The Latin America diabetes care drugs market registered a value of more than USD 3.5 billion in 2019 and is expected to witness a CAGR of more than 5% during the forecast period, primarily due to the growing geriatric population. The diabetic prevalence is high in the countries in the Latin American region, and Mexico is known to have a high number of diabetic patients due to the growing type 2 population in the country. The gradually growing obesity rate combined with the genetic predisposition for type 2 diabetes is acting as a prominent driver for the increase in type 2 diabetic population over the last 40 years. Currently, close to 10% of the total population are living with diabetes. The diabetic patients in the Latin American region mainly type 2 diabetic patients accounted for close to 90% of the total diabetic population in 2019.
Key Market Trends
Oral Diabetic Drug has High Sales
Type 2 oral diabetic drug has high sales in this region mainly due to the low-cost factor. Most of the drugs are generic and are priced in such a way that it's lower than branded drugs. Biguanides are considered to be the first class of oral drugs for type 2 patients. Mexico is among the top 10 countries that have the highest market value and volume for Biguanides. The market for the generic diabetic drug has a high potential for future growth in various countries in the Latin America region.
Brazil Accounted for the Highest Market Share in Latin America Diabetes Care Drugs Market in 2019
Brazil accounted for 51% of the diabetic drugs market in Latin America in 2019, mainly due to the higher consumption of insulin by Type 1 patients. Brazil accounts for close to 78% of all the type 1 patients in the region. Basal insulin Lantus accounts for the largest share by value in 2019 in the Brazil insulin market. As of April 2018, a discussion was underway between the Brazilian Ministry of Health and the National Committee for Health Technology for the introduction of rapid-acting analog insulin devices to people diagnosed with Type 1 diabetes in the Brazilian Public Health System (SUS). However, the country is still facing issues with the implementation of a national program for diabetes control. Hence, only 11.6% of patients with Type 1 and 46% of those with Type 2 diabetes reach the A1C goal. Regardless of the diabetes type, most patients do not meet other metabolic control goals and a substantial proportion are not screened for diabetic complications.
Latin America diabetes care drugs market includes several established global players as well as local players. For the Branded Drug market in Latin America, there are only a few players that occupy a major share in the market. However, in the Generic Drugs market, the number of players is high and includes several local players. Novo Nordisk holds the highest market share in the Latin America diabetes care drugs market. Branded drugs of Eli Lilly & Boehringer Ingelheim Alliance are expected to grow with a high CAGR of more than 15% in the forecast period.
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