approval for the first continuous glucose monitoring system for adults not requiring blood sample calibration.

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