The size of the insulin delivery devices market in the Latin American region is expected to touch USD 1.5 billion by 2027 from USD 1.03 billion in 2022, registering a CAGR of 7.91% from 2022 to 2027.
Insulin maintains sugar levels in the blood and is essential for people who have type I diabetes & type II diabetes. Therefore, the development of insulin delivery devices has been encouraged in the past years. These devices are used to deliver insulin doses via the parenteral route rather than the oral route of administration. Insulin delivery devices promote the absorption rate of insulin into the bloodstream from the injection site to execute immediate pharmacological action of insulin. Some of the majorly used insulin delivery devices include insulin syringes, insulin pens, insulin pen needles, insulin pumps, and insulin jet injectors.
Increasing obese people, rising focus of manufacturers on emerging markets, increasing demand for advanced technologies in diabetes therapy, increasing adoption of people towards quality healthcare, and rising public & private organizations involvement to aware the people about new technologies for diabetes solutions are driving the growth of insulin delivery devices market in Latin America.
However, low adoption of diabetic care devices (such as insulin delivery devices) and the high cost of product manufacturing are restraining the growth of the insulin delivery devices market in Latin America.
This research report on the Latin American Insulin Delivery Devices Market has been segmented and sub-segmented into the following categories:
The Latin American Insulin Delivery Devices Market is expected to grow at a promising rate during the forecast period. The insulin market devices are at the growing stages. The market growth is attributed to the presence of an enormous patient pool in this region. Diabetes affects many people, especially those whose pancreas does not produce enough insulin as required by the body. Therefore, In Latin America, 29.6 million individuals were diagnosed with diabetes in 2018, with the figure expected to rise to 48.8 million by 2040, according to the source.
In addition, the increase in the diabetic population is influencing the demand for Insulin delivery devices; therefore, the devices market is estimated to be growing at a significant rate during the forecast period. According to a recent national health survey, the incidence of self-reported diabetes in Mexico is 1.2 percent. Moreover, the increasing investments in developing new technologies & devices, growing awareness, and improved diagnostic and treatment rates are expected to encourage market growth.
KEY MARKET PLAYERS:
Companies playing a noteworthy role in the Latin American insulin delivery devices market profiled in this report are Becton, Dickinson, and Company (U.S.), Sanofi (France), Novo Nordisk A/S (Denmark), Julphar (U.A.E.), Eli Lilly and Company (U.S.), Biocon Ltd. (India), Ypsomed AG (Switzerland), Wockhardt Ltd. (India), B. Braun Meselgen AG (Switzerland) and Biodel Inc. (U.S.).
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