Market Size of Latin America Diabetes Care Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.64 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Diabetes Care Devices Market Analysis
The Latin America Diabetes Care Devices Market size is estimated at USD 1.6 billion in 2023, and is expected to reach USD 2.1 billion by 2028, growing at a CAGR of 5.64% during the forecast period (2023-2028).
The COVID-19 pandemic has substantially impacted the Latin America Diabetes Care Devices Market. People with diabetes have a weak immune system so, with COVID-19, the immune system gets weaker very fast. People with diabetes will have more chances to get into serious complications rather than normal people. The manufacturers of diabetes care devices have taken care during COVID-19 to deliver the diabetes care devices to diabetes patients with the help of local governments. Doctors around the world suggest diabetes patients should check their diabetes levels more often to be careful and the intake of medicine has increased, which has led to an increase in the usage of diabetes care devices.
The COVID-19 pandemic has been testing the capacity to respond and adapt to populations, governments, and health systems worldwide. In the Latin America region, Brazil presented the first suspected and the first confirmed case. Most Latin American countries failed to implement timely measures to protect individuals with diabetes, which severely impacted individuals, health systems, and economies.
The diabetic prevalence is high in countries in the Latin American region, and Mexico is known to have a high number of diabetic patients due to the growing prevalence of Type-2 diabetes in the country. The gradually growing obesity rate, combined with the genetic predisposition for Type-2 diabetes, acted as a prominent driver for the increase in the Type-2 diabetic population over the last 40 years. Currently, close to 10% of the total population is living with diabetes. Diabetic patients in the Latin American region mainly suffer from Type-2 diabetes, and they accounted for close to 90% of the total diabetic population in 2021.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
