Market Size of Latin America Meglitinide Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2018 - 2022 |
| CAGR | 3.30 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Meglitinide Market Analysis
The Latin America Meglitinide Market size is estimated at USD 0.22 billion in current year, and is expected to reach USD 0.26 million by forecast year, growing at a CAGR of 3.30% during the forecast period.
The COVID-19 pandemic has been testing the capacity to respond and adapt to populations, governments, and health systems worldwide. In the Latin America region, Brazil presented the first suspected and the first confirmed cases on January 27th and February 26th, respectively. Most Latin American countries failed to implement timely measures to protect individuals with diabetes, which may severely impact individuals, health systems, and economies.
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.
Meglitinides are a type of non-sulfonylurea insulin secretagogues with a fast onset and short duration of action. They stimulate glucose-sensitive first-phase insulin release, lowering the risk of hypoglycemia. Meglitinides cause the body to release more insulin in people with type 2 diabetes, who have chronically high blood sugar levels. The World Health Assembly agreed on a Resolution to strengthen diabetes prevention and control in May 2021. It recommends actions such as increasing access to diabetes medicines and health products and assessing the feasibility and potential value of establishing a web-based tool to share information relevant to market transparency for diabetes medicines and health products.
This is driving the demand for Meglitinides in Latin America, thereby driving the market in focus during the forecast period.
Latin America Meglitinide Industry Segmentation
Despite not sharing a structural relationship with sulfonylureas, meglitinides are secretagogues. With a different mode of action than sulfonylureas, they cause the pancreas to secrete insulin. Repaglinide, Nateglinide, and Mitiglinide are the three readily available medicines. The Latin America Meglitinide Market is segmented by Geography (Brazil, Mexico, and the Rest of Latin America). The report offers the value (in USD) and Volume (in Unit) for the above segments. We will provide a segment-wise breakdown (Value and Volume) for all the countries covered under the Table of Contents.
| Drug | |
| Meglitinides |
| Geography | |
| Brazil | |
| Mexico | |
| Rest of Latin America |
Latin America Meglitinide Market Size Summary
The Latin America Meglitinide Market is poised for growth, driven by the increasing prevalence of Type-2 diabetes in the region. This rise in diabetes cases is attributed to factors such as obesity, genetic predisposition, urbanization, and lifestyle changes, particularly in countries like Mexico, which dominates the market. Meglitinides, a class of medications that stimulate insulin release, are gaining traction due to their effectiveness in managing blood sugar levels in Type-2 diabetes patients. The market's expansion is further supported by initiatives from the World Health Assembly to enhance diabetes prevention and control, which include improving access to diabetes medications and health products. Despite the challenges posed by the COVID-19 pandemic, which highlighted the inadequacies in healthcare responses for diabetic populations, the demand for Meglitinides is expected to rise as healthcare systems adapt and evolve.
The market landscape in Latin America is characterized by a fragmented structure with significant competition among global manufacturers like Novo Nordisk, Glenmark, and Novartis, alongside the presence of generic drug producers. Mexico's healthcare system, with its state-managed and locally governed structure, plays a crucial role in the market's dynamics, offering expanded access to essential medicines and fostering partnerships with private organizations to meet healthcare demands. The market's growth trajectory is supported by ongoing clinical trials and research, such as the evaluation of INS068 for Type-2 diabetes management, which underscores the continuous innovation and development within the sector. As the region anticipates a substantial increase in diabetes cases, the Meglitinide market is expected to experience sustained growth, driven by both demand and strategic healthcare initiatives.
Latin America Meglitinide 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 Drug
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2.1.1 Meglitinides
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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 Meglitinide Market Size FAQs
What is the current Latin America Meglitinide Market size?
The Latin America Meglitinide Market is projected to register a CAGR of 3.30% during the forecast period (2024-2029)
Who are the key players in Latin America Meglitinide Market?
Novo Nordisk, Glenmark, Kissei, Novartis and Biocon are the major companies operating in the Latin America Meglitinide Market.
