Market Size of South America Continuous Glucose Monitoring Devices Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 469.58 Million |
| Market Size (2029) | USD 875.16 Million |
| CAGR (2024 - 2029) | 13.26 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Continuous Glucose Monitoring Market Analysis
The South America Continuous Glucose Monitoring Devices Market size is estimated at USD 469.58 million in 2024, and is expected to reach USD 875.16 million by 2029, growing at a CAGR of 13.26% during the forecast period (2024-2029).
Diabetic prevalence is high in South American countries, and Mexico is known to have a high number of diabetic patients due to the country's growing prevalence of Type-2 diabetes. Over the last 40 years, 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. Diabetes affects nearly 10% of the total population today.
Type-2 diabetes is the most common type of diabetes in the South American region, accounting for nearly 90% of the total diabetic population in 2021. According to Universal Health Coverage 2022, 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. Access to primary healthcare systems and coverage for noncommunicable diseases improved service coverage, while an increase in the number of qualified healthcare personnel allowed for community outreach.
The rate of newly diagnosed Type 1 and Type 2 diabetes cases is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in developed countries are indications of the increasing usage of diabetic care products. Moreover, the increasing adoption of insulin delivery devices and the rising prevalence of diabetes are driving market growth.
Leading manufacturers are focusing on technological innovations and the development of advanced products to gain a substantial share of the market. Continuous Glucose Monitoring is a new glucose monitoring device that tracks blood glucose levels throughout the day and night. Sensors are disposable devices that measure blood glucose levels and are placed under the skin. A sensor can last several days before needing to be replaced. Transmitters and receivers are examples of durables. The sensor is connected to transmitters, and a reader (receiver) receives and displays the measurements. The device takes measurements in real-time.
