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 |
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.
South America Continuous Glucose Monitoring Industry Segmentation
A continuous glucose monitor is a device utilized to continuously monitor blood glucose levels, as opposed to periodically measuring glucose levels by pricking a finger to draw a drop of blood. This method is commonly referred to as continuous glucose monitoring. The South America Continuous Glucose Monitoring Market is segmented by Component (Sensors, and Durables), and Geography. The report offers the value (in USD) and Volume (in Unit) for the above segments.
| Continuous Glucose Monitoring | |
| Sensors | |
| Durables |
| Geography | |
| Mexico | |
| Brazil | |
| Rest of South America |
South America Continuous Glucose Monitoring Devices Market Size Summary
The South America Continuous Glucose Monitoring (CGM) market is poised for significant growth, driven by the high prevalence of diabetes, particularly Type-2 diabetes, in the region. The increasing rates of obesity, unhealthy diets, and physical inactivity are contributing to the rising incidence of diabetes, which affects a substantial portion of the population. The market is characterized by the adoption of advanced CGM devices that offer real-time monitoring of blood glucose levels, providing a convenient alternative to traditional finger-prick methods. These devices, which include disposable sensors and durable transmitters and receivers, are gaining traction due to their ability to deliver accurate and timely glucose readings, thereby enhancing diabetes management. The focus on technological innovations by leading manufacturers is further propelling market expansion, as they strive to improve sensor accuracy and develop advanced products to capture a larger market share.
The Brazilian healthcare system plays a crucial role in supporting the growth of the CGM market, with initiatives aimed at increasing access to essential medicines and diabetes care. The government's collaboration with private pharmacies to provide free insulin and oral antidiabetic medications underscores the commitment to managing diabetes effectively. The market is consolidated, with major players like Dexcom, Abbott, and Medtronic dominating the landscape, while regional manufacturers hold a smaller share. Recent developments, such as Dexcom's introduction of the Dexcom ONE+ and Abbott's FDA approval for modified CGM sensors, highlight the ongoing advancements in CGM technology. These efforts are expected to drive market growth, as they cater to the evolving needs of diabetic patients in South America, particularly in countries like Brazil and Mexico, where diabetes prevalence is notably high.
South America Continuous Glucose Monitoring Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Drivers
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1.3 Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. Market Segmentation
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2.1 Continuous Glucose Monitoring
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2.1.1 Sensors
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2.1.2 Durables
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2.2 Geography
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2.2.1 Mexico
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2.2.2 Brazil
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2.2.3 Rest of South America
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South America Continuous Glucose Monitoring Devices Market Size FAQs
How big is the Latin America Continuous Glucose Monitoring Devices Market?
The Latin America Continuous Glucose Monitoring Devices Market size is expected to reach USD 469.58 million in 2024 and grow at a CAGR of 13.26% to reach USD 875.16 million by 2029.
What is the current Latin America Continuous Glucose Monitoring Devices Market size?
In 2024, the Latin America Continuous Glucose Monitoring Devices Market size is expected to reach USD 469.58 million.
