Market Size of Latin America Insulin Infusion Pump Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 117.08 Million |
Market Size (2029) | USD 150.14 Million |
CAGR (2024 - 2029) | 5.10 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Latin America Insulin Infusion Pump Market Analysis
The Latin America Insulin Infusion Pump Market size is estimated at USD 117.08 million in 2024, and is expected to reach USD 150.14 million by 2029, growing at a CAGR of 5.10% during the forecast period (2024-2029).
The pandemic that everyone was talking about before COVID-19, is a challenge to health systems and a threat to their financial viability. The improper use of corticosteroids and the presence of diabetes mellitus in patients during the Coronavirus Disease 2019 (COVID-19) pandemic marked the beginning of an increased incidence of fungal infections such as aspergillosis and mucormycosis in patients with this emerging viral infection. More than 200 cases have been reported in the literature in Latin America, ranging from Mexico to Argentina. Most cases have come from Brazil. Before COVID-19, the number of cases had been increasing while the mortality rate had been decreasing. Access to telemedicine is critical for managing chronic diseases in children, such as type 1 diabetes. Telemedicine was implemented in Latin American countries because of the COVID-19 pandemic, which had a positive impact on the health system. Telemedicine could result in financial savings by avoiding transportation expenses, class and parental working hours lost, time lost for transportation to distant referral health centers, and improving the quality of life, socioeconomic level, and environment."
An insulin pump (also known as continuous subcutaneous insulin therapy) is a medical device used to administer insulin to treat diabetes. Insulin pumps make it possible to deliver continuous infusion amounts of insulin at regular intervals. It is predicted to result in long-term cost savings relative to multiple daily injections. The traditional pump includes the pump (including controls, a processing module, and batteries), a disposable reservoir for insulin (inside the pump), and a disposable infusion set, including a cannula for subcutaneous insertion (under the skin) and a tubing system to connect the insulin reservoir to the cannula. The device configuration may vary depending on the design. However, the application of infusion pumps is increasing significantly across the Latin American region.
Latin America Insulin Infusion Pump Industry Segmentation
A tiny, computerized insulin pump can give insulin in two ways: either as a constant, measured, and continuous dosage (known as "basal" insulin) or as a surge ("bolus") dosage just before meals. The Latin America Insulin Infusion Pump Market is segmented by Component (Pump Device, Infusion Set, and Reservoir) and Geography (Mexico, Brazil, and Rest of Latin America. The report offers the value (in USD million) and Volume (in Unit million) for the above segments. We will provide a segment-wise breakdown (Value and Volume) for all the countries covered under the Table of Contents.
Device | |
Insulin Pump Monitors | |
Insulin Infusion Pump | |
Reserviour |
Geography | |
Mexico | |
Brazil | |
Rest of Latin America |
Latin America Insulin Infusion Pump Market Size Summary
The Latin America insulin infusion pump market is poised for significant growth, driven by the increasing prevalence of diabetes and the adoption of advanced medical technologies. Insulin pumps, which provide continuous subcutaneous insulin therapy, are becoming more prevalent in the region as they offer a more efficient alternative to multiple daily injections. The market is characterized by a variety of devices, including traditional pumps with external reservoirs and patch pumps that are worn directly on the body. These innovations are supported by favorable insurance coverage and the integration of telemedicine, which has gained traction due to the COVID-19 pandemic. Telemedicine has proven beneficial in managing chronic conditions like type 1 diabetes, offering remote consultations that reduce the need for in-person visits and associated risks.
Brazil is expected to lead the market due to its comprehensive healthcare initiatives, including partnerships with private organizations to enhance access to primary healthcare and essential medicines. The Brazilian government's efforts to provide free insulin and oral diabetes medications, along with telehealth strategies, aim to address the challenges faced by diabetic patients. The market is also influenced by technological advancements, such as the integration of continuous glucose monitoring and advanced algorithms in insulin pumps, which enhance diabetes management. Key players like Medtronic are anticipated to maintain their market leadership, while regulatory approvals for innovative devices, such as smartphone-controlled insulin pumps, further propel market growth.
Latin America Insulin Infusion Pump 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 Drivers
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1.3 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 Device
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2.1.1 Insulin Pump Monitors
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2.1.2 Insulin Infusion Pump
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2.1.3 Reserviour
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2.2 Geography
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2.2.1 Mexico
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2.2.2 Brazil
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2.2.3 Rest of Latin America
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Latin America Insulin Infusion Pump Market Size FAQs
How big is the Latin America Insulin Infusion Pump Market?
The Latin America Insulin Infusion Pump Market size is expected to reach USD 117.08 million in 2024 and grow at a CAGR of 5.10% to reach USD 150.14 million by 2029.
What is the current Latin America Insulin Infusion Pump Market size?
In 2024, the Latin America Insulin Infusion Pump Market size is expected to reach USD 117.08 million.