Market Trends of Latin America Insulin Pens Industry
Rising diabetes prevalence in Latin America is driving the market in the forecast period
In Latin America, families pay about 40 to 60 % of diabetes costs out-of-pocket. Most personalized vitality insurance projects cover medical assistance, procedures, and hospitalization, not drugs. Latin America is undergoing a grand epidemiological transformation. Diabetes and other chronic, nontransmissible diseases are now the directing health issues.
Even though there is an increasing number of diabetes cases, this geographic place invests itsy-bitsy financial resources in diabetes concerns. Although only 10% of the diabetes population is Type-1, their insulin intake is higher. Demand for oral drugs is driven by increased awareness about the benefits of diabetes cures for patients, especially in emerging economies. Primary care providers, nurse practitioners or PAs, endocrinologists, and internists frequently prescribe oral hypoglycemic agents.
However, educating the patient on lifestyle changes such as dietary changes and exercise therapy is critical. A dietary consultation is frequently required to educate the patient on a healthy diet. The patient should be encouraged to start an exercise program, quit smoking, and lose weight. Whatever oral hypoglycemic agent the clinician prescribes, interprofessional team members must be aware of the potential side effects and interactions with other medications, provide dietary and exercise advice, and collaborate to optimize therapeutic results.
With the rising investment in healthcare and the growing number of diabetic patients, it is expected that the market for insulin pens will witness constant growth. Additionally, the increasing awareness about needlestick injuries and the growing number of these cases will trigger higher sales of insulin pens.
Therefore, owing to the increasing diabetes prevalence, the studied market is anticipated to grow over the analysis period.
Brazil is Expected to Dominate the Latin America Insulin Pens Market over the forecast period.
Brazil dominates the total Latin America Insulin Pens Market among the Latin American countries. This is mainly due to the high diabetes prevalence in the country. In Brazil, the Brazilian health system is managed by each state and local health secretariat and is governed by the MOH. Furthermore, in many towns where the public sector cannot meet people's requirements, partnerships with private organizations have been put in place to increase access to PHC. The Brazilian health system in Brazil provides coverage to medicines through several programs that include a 20% expanded access to essential medicines. Brazil offers an extensive free immunization program. Brazil faced numerous lawsuits over the last 20 years, demanding the coverage of high-cost drugs to treat diabetes and certain rare or low-prevalence diseases.
According to Universal Health Coverage 2022, four countries, including Argentina, Brazil, Colombia, and Mexico, achieved an overall primary care index of 76-77 percent, with households spending 25 percent of their income on health care. Less than 100% and expanding access to primary care. Care Health care systems and coverage for non-communicable diseases have improved service coverage and made it possible to assist with an increasing number of skilled health workers.
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 medicines and medical supplies for diabetes self-care. The potential consequences of these fears on diabetic populations can be catastrophic, increasing the already high incidence of chronic complications and exacerbating their risk of becoming infected with SARS-CoV-2. Thus, among the immediate protective measures to be implemented, the government began telehealth, teleconsultation, and other online strategies to address the challenges of healthcare professional shortages while keeping people with diabetes protected and assisted.
Therefore, owing to the factors above, the growth of the studied market is anticipated in the Latin America Region.
