Latin America Insulin Infusion Pump Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 117.08 Million |
| Market Size (2029) | USD 150.14 Million |
| CAGR (2024 - 2029) | 5.10 % |
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 Insulin Infusion Pump Market Analysis
The Latin America Insulin Infusion Pump Market size is estimated at USD 117.08 million in 2024, and is expected to reach USD 150.14 million by 2029, growing at a CAGR of 5.10% during the forecast period (2024-2029).
The pandemic that everyone was talking about before COVID-19, is a challenge to health systems and a threat to their financial viability. The improper use of corticosteroids and the presence of diabetes mellitus in patients during the Coronavirus Disease 2019 (COVID-19) pandemic marked the beginning of an increased incidence of fungal infections such as aspergillosis and mucormycosis in patients with this emerging viral infection. More than 200 cases have been reported in the literature in Latin America, ranging from Mexico to Argentina. Most cases have come from Brazil. Before COVID-19, the number of cases had been increasing while the mortality rate had been decreasing. Access to telemedicine is critical for managing chronic diseases in children, such as type 1 diabetes. Telemedicine was implemented in Latin American countries because of the COVID-19 pandemic, which had a positive impact on the health system. Telemedicine could result in financial savings by avoiding transportation expenses, class and parental working hours lost, time lost for transportation to distant referral health centers, and improving the quality of life, socioeconomic level, and environment."
An insulin pump (also known as continuous subcutaneous insulin therapy) is a medical device used to administer insulin to treat diabetes. Insulin pumps make it possible to deliver continuous infusion amounts of insulin at regular intervals. It is predicted to result in long-term cost savings relative to multiple daily injections. The traditional pump includes the pump (including controls, a processing module, and batteries), a disposable reservoir for insulin (inside the pump), and a disposable infusion set, including a cannula for subcutaneous insertion (under the skin) and a tubing system to connect the insulin reservoir to the cannula. The device configuration may vary depending on the design. However, the application of infusion pumps is increasing significantly across the Latin American region.
Latin America Insulin Infusion Pump Market Trends
Insulin Pump Monitors Hold Highest Market Share in Latin America Insulin Infusion Pump Market in the current year
In Latin America, a variety of insulin pumps are available. Traditional insulin pumps have an insulin reservoir (or container) and pumping mechanism attached to the body with tubing and an infusion set. The other insulin patch pumps are worn directly on the body and have a reservoir, pumping mechanism, and infusion set inside a small case. Patch pumps are controlled wirelessly by a separate device that allows the programming of insulin delivery for meals from the patch. Most insurance companies in Latin America cover insulin pump therapy with variable out-of-pocket expenses. Diabetes is one of the major health challenges of the twenty-first century, according to the Pan American Health Organization (PAHO). According to the organization's data, the number of people suffering from this condition will reach 642 million by 2040. One advantage of this solution is that it allows patients to communicate with a remote healthcare professional, avoiding the need to visit a healthcare facility and lowering the risk of contracting COVID-19 in this high-risk group. Diabetes affects approximately 41 million people in Latin America and 400 million worldwide. This figure is expected to rise over time, reaching 68 million diabetics in the region by 2040.
The overall prevalence of insulin pump use increased from 30% in 2001-2005 to 58.3% in 2016-2019; there was no change in rates by race, income, or education over time. The technology combines glucose monitoring using a CGM with advanced algorithms in the insulin pump to predict low glucose and suspend insulin delivery. The technological innovation in the insulin pump device market is likely to drive the market during the forecast period.
Brazil Holds Highest Market Share in Latin America Insulin Infusion Pump Market in the current year
The MOH governs the Brazilian health system, which each state and local health secretariat manages. Furthermore, in many towns where the public sector cannot 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 many 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 the world's sixth most populous country, with the fourth highest diabetes prevalence. 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). According to a Brazilian survey, 38.4% of people with diabetes are delaying medical appointments or laboratory tests, and 5.8% have stopped reclaiming their diabetes self-care medicines and medical supplies. The potential consequences of these fears on diabetic populations can be disastrous, increasing the already high incidence of chronic complications and exacerbating their risk of SARS-CoV-2 infection. As a result, among the immediate safeguards, the government began telehealth, teleconsultation, and other online strategies to address the challenges of healthcare professional shortages while keeping people with diabetes safe and assisted. Brazil is expected to dominate the market due to the easy availability of insulin delivery devices, high consumer awareness, and reimbursement policies.
