Latin America Diabetes Treatment Market

^{Latin America Diabetes Treatment Market Size (2023 to 2028)}

The size of the diabetes treatment market in the Latin American region is predicted to grow at a CAGR of 5.91% from 2023 to 2028 and be worth USD 9.72 billion by 2027 from USD 7.29 billion in 2023.

The Latin American diabetes treatment market is estimated to witness significant growth during the forecast period, owing to the increasing number of people embracing quality healthcare, increased demand for advanced technologies in treating diabetes, and a higher concentration of manufacturers in this region. According to the International Diabetes Federation estimates, the global prevalence of diabetes is anticipated to increase from 366.32 million in 2011 to 552.55 million in 2030. The prevalence of diabetes is high in countries in the Latin American region, and Mexico has many people with type 2 diabetes. Diabetes patients in the Latin American area mainly suffered from type 2 diabetes and accounted for almost 90% of the total diabetic population in 2019.

The increasing incidence of public and private organizations to create awareness among people related to technological advancements in the field of diabetes solutions, coupled with the growing number of product launches and related regulatory approvals, are estimated to create avenues in the growth of the market.

The gradual rise in the obesity rate due to an unhealthy standard of living significantly impacts the growth prospects of the studied market. Currently, about 10% of the total population in Latin America is living with diabetes, primarily the type 2 diabetic population over the past 40 years. Therefore, the genetic predisposition of the type 2 diabetic population, government initiatives to improve their population's quality of life, and adequate healthcare policies will act as the growth driver for the market.

On the other hand, the high cost of anti-glycemic drugs (Biguanides) and inadequate reimbursement policies for this medicine are likely to hamper expansion opportunities in the Latin American diabetes treatment market. Furthermore, various side effects associated with the drugs used in the treatment of type-1 diabetes over the long term are having ill effects on the body, which will affect the studied market during the forecast period.

This research report on the Latin American diabetes treatment market has been segmented and sub-segmented into the following categories.

By Drug Class:

• Insulin

• DPP-4 Inhibitors

• GLP-1 Receptor Agonists

• SGLT2 Inhibitors

By Diabetes Type:

• Type-1

• Type-2

By Distribution Channel:

• Online pharmacies

• Hospital Pharmacies

• Retail Pharmacies

By Country:

• Mexico

• Brazil

• Argentina

• Chile

• Rest of Latin America

The diabetes treatment market in Brazil accounted for 51.55% of the market in 2021 in Latin America, mainly due to the increase in therapeutic options available for patients with type 1 and type 2 diabetes and favorable government activities to help patients. Brazil accounts for approximately 78% of all type 1 diabetes patients in the region. Type 1 diabetes treatment is subject to be included in the Public Health of Brazil System (SUS) for the national diabetes program. In addition, growing awareness, improving healthcare demands, and increased activities for research and development in the associated field will expand the market in this region. The oral drug for type 2 diabetes recorded sales in this region, mainly due to the low cost. Most drugs are generic and priced lower than brand-name drugs due to the presence of manufacturing units in Brazil. This will provide ample growth opportunities for the market in the years to come.

The regional market in Mexico is anticipated to grow at the highest CAGR during the forecast period, owing to the development in drug research and development in biguanides. Mexico is among the top 10 countries with the highest market value and volume of biguanides. The generic diabetic treatment market also shows future solid growth potential across several other Latin American countries.

KEY MARKET PLAYERS:

Companies playing a vital role in the Latin American diabetes treatment market profiled in this report are Novo Nordisk A/S, Sanofi, Merck & Co., Inc., Eli Lilly and Company, AstraZeneca, Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, Novartis AG, Johnson & Johnson Services, Inc., and Bayer AG.