Market Size of Latin America Diabetes Care Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 4.71 Billion |
| Market Size (2029) | USD 5.58 Billion |
| CAGR (2024 - 2029) | 3.48 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Diabetes Care Drugs Market Analysis
The Latin America Diabetes Care Drugs Market size is estimated at USD 4.71 billion in 2024, and is expected to reach USD 5.58 billion by 2029, growing at a CAGR of 3.48% during the forecast period (2024-2029).
The diabetic prevalence is high in countries in the Latin American region, and Mexico is known to have a high number of diabetic patients due to the growing prevalence of Type-2 diabetes in the country. The gradually growing obesity rate, combined with the genetic predisposition for Type-2 diabetes, is acted as a prominent driver for the increase in the Type-2 diabetic population over the last 40 years. Currently, close to 10% of the total population is living with diabetes. Diabetic patients in the Latin American region mainly suffer from Type-2 diabetes, and they accounted for close to 90% of the total diabetic population in 2021.
Based on drugs, the insulin segment holds a significant share in the market. Over 100 million people around the world need insulin, including all the people suffering from Type-1 diabetes and between 10% and 25% of people with Type-2 diabetes. Production of insulin is very complex, and there are very few companies in the market that manufacture insulin. Due to this, there is high competition between these manufacturers, who always strive to meet the patient's needs to supply the best-quality insulin.
Latin America Diabetes Care Drugs Industry Segmentation
Controlling blood sugar through diet, oral medication, or insulin is the main treatment. Regular screening for complications is also required. Latin America, diabetes care drugs market, is segmented into product type (insulin drugs, oral anti-diabetes drugs, and non-insulin injectable drugs) and geography. The report offers the value (in USD) and volume (in units) for the above segments.
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Latin America Diabetes Care Drugs Market Size Summary
The Latin America diabetes care drugs market is experiencing a steady expansion, driven by the high prevalence of diabetes, particularly Type-2, across the region. Mexico stands out with a significant number of diabetic patients, attributed to rising obesity rates and genetic factors. The market is characterized by a substantial demand for insulin, which holds a significant share due to its complex production and limited manufacturers. The Oral Anti-Diabetes Drugs segment is also poised for growth, fueled by the increasing need among Type-2 diabetes patients. Despite the high costs associated with diabetes care, families in Latin America often bear a significant portion of these expenses out-of-pocket, as private health insurance plans typically do not cover medications. Metformin remains the most prescribed oral medication, reflecting its long-standing efficacy and extensive research backing.
The market landscape is shaped by both global and local players, with Novo Nordisk leading in market share. The Brazilian health system, with its state-managed approach and partnerships with private organizations, plays a crucial role in expanding access to diabetes medications. Initiatives like Brazil's "Health Has No Price" program aim to provide free access to essential diabetes medications, contributing to the gradual market growth. The introduction of innovative drugs, such as Eli Lilly's tirzepatide, and ongoing developments like Oramed's oral insulin capsule, are expected to further influence the market dynamics. The presence of branded drugs from companies like Eli Lilly and Boehringer Ingelheim is anticipated to drive significant growth, particularly in the generic drug segment, where local players are increasingly prominent.
Latin America Diabetes Care Drugs Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Insulin Drugs
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2.1.1.1 Traditional Human Insulins
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2.1.1.1.1 Humilin
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2.1.1.1.2 Novolin
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2.1.1.1.3 Insuman
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2.1.1.2 Basal Insulin or Long-acting Insulin
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2.1.1.2.1 Lantus
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2.1.1.2.2 Levemir
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2.1.1.2.3 Tresiba
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2.1.1.2.4 Toujeo
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2.1.1.2.5 Basaglar
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2.1.1.3 Bolus Insulin or Fast-acting Insulin
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2.1.1.3.1 Novolog/NovoRapid
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2.1.1.3.2 Humalog
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2.1.1.3.3 Apidra
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2.1.1.3.4 FIASP
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2.1.1.3.5 Admelog
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2.1.1.4 Insulin Combinations
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2.1.1.4.1 NovoMix
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2.1.1.4.2 Ryzodeg
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2.1.1.4.3 Xultophy
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2.1.1.4.4 Soliqua/Suliqua
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2.1.1.5 Biosimilar Insulin
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2.1.1.5.1 Insulin Glargine
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2.1.1.5.2 Other Biosimilar Insulins
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2.1.2 Oral Anti-Diabetes Drugs
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2.1.2.1 Biguanides (Metformin)
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2.1.2.2 Alpha - Glucosidase Inhibitors
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2.1.2.3 Dopamine D2 Receptor Agonist (Bromocriptin)
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2.1.2.4 Sodium - Glucose Cotransport -2 (SGLT-2) Inhibitor
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2.1.2.4.1 Invokana (Canagliflozin)
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2.1.2.4.2 Jardiance (Empagliflozin)
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2.1.2.4.3 Farxiga/Forxiga (Dapagliflozin)
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2.1.2.4.4 Suglat (Ipragliflozin)
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2.1.2.5 Dipeptidyl Peptidase - 4 (DPP-4) Inhibitors
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2.1.2.5.1 Sitagliptin (Januvia)
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2.1.2.5.2 Saxagliptin (Onglyza)
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2.1.2.5.3 Linagliptin (Tradjenta)
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2.1.2.5.4 Alogliptin (Vipidia/Nesina)
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2.1.2.5.5 Vildagliptin (Galvus)
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2.1.2.6 Sulfonylureas
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2.1.2.7 Meglitinide
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2.1.2.8 Janumet (Sitagliptin and Metformin HCl)
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2.1.3 Non-insulin Injectable Drugs
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2.1.3.1 GLP-1 Receptor Agonists
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2.1.3.1.1 Victoza (Liraglutide)
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2.1.3.1.2 Byetta (Exenatide)
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2.1.3.1.3 Bydureon (Exenatide)
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2.1.3.1.4 Trulicity (Dulaglutide)
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2.1.3.1.5 Lyxumia (Lixisenatide)
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2.1.3.1.6 Janumet (Sitagliptin and Metformin HCl)
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2.1.3.2 Amylin Analogue
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2.1.3.2.1 Symlin (Pramlintide)
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2.2 Geography
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2.2.1 Brazil
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2.2.2 Mexico
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2.2.3 Rest of Latin America
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Latin America Diabetes Care Drugs Market Size FAQs
How big is the Latin America Diabetes Care Drugs Market?
The Latin America Diabetes Care Drugs Market size is expected to reach USD 4.71 billion in 2024 and grow at a CAGR of 3.48% to reach USD 5.58 billion by 2029.
What is the current Latin America Diabetes Care Drugs Market size?
In 2024, the Latin America Diabetes Care Drugs Market size is expected to reach USD 4.71 billion.
