Continuous glucose monitoring devices have the potential to improve clinical outcomes for avoiding hypo/hyperglycemic events, an outcome of uncontrolled diabetes, which can arise due to skipped insulin dose. The currently available CGM devices display the glucose level and the magnitude and direction of changing glucose levels, thus becoming a vital tool to predict the forthcoming events of hypo- and hyperglycemia. Moreover, the device is more convenient for type 1 diabetic patients, as it requires continuous monitoring of glucose for administration of insulin on regular basis. Thus, use and benefits of CGM device in controlling both type 1 diabetes and hypoglycemia & hyperglycemia is expected to drive the market growth.

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The Latin America continuous glucose monitoring device market was valued at US$ 126.2 million in 2018 and is expected to witness a CAGR of 15.9% during the forecast period (2018– 2026).

Increasing initiative by key players for distribution of continuous monitoring device in Latin America is expected to boost growth of Latin America continuous glucose monitoring device market

Major players are adopting inorganic growth strategies such as collaboration, in order to distribute their products in Latin America and increase their market share in the region. For instance, in February 2019, Senseonics Holdings, Inc. announced expansion of distribution agreement with Roche Diabetes Care by providing them with exclusive distribution rights, for distribution of implantable continuous glucose monitoring (CGM) system, in 17 countries including Brazil, Russia, India, and China as well as selected markets in the Asia Pacific and Latin American regions.

Moreover, increasing product launches by key players also contribute to growth of Latin America continuous glucose monitoring device market. Insulin pumps segment is expected to witness significant growth over the forecast period, owing to increasing product launches of insulin pumps for continuous glucose monitoring. For instance, in March 2019, Medtronic Plc. launched MiniMed 670G system, a self-adjusting insulin pump system for patients who have type 1 diabetes, in the U.K. Medtronic Plc. also supplies diabetic care products in Latin American countries such as Brazil, Chile, Colombia, and others.

Market Dynamics

Latin America continuous glucose monitoring device market is expected to witness significant growth over the forecast period, owing to increasing incidence of diabetes in Latin American countries which may result in increasing demand for continuous glucose monitoring device in this region. For instance, according to Global Burden of Disease Study 2016, the incidence rate of diabetes in Latin America increased from 2.74% in 2010 to 3.06% in 2016. Among all countries in Latin America, diabetes affects large number of adult population based in Mexico and Brazil.

Latin America Continuous Glucose Monitoring Device Market- Competitive Landscape

Key players operating in Latin America continuous glucose monitoring device market include Medtronic Plc, Abbott, F. Hoffmann-La Roche AG, Johnson & Johnson, Senseonics, Inc, Dexcom, Inc., Insulet Corporation, and Tandem Diabetes Care, Inc.

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