LATIN AMERICA SELF-MONITORING BLOOD GLUCOSE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, and Forecasts (2023 - 2028)

The Latin America Self-monitoring Blood Glucose Market is segmented by Component (Glucometer Devices, Test Strips, and Lancets), and Geography. The report offers market size and forecasts for all the above segments in value (USD billion), and volume (unit million).

Latin America Self-monitoring Blood Glucose Industry Overview

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Study Period: 2018 - 2028
CAGR: > 4 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Latin America Self-monitoring Blood Glucose Market Analysis

The Latin America Self-monitoring Blood Glucose Market is expected to register a CAGR greater than 4% over the forecast period, 2022-2027.

Diabetes incidence for type 2 diabetes and other diabetes forms was numerically higher in individuals with Covid-19 in North America. Insulin resistance and impaired insulin secretion have been reported in people who recovered from SARS-CoV-2 infections but had no history of diabetes. It has been suggested that integrated rather than disease-specific approaches are required for the diagnosis and treatment of post-Covid syndrome.

Diabetes is common in Latin American countries, and Mexico is known to have a large number of diabetic patients due to the country's increasing prevalence of Type-2 diabetes. The steadily increasing obesity rate, combined with a genetic predisposition to Type-2 diabetes, has been a major driver of the increase in the Type-2 diabetic population over the last 40 years. Diabetes currently affects nearly 10% of the total population. Type 2 diabetes is the most prevalent type of diabetes in Latin America, accounting for nearly 90% of the total diabetic population in 2021. Argentina, Brazil, Colombia, and Mexico achieved an overall index of essential coverage of 76-77 percent, with households spending less than 25% of their income on health care, according to Universal Health Coverage 2022. Several reports and surveys have documented a significant increase in the diabetic population because of lifestyle and habit changes. The growing diabetic population drives the demand for blood monitoring devices like the SMBG. A glucometer is used by nearly 90% of Type 1 diabetic patients in developed countries. Glucometers are expected to be used by nearly half of Type 2 patients during the forecast period. Access to primary healthcare systems and noncommunicable disease coverage improved service coverage, while an increase in the number of qualified healthcare personnel enabled community outreach.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Latin America Self-monitoring Blood Glucose Industry Segments

The Latin America Self-monitoring Blood Glucose Market is expected to register a CAGR greater than 4% over the forecast period. The Latin America Self-monitoring Blood Glucose Market is segmented by Component (Glucometer Devices, Test Strips, Lancets), and Geography. The report offers market size and forecasts for all the above segments in value (USD billion), and volume (unit million).

Self-Monitoring Blood Glucose Devices
Glucometer Devices
Blood Glucose Test Strips
Lancets
Geography
Latin America
Mexico (Value and Volume, 2016 - 2027)
Brazil (Value and Volume, 2016 - 2027)
Rest of Latin America (Value and Volume, 2016 - 2027)

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Latin America Self-monitoring Blood Glucose Market Trends

This section covers the major market trends shaping the Latin America Self-monitoring Blood Glucose Market according to our research experts:

Blood Glucose Test Strips Held the Largest Market Share in 2021

Blood glucose test strips will account for approximately 79% of the Latin America SMBG market in 2021. The glucometer is a one-time investment. The Glucometer is a one-time investment. Test strips, on the other hand, are a continuous investment because they must be discarded after one use. Test strips, on the other hand, are an ongoing investment. As a result, it has a significant cost impact on consumers. Overall, demand for blood glucose test strips is expected to rise significantly during the forecast period. The growing diabetic population is expected to drive the growth of the market under consideration. While the average glucose meter lasts between six months and three years, resulting in a one-time cost, the corresponding use of multiple (thousands) test strips may occur during the same time period, resulting in a recurring cost impact.

The COVID-19 pandemic emphasises the importance of excellent glycemic control in diabetic patients, in part because most observational studies have found that poorly controlled diabetes is associated with an increased risk of hospitalisation and mortality from a viral disease. Diabetes mellitus has sparked widespread concern due to its rising global prevalence, which has resulted in rising costs for healthcare systems, individuals, and governments. Industry participants are utilising various methods to increase market share, including collaborations, partnerships, mergers, acquisitions, and expansions.

The rise in national awareness of diabetes is anticipated to drive the adoption of both SMBGs and CGMs on account of the prognostic and diagnostic treatment of diabetes.

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Brazil is Expected to Dominate the Latin America Self-monitoring Blood Glucose Market.

