Market Size of Latin America Diabetes Care Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 4.71 Billion |
| Market Size (2029) | USD 5.58 Billion |
| CAGR (2024 - 2029) | 3.48 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Diabetes Care Drugs Market Analysis
The Latin America Diabetes Care Drugs Market size is estimated at USD 4.71 billion in 2024, and is expected to reach USD 5.58 billion by 2029, growing at a CAGR of 3.48% during the forecast period (2024-2029).
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, is 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.
Based on drugs, the insulin segment holds a significant share in the market. Over 100 million people around the world need insulin, including all the people suffering from Type-1 diabetes and between 10% and 25% of people with Type-2 diabetes. Production of insulin is very complex, and there are very few companies in the market that manufacture insulin. Due to this, there is high competition between these manufacturers, who always strive to meet the patient's needs to supply the best-quality insulin.
