Market Trends of Mexico Diabetes Care Devices Industry
Continuous glucose monitoring segment is expected to witness highest growth rate over the forecast period
The continuous Glucose Monitoring Segment is expected to register a CAGR of about 12.4% over the forecast period.
Continuous glucose monitoring became a popular alternative to the portable finger-prick glucometers available in the market for the convenience of diabetic patients. Sensors are the most important part of continuous glucose monitoring devices. Various promising glucose-sensing technologies, from traditional electrochemical-based glucose sensors to novel optical and other electrical glucose sensors, are developed, positively impacting the market growth. The continuous glucose monitoring sensors opened new scenarios to assess, off-line, the effectiveness of individual patient therapeutic plans and stimulated the development of innovative online applications. It includes hypo/hyperglycemia alert systems and artificial pancreas closed-loop control algorithms. Continuous glucose monitoring devices are becoming cheaper with the advent of new technologies.
Pharmacies are considered an important tool for achieving better healthcare coverage in Mexico. The pharmaceutical industry integrated technology tools. Through the 'Beyond the Pills' initiative, companies complement their drug treatment with digital platforms to favor follow-up and ensure treatment continuity. Roche is one of the companies using the Beyond the Pills approach for treating diabetes. The pharmaceutical company includes a digital platform to manage diabetes called mySugr. Through it, Roche can offer accessible patient solutions within an open platform to respond to unmet needs. It aims to support people with diabetes to spend more time in their ideal glucose target range and improve their quality of life. With mySugr, users can automatically upload blood glucose data from their preferred device into the mySugr logbook app and share data with healthcare professionals and caregivers.
Furthermore, the current continuous glucose monitoring devices can either retrospectively display the trends in blood glucose levels by downloading the data or give a real-time picture of glucose levels through receiver displays. Continuous glucose monitoring devices are becoming cheaper with new technologies, like cell phone integration. It is likely to drive the segment growth during the forecast period.
Insulin cartridges in reusable pens hold the highest share in the management devices segment in the current year
Insulin cartridges in reusable pens hold the highest share of about 28.2% in the management devices segment in the current year.
Insulin cartridges in reusable pens are an upgraded version of insulin vials. Most types of insulins are manufactured in the form of cartridges, making them easily accessible. These devices include all the functional benefits of reusable pens and are cost-effective, as these cartridges are less expensive compared to disposable insulin pens in the long run. Due to the increasing demand for insulin cartridges, most insulin device manufacturers produced reusable insulin pens compatible with various insulin manufacturers' cartridges. These insulin cartridges are considered more consumer-friendly, as they are smaller and less noticeable than the classic vial-and-syringe. These devices are also more portable for consumers. Open cartridges do not need to be refrigerated, making storage easy for consumers. Thus, cartridges are the most cost-effective insulin use, as reusable pens are a one-time investment, unlike disposable pens.
Lack of health insurance deprives low-income people of access to services and puts them at risk of financial hardship. To protect the people against excessive health expenditures, Mexico implemented mechanisms such as community-based health insurance, national health insurance, and targeted public health insurance. Mexico comprises multiple health insurance providers. The Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado [State Employee's Social Security and Social Services Institute, ISSSTE] provides coverage for government employees, and the Instituto Mexico del Seguro Social [Mexico Social Security Institute, IMSS] covers for private-sector employees.
The Seguro Popular [People's Insurance] was launched to protect the working-age population against steep healthcare costs. Enrollment in the Seguro Popular is independent of health status or pre-existing illness. There is no co-payment under the type of health care received, and family contributions are determined solely by the ability to pay. The Government of Mexico partnered with numerous private companies to utilize their supply chain to ensure low device prices.
Technological development is gaining momentum in the insulin devices market. For years, several technological innovations were developed that led to the creation of new types of devices that are much less cumbersome and more comfortable for patients than traditional ones. Such advantages helped the increased adoption of these products in the Mexico market.