The MOH governs the Brazilian health system, which is managed by each state and local health secretariat. Furthermore, in many towns where the public sector is unable to meet people's needs, partnerships with private organizations have been established to increase access to PHC. Several programs in the Brazilian health system cover medicines, including a 20% increase in access to essential medicines. Brazil offers a comprehensive free immunization program. Over the last two decades, Brazil has faced a slew of lawsuits demanding that high-priced drugs used to treat diabetes and other rare or low-prevalence diseases be covered. Between 2017 and 2045, the diabetic population in Brazil is expected to increase by 74%. Brazil is currently the sixth most populous country in the world, with the fourth highest prevalence of diabetes. To reduce the country's death rate, the Brazilian government is encouraging diabetes patients to take medication. The Brazilian Ministry of Health collaborated with private pharmacies in Brazil to provide free insulin (regular human insulin and isophane insulin or NPH) and three oral diabetes medications (5 mg glibenclamide and 500 and 850 mg metformin).

The self-monitoring blood glucose devices are garnering widespread adoption, due to the availability of reimbursement options for glucose meters. Glucose meter devices must be replaced within six to eight months, and they are very expensive. As a result, most people prefer health insurance plans that cover most of their total expenditure on healthcare devices. Such schemes are covering the costs of diabetes testing supplies, test strips, and blood glucose meters

The growing awareness among people, regarding advanced diabetes care products, may positively impact the Latin American Self-Monitoring Blood Glucose Devices in the coming years.

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Latin America Self-monitoring Blood Glucose Market Competitor Analysis

The Latin America self-monitoring blood glucose market is fragmented, with a few major manufacturers having a global market presence, while the remaining manufacturers are confined to local or region-specific manufacturers. Mergers and acquisitions that occurred between the players in the recent past have helped companies strengthen their market presence.

Latin America Self-monitoring Blood Glucose Market Top Players

  1. ROCHE

  2. ABBOTT

  3. ARKARY

  4. ASCENSIA

  5. AGAMATRIX

*Disclaimer: Major Players sorted in no particular order

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Latin America Self-monitoring Blood Glucose Market Recent Developments

  • In June 2022, LifeScan announced that the peer-reviewed journal Diabetes Technology and Therapeutics (DTT) has published Real World Evidence of Improved Glycemic Control in People with Diabetes using a Bluetooth-connected Blood Glucose Meter with Mobile Diabetes Management Application using the OneTouch Reveal mobile app with the OneTouch Verio Reflect meter synced via Bluetooth wireless technology – could support improved glycemic control for people with diabetes.
  • In September 2021, LifeScan announced that findings from its Tu Salud (Your Health) clinical trial showed that using its OneTouch Verio Flex meter with a Spanish-language version of its OneTouch Reveal mobile application (app) led to significant and sustained improvement in diabetes management in people with diabetes and low numeracy and low literacy in an underserved Hispanic population.

Latin America Self-monitoring Blood Glucose Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Drivers

    3. 4.3 Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. Market Segmentation

    1. 5.1 Self-Monitoring Blood Glucose Devices

      1. 5.1.1 Glucometer Devices

      2. 5.1.2 Blood Glucose Test Strips

      3. 5.1.3 Lancets

    2. 5.2 Geography

      1. 5.2.1 Latin America

        1. 5.2.1.1 Mexico (Value and Volume, 2016 - 2027)

        2. 5.2.1.2 Brazil (Value and Volume, 2016 - 2027)

        3. 5.2.1.3 Rest of Latin America (Value and Volume, 2016 - 2027)

  6. 6. MARKET INDICATORS

    1. 6.1 Type-1 Diabetes Population (2016 - 2027)

    2. 6.2 Type-2 Diabetes Population (2016 - 2027)

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Abbott Laboratories

      2. 7.1.2 F. Hoffmann-La Roche AG

      3. 7.1.3 Platinum Equity (LifeScan)

      4. 7.1.4 Arkray

      5. 7.1.5 Ascensia

      6. 7.1.6 Agamatrix Inc.

      7. 7.1.7 Bionime Corporation

      8. 7.1.8 Acon

      9. 7.1.9 Medisana

      10. 7.1.10 Trivida

      11. 7.1.11 Rossmax

    2. *List Not Exhaustive
    3. 7.2 Company Share Analysis

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments
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Latin America Self-monitoring Blood Glucose Market Research FAQs

The Latin America Self -Monitoring Blood Glucose Market is studied from 2018 - 2028.

The Latin America Self -Monitoring Blood Glucose Market is growing at a CAGR of >4% over the next 5 years.

The Latin America Self -Monitoring Blood Glucose Market is valued at 517 Million USD in 2018.

The Latin America Self -Monitoring Blood Glucose Market is valued at 658 Million USD in 2028.

ROCHE, ABBOTT, ARKARY, ASCENSIA, AGAMATRIX are the major companies operating in Latin America Self -Monitoring Blood Glucose Market.

Latin America Self -Monitoring Blood Glucose Industry Reports

In-depth industry statistics and market share insights of the Latin America Self -Monitoring Blood Glucose sector for 2020, 2021, and 2022. The Latin America Self -Monitoring Blood Glucose research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Latin America Self -Monitoring Blood Glucose report PDF.

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