by Continuous glucose monitoring (CGM) devices are medical devices used for monitoring blood glucose levels in diabetic patients. CGM devices offer real-time glucose level readings through sensors that are inserted under the skin. Sensors help detect tiny changes in glucose levels every few minutes, avoiding the need for frequent finger pricks. CGM devices integrate wireless technology that allows monitoring glucose levels via mobile devices. The continuous data provided by these devices help patients and doctors gain deeper insights into glycemic trends and make more informed treatment decisions. The rising prevalence of diabetes and increasing awareness about benefits of CGM are fueling market growth in Latin America.
Latin America Continuous Glucose Monitoring Device Market is estimated to be valued at US$ 340.54 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Latin America Continuous Glucose Monitoring Device are Medtronic Plc., Abbott, F. Hoffmann-La Roche AG., Johnson and Johnson, Senseonics, Inc, Dexcom, Inc, Insulet Corporation, Tandem Diabetes Care, Inc, Roche Diagnositics, Lifescan, Bayer Health Care, AgaMatrixc Inc., Arkray Inc., and Nova Biomedical Corporation. The continuous advancements in sensor technologies by these players is a key factor driving adoption.
The market provides significant opportunities for players to collaborate with healthcare providers and focus on improving access in rural areas. Technological developments including smartphone connectivity, smartphone apps and cloud storage solutions have further increased adoption. New generation CGM devices are smaller in size, more accurate and convenient to use which is supporting growth.
Market drivers:
The rising prevalence of diabetes in the region is a key driver for the Latin America Continuous Glucose Monitoring Device Market Size. According to the International Diabetes Federation, in 2021 around 24 million adults were living with diabetes in Latin America and Caribbean region and this number is expected to increase to 37 million by 2045. Growing awareness about benefits of continuous monitoring of glucose levels in managing diabetes is also supporting adoption of CGM devices. Access to reimbursement programs particularly in countries like Brazil is encouraging usage. Growing geriatric population who are more prone to diabetic conditions will further propel market growth over the forecast period.
Current challenges in Latin America Continuous Glucose Monitoring Device Market:
Some of the key challenges being faced by the Latin America Continuous Glucose Monitoring Device Market Challenges And Opportunities are lack of awareness among patients, high cost of devices, lack of reimbursement policies and difficulty in accessing devices in remote areas. Due to lack of awareness, many patients in Latin American countries are still not using advanced glucose monitoring devices and relying on traditional finger pricking methods. This acts as a major roadblock in market growth. Also, the costs of continuous glucose monitors are still quite high which prevents many patients from regular usage. Absence of favorable reimbursement policies further adds to the economic burden. Lastly, accurate and continuous glucose monitoring is still a challenge in remote and rural regions where access to such innovative devices is limited due to lack of healthcare infrastructure and resources. Overall, overcoming these challenges will be crucial for tapping the market potential in Latin America.
SWOT Analysis
Strength: Continuous monitoring of glucose levels help manage diabetes more effectively by alerting levels that are too high or too low. This ensures timely action and reduces complications.
Weakness: High costs involved limits widespread adoption. Require additional devises like receivers/smartphones to view real-time glucose levels remotely.
Opportunity: Rising diabetes prevalence rates in Latin American countries presenting new growth avenues. Ongoing technological advancements can further enhance product features to drive adoption.
Threats: Strong presence of local and global competitors leads to pricing pressures. Unfavorable reimbursement scenarios in some countries also pose challenges.
Geographical Regions:
The key regions concentrating the maximum market share in terms of value in Latin America Continuous Glucose Monitoring Device market currently include Brazil, Mexico, Argentina and Colombia. These countries accounted for over 70% of the total Latin American market value in 2024 due to large diabetes patient pools and improving access to advanced diabetic care resources.
Fastest Growing Region:
Central America region including countries like Peru, Ecuador, Costa Rica and others is projected to be the fastest growing regional market during the forecast period of 2024-2031 for Latin America Continuous Glucose Monitoring Device. This is attributed to rapid economic development, rising investment on healthcare infrastructure as well as increasing government and private initiatives to spread awareness about diabetes management
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
