Latin America Glucose Monitoring Device Market is expected to reach $337.69 million by 2021
The Latin America Glucose Monitoring Device Market is very fast growing market and expected to reach $337.69 million by 2021 from $241.22 million, at a CAGR of 6.96% from 2016-2021. In Latin America, the market is mainly driven with increasing R & D in the field of Diabetes along with increasing awareness about disease care.
But still there is a class of people with low medical literacy rate due to which the market growth is constrained.
Blood glucose monitoring devices are used to monitor the blood glucose in patients suffering from diabetes or other glucose-related diseases like glucose intolerance.
Medical devices are playing an increasingly important role in diabetes. Products such as blood glucose monitors and insulin pumps have now become the cornerstone for the management of blood glucose levels.
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The Latin America Glucose Monitoring devices market has witnessed major growth in the past few years, and is largely driven by the increasing number of diabetic patients. The rising obese population and rapid industrialization and urbanization have also contributed to the growth of this market.
However, high cost of diabetes care devices, disparity in reimbursement, availability of alternative treatments, and lack of awareness inhibit the growth of this market.
This market can be broadly segmented into continuous wearable devices (Sensors, Transmitters and Activators) and self-monitoring devices (Blood Glucose Meters, Blood Glucose Strips, Lancets, and Haemoglobin A1C testing Kits). Based on Application they can be divided into hospitals, clinics and diagnostic centers, home setting and ambulatory settings.
The continuous glucose monitoring results help patients regulate their food intake, exercise, and medications. The device contains sensors for checking glucose level from the interstitial fluid.
The sensor has a time span where it can be used at one place and then needs to be replaced. This device monitors the glucose levels over time, allowing the patients to identify low and high sugar levels which are more dangerous.
Whereas for the self-monitoring devices people have to test and it monitors the level at that particular time and not before that. Further, the Latin America Market for Glucose Monitoring Devices Market is segmented by region into Brazil, Argentina and Mexico.
The major competitors dominating the market for their products, services, and continuous product developments are Roche Diagnostics, LifeScan, Bayer Health care, Abbott Diabetes care Inc, AgaMatrix Inc, Arkray Inc, Medtronic, DexCom Inc, Nova Biomedical Corporation and Teruma Europe NV.
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