The Latin American diabetes care drugs market registered a value of more than USD 3.5 billion in 2019, and it 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 countries in the Latin American region, and Mexico is known to have a high number of diabetic patients due to the growing prevalence of Type-2 diabetes in the country.
- The gradually growing obesity rate, combined with the genetic predisposition for Type-2 diabetes, is acted as a prominent driver for the increase in the Type-2 diabetic population over the last 40 years. Currently, close to 10% of the total population is living with diabetes.
- Diabetic patients in the Latin American region mainly suffer from Type-2 diabetes, and they accounted for close to 90% of the total diabetic population in 2019.
Key Market Trends
Oral Diabetic Drug Recorded High Sales
The oral drug for Type-2 diabetes witnessed sales in this region, mainly due to the low-cost factor. Most of the drugs are generic and are priced lower than branded drugs. Biguanides are considered to be the first class of oral drugs to treat Type-2 diabetes. Mexico is among the top 10 countries with 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 Latin America.
Brazil Accounted for the Highest Market Share in 2019
Brazil accounted for 51% of the market in 2019, mainly due to the higher consumption of insulin by Type-1 patients. Brazil accounts for close to 78% of all Type-1 patients in the region. Basal insulin, Lantus, accounted for the largest share by value in 2019 in the Brazilian 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.
The Latin American diabetes care drugs market includes several established global players, as well as local players. For branded drugs, in Latin America, there are only a few players that occupy a major share in the market. However, for generic drugs, the number of players is high, including several local players. Novo Nordisk holds the highest share in the Latin America diabetes care drugs market. Branded drugs of Eli Lilly and Boehringer Ingelheim Alliance are expected to record a high CAGR of more than 15% in the forecast period.
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