Diabetes Care Devices - LATAM

LATAM

Highlights

Revenue in the Diabetes Care Devices market market in LATAM is projected to reach US$1.60bn in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 12.45%, leading to a market volume of US$2.88bn by 2029.
In a global context, the majority of revenue will be generated the United States, amounting to US$11.71bn in 2024.
In LATAM, the diabetes care devices market is witnessing a surge in demand as healthcare accessibility and patient awareness improve significantly across the region.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Diabetes Care Devices Market in LATAM is experiencing considerable growth, fueled by increasing prevalence of diabetes, advancements in technology, and heightened awareness of diabetes management among patients and healthcare providers.

Customer preferences: Consumers in LATAM are increasingly favoring advanced diabetes care devices that integrate digital technology for enhanced monitoring and management of their condition. This trend is driven by a growing awareness of diabetes complications and the desire for personalized health solutions. Additionally, younger demographics are gravitating towards mobile applications that offer real-time data and support, while cultural shifts emphasize preventive care. The demand for user-friendly devices reflects a broader lifestyle movement towards proactive health management, aligning with regional healthcare initiatives.

Trends in the market: In LATAM, the Diabetes Care Devices Market is experiencing a surge in demand for smart glucose monitors and insulin delivery systems that utilize connected technologies. This evolution is propelled by increased health literacy and a shift towards personalized medicine, as patients seek to better manage their diabetes through data-driven insights. Moreover, there is a notable rise in mobile health applications that facilitate real-time monitoring, education, and community support. These trends present significant opportunities for device manufacturers, healthcare providers, and technology developers to innovate and collaborate, ultimately improving patient outcomes and enhancing market competitiveness.

Local special circumstances: In LATAM, the Diabetes Care Devices Market is shaped by diverse geographical and cultural factors, such as varying levels of urbanization and access to healthcare resources. Urban centers like São Paulo and Mexico City see higher adoption of advanced diabetes technologies, while rural regions face challenges in access and education. Additionally, cultural attitudes toward health and diet influence diabetes management practices. Regulatory frameworks differ across countries, affecting market entry for new devices and innovations. These local dynamics create a complex landscape, driving demand for tailored solutions that meet specific regional needs.

Underlying macroeconomic factors: The Diabetes Care Devices Market in LATAM is significantly influenced by macroeconomic factors such as economic stability, healthcare investment, and regulatory frameworks. Countries with robust economic growth and increased healthcare spending tend to witness higher adoption of advanced diabetes technologies. Fiscal policies that promote innovation and support for medical device manufacturers foster a conducive environment for market expansion. Additionally, the rising prevalence of diabetes, coupled with urbanization trends, amplifies the demand for effective management solutions. However, economic disparities within the region can hinder access to these devices, necessitating targeted strategies to address local challenges.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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Medical technology industry - statistics & facts

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.