Latin America Self-monitoring Blood Glucose Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 573.83 Million |
| Market Size (2029) | USD 718.52 Million |
| CAGR (2024 - 2029) | 4.60 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Self-monitoring Blood Glucose Market Analysis
The Latin America Self -Monitoring Blood Glucose Market size is estimated at USD 573.83 million in 2024, and is expected to reach USD 718.52 million by 2029, growing at a CAGR of 4.60% during the forecast period (2024-2029).
Diabetes incidence for type 2 diabetes and other diabetes forms was numerically higher in individuals with Covid-19 in North America. Insulin resistance and impaired insulin secretion have been reported in people who recovered from SARS-CoV-2 infections but had no history of diabetes. It has been suggested that integrated rather than disease-specific approaches are required for the diagnosis and treatment of post-Covid syndrome.
Diabetes is common in Latin American countries, and Mexico is known to have a large number of diabetic patients due to the country's increasing prevalence of Type-2 diabetes. The steadily increasing obesity rate, combined with a genetic predisposition to Type-2 diabetes, has been a major driver of the increase in the Type-2 diabetic population over the last 40 years. Diabetes currently affects nearly 10% of the total population. Type 2 diabetes is the most prevalent type of diabetes in Latin America, accounting for nearly 90% of the total diabetic population in 2021. Argentina, Brazil, Colombia, and Mexico achieved an overall index of essential coverage of 76-77 percent, with households spending less than 25% of their income on health care, according to Universal Health Coverage 2022. Several reports and surveys have documented a significant increase in the diabetic population because of lifestyle and habit changes. The growing diabetic population drives the demand for blood monitoring devices like the SMBG. A glucometer is used by nearly 90% of Type 1 diabetic patients in developed countries. Glucometers are expected to be used by nearly half of Type 2 patients during the forecast period. Access to primary healthcare systems and noncommunicable disease coverage improved service coverage, while an increase in the number of qualified healthcare personnel enabled community outreach.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.
Latin America Self-monitoring Blood Glucose Market Trends
Blood Glucose Test Strips Held the Largest Market Share in the current year.
Blood glucose test strips will account for approximately 79% of the Latin America SMBG market in the current year. The Glucometer is a one-time investment. The Glucometer is a one-time investment. Test strips, on the other hand, are a continuous investment because they must be discarded after one use. Test strips, on the other hand, are an ongoing investment. As a result, it has a significant cost impact on consumers. Overall, demand for blood glucose test strips will rise significantly during the forecast period. The growing diabetic population is expected to drive the market's growth. While the average glucose meter lasts six months and three years, resulting in a one-time cost, the corresponding use of multiple (thousands) test strips may occur during the same period, resulting in a recurring cost impact.
The COVID-19 pandemic emphasized the importance of excellent glycemic control in diabetic patients, partly because most observational studies have found that poorly controlled diabetes is associated with an increased risk of hospitalization and mortality from a viral disease. Diabetes mellitus has sparked widespread concern due to its rising global prevalence, which has resulted in increased costs for healthcare systems, individuals, and governments. Industry participants use various methods to improve market share, including collaborations, partnerships, mergers, acquisitions, and expansions.
The rise in national awareness of diabetes is anticipated to drive the adoption of both SMBGs and CGMs on account of the prognostic and diagnostic treatment of diabetes.
Brazil is Expected to Dominate the Latin America Self-monitoring Blood Glucose Market.
The MOH governs the Brazilian health system, which each state and local health secretariat manages. Furthermore, in many towns where the public sector cannot meet people's needs, partnerships with private organizations have been established to increase access to PHC. Several programs in the Brazilian health system cover medicines, including a 20% increase in access to essential medicines. Brazil offers a comprehensive free immunization program. Over the last two decades, Brazil has faced many lawsuits demanding that high-priced drugs used to treat diabetes and other rare or low-prevalence diseases be covered. Between 2017 and 2045, the diabetic population in Brazil is expected to increase by 74%. Brazil is currently the sixth most populous country in the world, with the fourth highest prevalence of diabetes. To reduce the country's death rate, the Brazilian government is encouraging diabetes patients to take medication. The Brazilian Ministry of Health collaborated with private pharmacies in Brazil to provide free insulin (regular human insulin and isophane insulin or NPH) and three oral diabetes medications (5 mg glibenclamide and 500 and 850 mg metformin).
The self-monitoring blood glucose devices are garnering widespread adoption due to the availability of reimbursement options for glucose meters. Glucose meter devices must be replaced within six to eight months, which is very expensive. As a result, most people prefer health insurance plans that cover most of their total expenditure on healthcare devices. Such schemes cover the costs of diabetes testing supplies, test strips, and blood glucose meters.
