Market Trends of Latin America Biguanide Industry
Rising diabetes prevalence
Diabetes reduces lifespan, and people with the disease are likely to experience blindness and be hospitalized for amputations, kidney failure, heart attacks, strokes, and heart failure. The first-line therapy used in patients with type-2 diabetes is metformin monotherapy.
When metformin is contraindicated or not tolerated, or when treatment goals are not achieved after three months of use at the maximum tolerated dose, other options need to be considered. Dipeptidyl peptidase-4 inhibitors, sodium-glucose cotransporter-2 inhibitors, and glucagon-like peptide-1 agonists are generally used to supplement treatment with metformin.
When diabetes is undetected or inadequately treated, people with diabetes are at risk of serious and life-threatening complications, such as heart attack, stroke, kidney failure, blindness, and lower-limb amputation. These result in reduced quality of life and higher healthcare costs, which lead to a greater need for access to care.
Brazil has implemented a set of reforms over the past decade to improve the distribution of doctors, develop new forms of service organization, introduce new financing models, and implement a range of quality improvement initiatives and policy frameworks to overcome risk factors such as obesity and emerging pandemic threats.
Owing to the rising rate of obesity, the growing genetic factors for type-2 diabetes, and the increasing prevalence, the market will likely continue to grow.
Mexico holds the highest market share in the Latin America Biguanide Market in the current year
Mexico holds the highest market share of about 46.4% in the Latin American biguanide market in the current year.
Under half of the people living with diabetes in the country are undiagnosed. Metformin is typically the first medication used in the treatment of type 2 diabetes due to its wide range of efficacy, safety, and mechanisms of action. Metformin and other anti-diabetic drug combinations have a low risk of hypoglycemia, provide beta cell protection, offer cardio-renal benefits, and are safe for patients with kidney or liver conditions and senior citizens.
Lack of health insurance deprives the poor of access to services and puts them at risk of financial hardship. To protect the people against excessive health expenditures, many countries like Mexico have implemented mechanisms such as community-based health insurance, national health insurance, and targeted public health insurance. Mexico has multiple health insurance providers. The Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado (State Employee's Social Security and Social Services Institute, ISSSTE) provides coverage for government employees, and the Instituto Mexicano del Seguro Social (Mexican Social Security Institute, IMSS) covers private-sector employees.
The Seguro Popular (People's Insurance) was launched to protect the working-age population against steep healthcare costs. Enrollment in the Seguro Popular is independent of health status or pre-existing illness; there is no co-payment in accordance with the type of health care received; and family contributions are determined solely by the ability to pay. The Government of Mexico partnered with numerous private companies to utilize their supply chain (manufacturing, distribution, and retailers) to ensure low prices for drugs.
The aforementioned factors are expected to drive the market's growth.
