Market Size of Latin America Self -Monitoring Blood Glucose Industry
| 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 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 Size Summary
The Latin America self-monitoring blood glucose market is poised for significant growth, driven by the increasing prevalence of diabetes, particularly type 2 diabetes, across the region. The rising obesity rates and genetic predispositions have contributed to a substantial diabetic population, with Mexico, Brazil, Argentina, and Colombia being notable contributors. The demand for blood glucose monitoring devices, such as glucometers and test strips, is expected to rise as these devices play a crucial role in managing diabetes. The COVID-19 pandemic has further underscored the importance of glycemic control, highlighting the need for effective monitoring solutions. The market is characterized by a mix of global and local manufacturers, with major players like Roche, Abbott, and Ascensia leading the charge. The availability of reimbursement options and health insurance coverage for diabetes care products is also expected to bolster market growth.
The market landscape is evolving with strategic collaborations, partnerships, and expansions among industry participants aiming to enhance their market share. Brazil's healthcare system, with its comprehensive programs and partnerships with private organizations, is a key player in improving access to diabetes care. The government's initiatives to provide free medications and insulin further support the market's expansion. The introduction of advanced diabetes care products and technologies, such as Bluetooth-connected glucose meters, is expected to drive adoption rates. As awareness of diabetes management grows, the self-monitoring blood glucose market in Latin America is anticipated to witness robust growth, supported by ongoing innovations and strategic market maneuvers.
Latin America Self -Monitoring Blood Glucose 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 Self-Monitoring Blood Glucose Devices
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2.1.1 Glucometer Devices
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2.1.2 Blood Glucose Test Strips
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2.1.3 Lancets
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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 Self -Monitoring Blood Glucose Market Size 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.
