logo

Latin America Blood Glucose Monitoring Market Size (2024 - 2029)

The Latin America Blood Glucose Monitoring Market is projected to experience growth over the forecast period, driven by the increasing prevalence of diabetes, particularly Type-2 diabetes, in the region. The COVID-19 pandemic has significantly influenced the market, as it highlighted the vulnerability of diabetic patients and the need for regular monitoring. Despite challenges in timely healthcare responses, the demand for diabetes care devices has risen, supported by governmental efforts to ensure accessibility. Factors such as the high diabetic population in countries like Mexico and Brazil, along with the rising obesity rates, contribute to the expanding market size.

Home Market Analysis Healthcare Research Medical Devices Research Diagnostic Devices Research Clinical Diagnostic Devices Research Monitoring Devices Research Single time Monitoring Devices Research Latin Americas Blood Glucose Test Strip Packaging Industry Market Size

Market Size of Latin America Blood Glucose Monitoring Industry

Latin America Blood Glucose Monitoring Market Summary
Study Period 2018 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 0.97 Billion
Market Size (2029) USD 1.41 Billion
CAGR (2024 - 2029) 7.82 %

Major Players

Latin America Blood Glucose Monitoring Market Major Players

*Disclaimer: Major Players sorted in no particular order

Latin America Blood Glucose Monitoring Market Analysis

The Latin America Blood Glucose Monitoring Market size is estimated at USD 0.97 billion in 2024, and is expected to reach USD 1.41 billion by 2029, growing at a CAGR of 7.82% during the forecast period (2024-2029).

The COVID-19 pandemic has substantially impacted the Latin America Blood Glucose Monitoring Market. People with diabetes have a weak immune system so, with COVID-19, the immune system gets weaker very fast. People with diabetes will have more chances to get into serious complications rather than normal people. The manufacturers of diabetes care devices have taken care during COVID-19 to deliver the diabetes care devices to diabetes patients with the help of local governments. Doctors around the world suggested diabetes patients should check their diabetes levels more often to be careful, which leads to an increase in the usage of diabetes care devices.

The COVID-19 pandemic has been testing the capacity to respond and adapt to populations, governments, and health systems worldwide. Brazil presented the first suspected and the first confirmed case in the Latin America region. Most Latin American countries failed to implement timely measures to protect individuals with diabetes, which severely impacted individuals, health systems, and economies.

The diabetic prevalence is high in countries in the Latin American region, and Mexico is known to have a high number of diabetic patients due to the growing prevalence of Type-2 diabetes in the country. The gradually growing obesity rate, combined with the genetic predisposition for Type-2 diabetes, acted as a prominent driver for the increase in the Type-2 diabetic population over the last 40 years. Currently, close to 10% of the total population is living with diabetes. Diabetic patients in the Latin American region mainly suffer from Type-2 diabetes, and they accounted for close to 90% of the total diabetic population.

According to IDF Diabetes Atlas, 15.7 million adults, about 10.5%, had diabetes in Brazil. The cost of diabetes-related health expenditure in Brazil is the third highest in the world. In addition, 18 million adults include Impaired Glucose Tolerance, which places them at high risk of developing type 2 diabetes. Additional data on glycemic control in Brazil show that only 25% met the therapeutic goal of glycated hemoglobin (HbA1c) less than 7% before the pandemic, as recommended by the Brazilian Diabetes Society.

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

Latin America Blood Glucose Monitoring Industry Segmentation

Blood Glucose Monitoring Devices are used to diagnose both hyperglycemic and hypoglycemic conditions in diabetic patients. The Latin America Blood Glucose Monitoring Market is segmented into type, and geography. The report offers the value (in USD) and volume (in units) for the above segments.

Self-monitoring blood glucose devices
Glucometer Devices
Test Strips
Lancets
Continuous blood glucose monitoring devices
Sensors
Durables (Receivers and Transmitters)
Geography
Mexico
Brazil
Rest of Latin America
Need A Different Region Or Segment?
Customize Now

Latin America Blood Glucose Monitoring Market Size Summary

The Latin America Blood Glucose Monitoring Market is poised for significant growth, driven by the increasing prevalence of diabetes, particularly Type-2 diabetes, across the region. The market is characterized by a high demand for self-monitoring blood glucose devices, which currently hold a substantial share due to their affordability and ease of use compared to continuous glucose monitoring systems. The COVID-19 pandemic has further underscored the importance of regular glucose monitoring, as individuals with diabetes faced heightened health risks. This has led to a surge in the adoption of diabetes care devices, supported by government initiatives and healthcare reforms aimed at improving access to diabetes care. Brazil, in particular, is expected to lead the market, bolstered by its comprehensive public health system and ongoing efforts to enhance diabetes care delivery.

The market landscape is fragmented, with major players like Dexcom, Medtronic, and Abbott dominating the continuous glucose monitoring segment, while key manufacturers such as Roche, LifeScan, and Ascensia lead the self-monitoring segment. Innovations in diabetes technology, including digital health apps and integrated insulin management systems, are expected to further drive market expansion. Additionally, government-sponsored health insurance programs in countries like Mexico are facilitating access to diabetes care, thereby supporting market growth. The ongoing development of pain-free lancet devices and the increasing use of test strips, which offer more frequent usage, are also contributing to the market's positive outlook. As the region continues to address the challenges posed by diabetes, the blood glucose monitoring market is anticipated to experience robust growth over the forecast period.

Explore More

Latin America Blood Glucose Monitoring Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Self-monitoring blood glucose devices

      1. 2.1.1 Glucometer Devices

      2. 2.1.2 Test Strips

      3. 2.1.3 Lancets

    2. 2.2 Continuous blood glucose monitoring devices

      1. 2.2.1 Sensors

      2. 2.2.2 Durables (Receivers and Transmitters)

    3. 2.3 Geography

      1. 2.3.1 Mexico

      2. 2.3.2 Brazil

      3. 2.3.3 Rest of Latin America

Latin America Blood Glucose Monitoring Market Size FAQs

The Latin America Blood Glucose Monitoring Market size is expected to reach USD 0.97 billion in 2024 and grow at a CAGR of 7.82% to reach USD 1.41 billion by 2029.

In 2024, the Latin America Blood Glucose Monitoring Market size is expected to reach USD 0.97 billion.

Latin Americas Blood Glucose Monitoring Market Report Snapshots

Latin America Blood Glucose Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)