Market Size of Latin America Self -Monitoring Blood Glucose Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 573.83 Million |
| Market Size (2029) | USD 718.52 Million |
| CAGR (2024 - 2029) | 4.60 % |
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 Self-monitoring Blood Glucose Market Analysis
The Latin America Self -Monitoring Blood Glucose Market size is estimated at USD 573.83 million in 2024, and is expected to reach USD 718.52 million by 2029, growing at a CAGR of 4.60% during the forecast period (2024-2029).
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.
