According to the United Nations in Latin America and the Caribbean, the proportion of people aged 60 years and over will reach 16.5% of the total population by 2030, up from 13.4% in 2022.
According to MarkNtel Advisors study, The Latin America Insulin Market is estimated to grow at a CAGR of around 8.50% during the forecast period, i.e., 2024-30.
In Latin America, the prevalence of diabetes has increased, attributed to genetic susceptibility combined with environmental factors such as diet and lifestyle. For instance, as per the International Diabetes Federation, about 32,497,100 people were suffering from diabetes in Latin America in 2022. The number of people with diabetes is projected to increase to 40,000,000 by 2030 and 49,000,000 by 2045 in the region. Diabetic patients are required to administer insulin regularly to control their blood glucose levels. Considering the large population pool of individuals with diabetes in the region, the demand for insulin drugs and delivery devices has witnessed growth, accelerating the Latin America Insulin Market.
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Market Challenge: Latin America has a huge prevalence of diabetes. Over the years, the lives of people with diabetes have changed with the subsequent improvements in insulin formulations and delivery devices. The average price of insulin in Latin America has increased over the past decade, and the high cost of insulin has become a barrier to diabetes treatment. The life-saving treatment is financially out of reach for many people with diabetes. This high cost is primarily attributed to limited competition in the Latin America Insulin Market due to regulatory barriers, monopolies, or a lack of generic alternatives. The lack of competition has allowed pharmaceutical companies to maintain higher prices in the region, affecting its affordability and accessibility to patients.
Further, patent protections and economic challenges, such as inflation and healthcare system limitations, have also contributed to the high cost of insulin in the region. As a consequence, many were not able to afford adequate treatment for diabetes in the form of insulin. All this has negatively impacted the Latin America Insulin Market.
Latin America Insulin Market Key Players:
Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Biocon Limited, Wockhardt, Geropharm, Gan & Lee Pharmaceuticals, The United Laboratories International Holdings Limited (TUL), Beacon Pharmaceuticals PLC, Medtronic, and others
Market Segmentation Overview:
By Product Type
-Insulin Drugs
--Insulin Analogs & Biosimilars
---Long Acting Biosimilars
---Rapid Acting Biosimilars
---Premixed Biosimilars
--Insulin Biologics
---Short Acting Biologics
---Intermediate Acting Biologics
---Premixed Biologics
-Insulin Delivery Devices
--Insulin Syringes
--Insulin Pens
---Disposable Insulin Pens
---Reusable Insulin Pens
--Insulin Pumps
---Tethered/External Pumps
---Patch Pumps
--Others (Needles, Injectors, etc.)
The Insulin Drugs segment held a major market share. The market growth has been attributed to rapid urbanization and lifestyle changes that have heightened diabetes prevalence, prompting a demand for more effective treatments. Insulin drugs, including biosimilars and biologics, play a vital role in managing diabetes and improving the quality of life for individuals with the condition. Increased partnerships and collaborations between pharmaceutical companies and government agencies to boost awareness and education about diabetes in the region have positively impacted segmental market growth.
By Application
-Type I Diabetes
-Type II Diabetes
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By Region
- Mexico
- Brazil
- Argentina
- Colombia
- Chile
- Peru
- Rest of Latin America
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Latin America Insulin Market Recent Development
In July 2021: BIOMM signed an agreement with Nemera to commercialize the company’s Advapen under the trade name Lifepen in Brazil for the administration of Glargilin insulin to treat diabetes.
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