Latin America Insulin Pump Market

Latin America Insulin Pump Market Size (2022 to 2027)

As per our analysis report, the Latin American Insulin Pump Market size is estimated to grow steadily during the forecast period.

MARKET DRIVERS:

The growing incidence of diabetes and growing awareness of diabetes and insulin delivery devices are majorly driving the Latin American insulin pump market.

Y-O-Y growth in the diabetic population in the Latin American countries, the growing number of product launches, and rising healthcare expenses primarily promote the insulin pump market growth in Latin America. In addition, the growing number of technological advancements and the prominence over the traditional methods favor the insulin pump market in this region. Furthermore, R&D efforts by the market participants and favorable reimbursement policies, and growing awareness among the population of Latin American countries, the insulin pumps are expected to strengthen the market's growth rate.

The increased awareness of people about the advantages of insulin pumps over traditional injectors, which used to be painful, is a favorable factor in the market's growth. In addition, the increase in investments made by venture capitalists for technological advancement is also a key factor in the growth of the market. On the other hand, there have been several concerns associated with insulin delivery devices, such as skin infections and the high cost of insulin analogs which are constraints to the growth of this market.

The high adoption rate of these devices in Latin America, the growing aging population suffering from diabetes, increase in the adoption of sedentary lifestyles are further expected to propel the market growth. Furthermore, the collaborations between the public and private sectors to meet the diabetic needs and growing awareness regarding glycemic control and advanced insulin pump devices are estimated to impact market growth positively.

However, the strict regulations for product approvals and medication errors associated with the insulin pumps are significant restraints to the market growth. In addition, the economic slowdown and product recall may hinder market further expansion during the forecast period. The expensive nature of the insulin pumps and the difficulties and risk factors associated with these devices are major challenges. The lack of skilled and experienced professionals in handling insulin pumps further obstructs market growth.

Impact of COVID-19 on the Latin America insulin pump market:

The complex link between diabetes and COVID-19 is expected to increase demand for effective diabetes control devices, with insulin pumps leading the way. While the evidence suggesting an increased severity of COVID-19 in diabetics is well documented, new research has found that recovering coronavirus patients are at high risk of developing diabetes due to impaired organ function. Non-diabetic COVID-19 survivors are 40% more likely to develop diabetes within six months of infection.

However, despite these favorable circumstances, the growth of the insulin pump market will likely be hampered in the context of the COVID-19 pandemic, as hospitals, clinics, and healthcare professionals devote all their energies to the treatment of patients with coronavirus. Therefore, non-essential paperwork has been postponed, affecting this market in the process.

This research report on the Latin American insulin pump market has been segmented and sub-segmented into the following categories:

By Pump Type:

• Traditional
• Disposable

By End User:

• Hospitals & Clinics
• Homecare
• Laboratories
• Others

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the insulin pump market in Latin America is forecasted to account for a substantial share in the global market during the forecast period. The Brazilian insulin pumps market is expected to lead the Latin American market, followed by Mexico and Argentina. Brazil is among the 10 countries with the highest prevalence of diabetes in the world (around 7.9%). Diabetes is the fifth underlying cause of death in Brazil, affecting 2.9% of the population. There are nearly 20.5 million people with diabetes in the country, and about 1.5 million people with diabetes go undiagnosed. The insulin pump market revenue share accounted for 30% of the devices market. This large diabetic population creates a market demand for insulin pumps in the forecast period.

The Mexican insulin pumps market is anticipated to witness prominent growth during the forecast period due to the introduction of new continuous glucose monitoring devices. In addition, growth is expected as research on new insulin pumps advances with government funds and a rise in healthcare awareness during the forecast period.

The Argentina insulin pumps market is predicted to register a healthy growth rate during the forecast period and is driven by the increase in disposable income of people and public funding in the health sector. Therefore, it is likely to drive the insulin pump market growth in the near future. On top of that, manufacturers constantly aim to focus on increasing insulin pump adoption and penetration through awareness and reimbursement.

KEY MARKET PLAYERS:

Animus Corporation, Asante, Cellnovo Ltd., Insulet Corporation, Medtronics, Inc., Nipro Diagnostic, Inc., Ypsomed, Roche, Sooil Development Co., Ltd., and Tandem Diabetes Care, Inc. are some of the promising companies operating in the Latin American insulin pump market.