The growing awareness among people regarding advanced diabetes care products may positively impact Latin American Self-Monitoring Blood Glucose Devices in the coming years.
Latin America Self-monitoring Blood Glucose Industry Overview
The Latin America self-monitoring blood glucose market is fragmented, with a few major manufacturers having a global market presence. In contrast, the remaining manufacturers are confined to local or region-specific manufacturers. Mergers and acquisitions that occurred between the players in the recent past have helped companies strengthen their market presence.
Latin America Self-monitoring Blood Glucose Market Leaders
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ROCHE
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ABBOTT
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ARKARY
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ASCENSIA
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AGAMATRIX
*Disclaimer: Major Players sorted in no particular order
Latin America Self-monitoring Blood Glucose Market News
- June 2022: LifeScan announced that the peer-reviewed journal Diabetes Technology and Therapeutics (DTT) had published Real World Evidence of Improved Glycemic Control in People with Diabetes using a Bluetooth-connected Blood Glucose Meter with Mobile Diabetes Management Application using the OneTouch Reveal mobile app with the OneTouch Verio Reflect meter synced via Bluetooth wireless technology - could support improved glycemic control for people with diabetes.
- January 2022: Roche launched its new point-of-care blood glucose monitor designed for hospital professionals, with a companion device shaped like a touchscreen smartphone that will run its apps. The hand-held Cobas pulse includes an automated glucose test strip reader, a camera, and a touchscreen for logging other diagnostic results. It's designed for patients of all ages, including neonates and people in intensive care.
Latin America Self-monitoring Blood Glucose Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Drivers
- 4.3 Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Intensity of Competitive Rivalry
5. Market Segmentation
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5.1 Self-Monitoring Blood Glucose Devices
- 5.1.1 Glucometer Devices
- 5.1.2 Blood Glucose Test Strips
- 5.1.3 Lancets
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5.2 Geography
- 5.2.1 Mexico
- 5.2.2 Brazil
- 5.2.3 Rest of Latin America
6. MARKET INDICATORS
- 6.1 Type-1 Diabetes Population
- 6.2 Type-2 Diabetes Population
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Abbott Laboratories
- 7.1.2 F. Hoffmann-La Roche AG
- 7.1.3 Platinum Equity (LifeScan)
- 7.1.4 Arkray
- 7.1.5 Ascensia
- 7.1.6 Agamatrix Inc.
- 7.1.7 Bionime Corporation
- 7.1.8 Acon
- 7.1.9 Medisana
- 7.1.10 Trivida
- 7.1.11 Rossmax
- *List Not Exhaustive
- 7.2 Company Share Analysis
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityLatin America Self-monitoring Blood Glucose Industry Segmentation
When a patient uses a blood glucose meter to check their levels, this is known as self-monitoring blood glucose (SMBG). The best method for diagnosing and treating hypoglycemia is SMBG. It can offer feedback on the effects of programs promoting healthy behavior and antihyperglycemic drug therapies. The Latin America Self-monitoring Blood Glucose Market is segmented by Component (Glucometer Devices, Test Strips, and Lancets) and Geography (Mexico, Brazil, and Rest of Latin America). The report offers market size and forecasts for all the above segments in value (USD million) and volume (unit million). We will provide a segment-wise breakdown (Value and Volume) for all the countries covered under the Table of Contents.
| Self-Monitoring Blood Glucose Devices | Glucometer Devices |
| Blood Glucose Test Strips | |
| Lancets | |
| Geography | Mexico |
| Brazil | |
| Rest of Latin America |
Latin America Self-monitoring Blood Glucose Market Research FAQs
How big is the Latin America Self -Monitoring Blood Glucose Market?
The Latin America Self -Monitoring Blood Glucose Market size is expected to reach USD 573.83 million in 2024 and grow at a CAGR of 4.60% to reach USD 718.52 million by 2029.
What is the current Latin America Self -Monitoring Blood Glucose Market size?
In 2024, the Latin America Self -Monitoring Blood Glucose Market size is expected to reach USD 573.83 million.
Who are the key players in Latin America Self -Monitoring Blood Glucose Market?
ROCHE, ABBOTT, ARKARY, ASCENSIA and AGAMATRIX are the major companies operating in the Latin America Self -Monitoring Blood Glucose Market.
What years does this Latin America Self -Monitoring Blood Glucose Market cover, and what was the market size in 2023?
In 2023, the Latin America Self -Monitoring Blood Glucose Market size was estimated at USD 548.59 million. The report covers the Latin America Self -Monitoring Blood Glucose Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Self -Monitoring Blood Glucose Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Blood Glucose Test Strip Packaging Industry Report
Statistics for the 2024 Latin America Blood Glucose Test Strip Packaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Latin America Blood Glucose Test Strip Packaging analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
