Latin America Smart Insulin Pen Market is expected to register at a CAGR of 8.7% between 2022 and 2028 | Medtronic Plc, Sanofi SA, Novo Nordisk A/S, Eli Lilly and Company
With the introduction of the smart insulin pen, more people with diabetes are gaining control of their condition. Many of these devices can connect to a smartphone app and provide real-time glucose data to help users manage their diabetes. One of the biggest benefits of a smart insulin pen is its ability to calculate the right amount of insulin for different situations. It can also remind you when it’s time for your next dose or warn you when your insulin has expired. Other benefits of smart insulin pens include a host of other features, including a built-in CGM.
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Latin America Smart Insulin Pen Market is forecast to grow at a CAGR of 8.7% over the period 2021-2028. The market value was estimated at $5.83 million.
Latin America Smart Insulin Pen Market: Drivers
New product approvals and launches are expected to propel the growth of the Latin America smart insulin pen market. For example, Companion Medical, a subsidiary of Medtronic Plc., introduced the InPen system in December 2017. The system is compatible with U-100 (3ml), Lispro (Humalog, Eli Lilly) and Aspart (Novolog, Novo Nordisk). Fast-acting insulin cartridges
In addition, the high prevalence of diabetes is expected to drive the growth of the Latin American smart insulin pen market. For example, the prevalence of diabetes in Bolivia in 2019 was approximately 411.4 per 100,000 residents, according to the International Diabetes Federation (IDF) Diabetes Atlas 2019. The IDF also expected the prevalence to increase to 784.2 per 100,000 population by 2045.
Increasing spending on diabetes care is expected to contribute to the growth of the Latin American smart insulin pen market. For example, healthcare spending related to diabetes care was approximately $17,012.2 million in 2019, according to the International Diabetes Federation’s 2020 report. The IDF also expected spending to increase to US$20,446.9 million in 2030.
Significant growth is expected in Brazil Smart Insulin Pen Market in Latin America, due to the increasing prevalence of type 1 diabetes in Brazil. For example, the prevalence of type 1 diabetes in Brazil increased from 4.1% in 2010 to 7.3% in 2019, according to the 2019 report by the International Diabetes Federation.
Covid-19 impact analysis
The increased prevalence of obesity and diabetes has been a significant contributor to high COVID-19 death rates in certain communities in Mexico. In the first seven months of the COVID-19 pandemic, 85,666 deaths were reported in Mexico, with a cumulative death rate of 67 per 100,000 people. Such a scenario is expected to boost demand for smart insulin pens in Latin America.
Latin America Smart Insulin Pen Market: Competitive Landscape
Major Players in Latin America Smart Insulin Pen Market include: BERLIN-CHEMIE AG, BIOCORP, Eli Lilly and Company, F. Hoffmann-La Roche AG, Jiangsu Delfu Medical Device Co., Ltd., Medtronic Plc, Novo Nordisk A/S, Owen Mumford Ltd. and Sanofi SA
Latin America Smart Insulin Pen Market: Key Developments
Major players operating in the Latin America Smart Insulin Pen Market are focused on adopting collaborative strategies to increase their market share. For example, in February 2021, Eli Lilly & Company worked with Welldoc, a provider of digital solutions for chronic diseases, to integrate Welldoc’s Bluestar app with its second-generation smart insulin pens for the treatment of diabetics.
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table of contents
Chapter 1 Industry Overview
1.3 Scope of Research
1.4 Market Analysis by Regions
1.5 Latin America Smart Insulin Pen Market Size Analysis from 2021 to 2028
11.6 COVID-19 Outbreak: Impact on Smart Insulin Pen Industry in Latin America
Chapter 2 Global Latin America Smart Insulin Pen Competition by Types, Applications, and Top Regions and Countries
2.1 Global Smart Insulin Pens in Latin America (Volume and Value) by Type
2.3 Global Smart Insulin Pens in Latin America (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Manufacturing Market Analysis
3.2 Regional Manufacturing Market Analysis
Chapter 4 Global Smart Insulin Pen Sales, Consumption, Export, Import in Latin America by Regions (2016-2021)
Chapter 5 North America Latin America Smart Insulin Pen Market Analysis
Chapter 6 East Asia Latin America Smart Insulin Pen Market Analysis
Chapter 7 Europe Latin America Smart Insulin Pen Market Analysis
Chapter 8 Smart Insulin Pen Market Analysis in South Asia, Latin America
Chapter 9 Southeast Asia Latin America Smart Insulin Pen Market Analysis
Chapter 10 Smart Insulin Pen Market Analysis in Middle East and Latin America
Chapter 11 Africa Latin America Smart Insulin Pen Market Analysis
Chapter 12 Oceania Latin America Smart Insulin Pen Market Analysis
Chapter 13 South America Latin America Smart Insulin Pen Market Analysis
Chapter 14 Company Profiles and Key Figures in Smart Insulin Pen Business in Latin America
Chapter 15 Global Latin America Smart Insulin Pen Market Forecast (2021-2027)
Chapter 16 Conclusions
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