The size of the Latin American Diabetes Devices Market has been estimated at USD 2.00 billion in 2022 and is projected to reach USD 2.74 billion by 2027, at a CAGR of 6.47% during the forecast period from 2022 to 2027. Diabetes is a group of metabolic disorders, a chronic conditions which is associated with an abnormally high level of sugar (glucose) in the blood. Latin America currently witnesses 29.6 million people affected with Diabetes which is going to reach 48.8 million by 2040.
In Latin America, the market is mainly driven by increasing R & D in the field of Diabetes along with increasing awareness about disease care. But still, there is a class of people with low medical literacy rates due to which the market growth is constrained. The high cost of medical devices is also restricting the market in Latin America. Chronic problems have alarmingly increased direct costs (medical care) and indirect costs (temporary disability, permanent disability, and premature mortality). If more resources are not assigned to preventive medicine, these trends, in addition to not meeting the needs of the population, will financially collapse health systems and the patients’ pockets.
This research report on the Latin America Diabetes Devices Market has been segmented and sub-segmented into the following categories:
Geographically, Brazil was the highest contributor to this regional market in 2020. Effective strategies for universal coverage, with changes in the model of care and more resources allocated to the detection and prevention of chronic illness, can come up with health care reforms. This will help the patients in this region to purchase medical devices without any trouble. Also, the companies involved in the manufacturing of Diabetes Care Devices should make sure that the technology that is involved in the device is feasible, in order for the product to get sold in the market. With customized design and feasible products, there is a lot of scope for the companies in the Latin American market.
Key companies playing a crucial role in the Latin America Diabetes Devices Market profiled in this report are Roche Diagnostics, Johnson & Johnson, Abbott Laboratories, Novo Nordisk, Ascensia, Tandem, and Terumo.
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