Therefore, owing to the factors above, the growth of the studied market is anticipated in the Latin America Region.
Latin America Insulin Infusion Pump Industry Overview
The new technologies in Insulin Infusion Pump devices increased the market for Insulin Pump devices. Animas had to exit the insulin pump market owing to the rising competition. Medtronic is the market leader and is expected to maintain its position during the forecast period.
Latin America Insulin Infusion Pump Market Leaders
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Roche
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Ypsomped
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Insulet
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Medtronic
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Tandem
*Disclaimer: Major Players sorted in no particular order
Latin America Insulin Infusion Pump Market News
- February 2022: The US Food and Drug Administration (FDA) granted approval for Tandem Diabetes Care's t: slim X2 insulin pump to bolus using the t: connect mobile app. The updated mobile application is intended to allow users of the t: slim X2 insulin pump to easily program and cancel bolus insulin requests through their smartphone.
- January 2022: FDA approved an automated tubeless insulin pump for people with type 1 diabetes. The Omnipod 5 is fully controlled via a smartphone app, eliminating the need to carry a separate device. It delivers insulin through a pod, smaller than the size of a desktop mouse, that the user manually fills with insulin, adheres to their skin, typically on their stomach, and replaces every three days.
Latin America Insulin Infusion Pump Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Drivers
4.3 Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. Market Segmentation
5.1 Device
5.1.1 Insulin Pump Monitors
5.1.2 Insulin Infusion Pump
5.1.3 Reserviour
5.2 Geography
5.2.1 Mexico
5.2.2 Brazil
5.2.3 Rest of Latin America
6. MARKET INDICATORS
6.1 Type-1 Diabetes Population
6.2 Type-2 Diabetes Population
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Medtronic
7.1.2 Insulet
7.1.3 Roche
7.1.4 Animas
7.1.5 Tandem
7.1.6 Ypsomed
7.1.7 Cellnovo
7.1.7.1 Other Key Players
- *List Not Exhaustive
7.2 Company Share Analysis
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Latin America Insulin Infusion Pump Industry Segmentation
A tiny, computerized insulin pump can give insulin in two ways: either as a constant, measured, and continuous dosage (known as "basal" insulin) or as a surge ("bolus") dosage just before meals. The Latin America Insulin Infusion Pump Market is segmented by Component (Pump Device, Infusion Set, and Reservoir) and Geography (Mexico, Brazil, and Rest of Latin America. The report offers the value (in USD million) and Volume (in Unit million) for the above segments. We will provide a segment-wise breakdown (Value and Volume) for all the countries covered under the Table of Contents.
| Device | |
| Insulin Pump Monitors | |
| Insulin Infusion Pump | |
| Reserviour |
| Geography | |
| Mexico | |
| Brazil | |
| Rest of Latin America |
Latin America Insulin Infusion Pump Market Research FAQs
How big is the Latin America Insulin Infusion Pump Market?
The Latin America Insulin Infusion Pump Market size is expected to reach USD 117.08 million in 2024 and grow at a CAGR of 5.10% to reach USD 150.14 million by 2029.
What is the current Latin America Insulin Infusion Pump Market size?
In 2024, the Latin America Insulin Infusion Pump Market size is expected to reach USD 117.08 million.
Who are the key players in Latin America Insulin Infusion Pump Market?
Roche, Ypsomped, Insulet, Medtronic and Tandem are the major companies operating in the Latin America Insulin Infusion Pump Market.
What years does this Latin America Insulin Infusion Pump Market cover, and what was the market size in 2023?
In 2023, the Latin America Insulin Infusion Pump Market size was estimated at USD 111.40 million. The report covers the Latin America Insulin Infusion Pump Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Insulin Infusion Pump Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Insulin Infusion Pump Industry Report
Statistics for the 2024 Latin America Insulin Infusion Pump market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Latin America Insulin Infusion Pump analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
