Latin America Insulin Delivery Devices Market Size

Latin America Insulin Delivery Devices Market Analysis

The Latin America Insulin Delivery Devices Market size is estimated at USD 7.14 million in 2024, and is expected to reach USD 8.16 million by 2029, growing at a CAGR of greater than 2% during the forecast period (2024-2029).

The pandemic that everyone was talking about before COVID-19, is a challenge to health systems and a threat to their financial viability. The improper use of corticosteroids and the presence of diabetes mellitus in patients during the Coronavirus Disease 2019 (COVID-19) pandemic marked the beginning of an increased incidence of fungal infections such as aspergillosis and mucormycosis in patients with this emerging viral infection. More than 200 cases have been reported in the literature in Latin America, ranging from Mexico to Argentina. The majority of cases have come from Brazil. Prior to COVID-19, the number of cases had been increasing while the mortality rate had been decreasing. Access to telemedicine is critical for managing chronic diseases in children, such as type 1 diabetes. 

Telemedicine was implemented in Latin American countries due to the COVID-19 pandemic, which positively impacted the health system. Telemedicine could result in financial savings by avoiding transportation expenses, class and parental working hours lost, time lost for transportation to distant referral health centres, and improving the quality of life, socioeconomic level, and environment."

Diabetes is one of the major health challenges of the twenty-first century, according to the Pan American Health Organization (PAHO). According to the organization's data, the number of people suffering from this condition will reach 642 million by 2040. One advantage of this solution is that it allows patients to communicate with a remote healthcare professional, avoiding the need to visit a healthcare facility and lowering the risk of contracting COVID-19 in this high-risk group. Diabetes affects approximately 41 million people in Latin America and 400 million worldwide. This figure is expected to rise over time, reaching 68 million diabetics in the region by 2040.

Technological advancements have increased over the period in Insulin delivery devices for safer and more accurate administration of insulin. In 2020, Medtronic launched its first integrated smart insulin pen. The Medtronic Integrated Insulin Pen provides real-time glucose readings of patients along with insulin dose information to manage their glucose levels.

The world is facing an unprecedented global health crisis, and it is critical that we support the implementation of technological solutions, such as Insulin devices, to collaborate on regional growth and continue to support the millions of people living with this condition.