Report : South America Diabetes Care Devices Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Glucose Monitoring Devices and Insulin Delivery Devices) and End User (Homecare and Hospitals & Clinics)
At 4.1% CAGR, the SAM Diabetes Care Devices Market is speculated to be worth US$ 1,712.21 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM diabetes care devices market was valued at US$ 1,240.89 million in 2022 and is expected to reach US$ 1,712.21 million by 2028, registering an annual growth rate of 4.1% from 2022 to 2028. Rapid technological advancements in diabetes care devices and growing medical tourism in developing countries are the critical factors attributed to the market expansion.
The emerging markets in the developing countries provide better opportunities for major players to expand their business. Many diabetes care device market players are focusing on the emerging market in the region due to an increase in the prevalence of diabetes and the growing use of diabetes care devices. In the emerging countries, medical science has grown rapidly in the past few decades. Furthermore, diabetes treatment has become so popular and common that people are travelling in developing countries for treatment. This is due to excessively high expenses for healthcare in other countries. For instance, health travelers who visit developing countries for medical reasons save 65-80% on health costs compared to the cost in the developed countries. Due to several other factors, diabetes treatment has become very cheap in developing countries. Further, government authorities in countries in the region are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. Therefore, the rising medical tourism in developing nations is anticipated to provide lucrative growth opportunities to players operating in the diabetes care devices market during the forecast period across the region.
On the contrary, high cost of diabetes care devices hurdles the growth of SAM diabetes care devices market.
Based on type, the SAM diabetes care devices market is bifurcated into glucose monitoring devices and insulin delivery devices. The glucose monitoring devices segment held 54.7% market share in 2022, amassing US$ 678.23 million. It is projected to garner US$ 951.66 million by 2028 to expand at 4.3% CAGR during 2022–2028. The glucose monitoring devices segment is further segmented into testing strips, glucometer, lancets, and others. Similarly, the insulin delivery devices segment is segmented into insulin pens, insulin syringes, insulin pumps, and others.
Based on end user, the SAM diabetes care devices market is bifurcated into homecare and hospitals & clinics. The homecare segment held 60.3% market share in 2022, amassing US$ 748.04 million. It is projected to garner US$ 1,044.95 million by 2028 to expand at 4.3% CAGR during 2022–2028.
Based on country, the SAM diabetes care devices market has been categorized into Brazil, Argentina, and rest of SAM. Our regional analysis states that Brazil captured 46.6% market share in 2022. It was assessed at US$ 578.75 million in 2022 and is likely to hit US$ 817.43 million by 2028, exhibiting a CAGR of 4.4% during the forecast period.
Key players dominating the SAM diabetes care devices market are B. Braun Melsungen AG; BD; Dexcom, Inc.; Eli Lilly and Company.; F. Hoffmann-La Roche Ltd.; Insulet Corporation; Medtronic; Novo Nordisk A/S; Tandem Diabetes Care Inc.; and Terumo Corporation among others.
- In Feb 2022, Insulet Corporation, the global leader in tubeless insulin pump technology with its Omnipod brand of products, is celebrating representation and inclusion for the diabetes community through an activation in the popular Nintendo video game Animal Crossing: New Horizons.
- In May 2021, Roche and Lilly will integrate data from Lilly’s connected insulin pen solution into the mySugr app in several countries. Both companies are dedicated to driving new possibilities to ease the complexity of daily decision making for people with diabetes on insulin pen therapy and their healthcare professionals. By collaborating with Lilly, Roche accelerates growth of its open ecosystem enabling its strategy of integrated Personalised Diabetes Management (iPDM).
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