Latin America Diabetes Drugs Market Analysis Report 2022 to 2030

Latin America Diabetes Drugs Market Analysis

$ 3999

Latin America's diabetes drugs market size was valued at $2.78 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030 and will reach $4.81 Bn in 2030. The market is segmented by drug type, application, distribution channel, and geography. The Latin American diabetes drugs market will grow because the obesity epidemic in Latin America has contributed to the increasing prevalence of diabetes. The key market players are Johnson & Johnson, Novo Nordisk, Novartis, Merck, Eli Lilly and Company, and others.

ID: IN10LAPH009 CATEGORY: Pharmaceuticals GEOGRAPHY: Latin America AUTHOR: Chandani Patel

Buy Now

Latin America Diabetes Drugs Market Executive Summary

Latin America's diabetes drugs market size was valued at $2.78 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030 and will reach $4.81 Bn in 2030. According to Universal Health Coverage 2022, households in Argentina, Brazil, Colombia, and Mexico spent less than 25% of their income on healthcare, achieving an aggregate index of essential coverage of 76–77%. Increased service coverage was achieved through improved access to primary healthcare systems and coverage for non-communicable diseases, while community outreach was made possible by a rise in the number of certified healthcare workers.

The diabetes epidemic in Latin America represents a significant public health challenge, and efforts are needed to address the underlying factors contributing to the disease. Latin America is currently facing a growing diabetes epidemic, with rates of the disease increasing rapidly in recent years. According to the International Diabetes Federation, approximately 31 Mn people in Latin America and the Caribbean have diabetes, and this number is projected to increase to 47 Mn by 2045. There are several factors contributing to the high rates of diabetes in the region. One of the main factors is the rapid urbanization that has taken place in many Latin American countries, leading to changes in diet and lifestyle. Many people in the region have shifted from traditional diets based on whole grains, fruits, and vegetables to diets high in processed foods, sugar, and unhealthy fats. Additionally, sedentary lifestyles and a lack of physical activity have become more common, further increasing the risk of diabetes. Therefore, the demand for diabetes treatments will increase across Latin America during the forecast period.

latin america diabetes drugs market

Market Dynamics

Market Growth Drivers Analysis

Increasing prevalence of diabetes: The prevalence of diabetes in Latin America has been increasing rapidly in recent years. This has led to an increased demand for diabetes drugs in the region. In Brazil, Peru, Venezuela, Colombia, and Cuba the prevalence of diabetes was estimated between 5.1% and 6.0% of adults, while in Bolivia, Paraguay, Ecuador, Panama, Costa Rica and Guatemala rates varied from 4.1% to 5%.
Rising obesity rates: The obesity epidemic in Latin America has contributed to the increasing prevalence of diabetes. As obesity rates continue to rise, the demand for diabetes drugs is likely to increase as well.
Technological advancements: Advances in technology have led to the development of new and more effective diabetes drugs. These drugs are expected to drive growth in the market as they become more widely available.
Growing healthcare expenditure: As healthcare spending continues to increase in Latin America, more resources are being allocated to the treatment and management of chronic diseases such as diabetes.

Market Restraints

High cost of diabetes drugs: Many of the newer diabetes drugs are quite expensive, which may limit access to these medications for people who cannot afford them.
Limited access to healthcare: Access to healthcare is limited in many parts of Latin America, particularly in rural and marginalized communities. This may prevent people from receiving the medications they need to manage their diabetes.
Lack of awareness and education: Many people with diabetes in Latin America may not be aware of their condition, or may not have access to the education and resources they need to manage their disease effectively.
Regulatory challenges: The regulatory environment in Latin America can be challenging for pharmaceutical companies, which may hinder the development and distribution of new diabetes drugs.

Competitive Landscape

Key Players

Johnson & Johnson
Bayer Pharmaceuticals
Novo Nordisk
Sanofi
Merck
Eli Lilly and Company
AstraZeneca
Takeda Pharmaceutical Company Limited
Biocon ltd
Bristol-Myers Squibb
Boehringer Ingelheim
Novartis
GlaxoSmithKline
Lupin ltd
Piramal healthcare ltd
Ranbaxy laboratories ltd.

Recent developments

Feb 2022: Suganon (evogliptin), a new treatment for people with type 2 diabetes, is being introduced in Latin America thanks to Brazilian invention. Suganon® (evogliptin) is a brand-new DPP-4 enzyme inhibitor with the advantages of simple administration and a minimal risk of drug interactions, providing prescribers and type 2 diabetic patients with more convenience and safety. In 10 national research sites located in the North, Northeast, Southeast, and Distrito Federal regions, the novel oral medication was specially studied in the Brazilian population, demonstrating effectiveness (average reduction of HbA1c more than 1) in glycemic management.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

Regulations for diabetes drugs in Latin America can vary by country. However, there are some general trends and guidelines that apply to many countries in the region. The diabetes drugs are regulated by each country's health ministry or regulatory agency. These agencies are responsible for evaluating and approving new drugs for safety and efficacy, as well as monitoring the safety of drugs already on the market.

Many Latin American countries follow the guidelines established by the World Health Organization (WHO) for the evaluation of new drugs. These guidelines require that drugs undergo rigorous testing in clinical trials before they can be approved for use. In addition, the WHO recommends that drugs be monitored for safety and efficacy after they are on the market. Most countries in Latin America require that diabetes drugs be prescribed by a licensed physician. This means that patients cannot buy diabetes drugs over the counter without a prescription. In addition, many countries in the region have price controls or regulations on the prices that can be charged for diabetes drugs. This is to ensure that patients have access to affordable medications.

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Diabetes Drugs Market Segmentation

By Drug Type (Revenue, USD Bn):

The drug types considered, in this report include Injectable Drugs and Oral Drugs. Injectable drugs are further classified into insulin-based and non-insulin-based injectables. Oral drugs are further classified into various classes as per their mechanism of action as mentioned below :

Injectable Drugs
- Insulin Based Injectables
- Non-insulin Based Injectables
  - Exenatide (Byetta)
  - Dulaglutide (Trulicity)
  - Semaglutide (Ozempic, Wegovy)
  - Liraglutide (`Saxenda, Victoza)
  - Lixisenatide (Adlyxin)
  - Pramlintide (Symlin)
  - Tirzepatide (Mounjaro)
  - Albiglutide (Tanzeum)
Oral Drugs
- Biguanides - Metformin (Glucophage and Glucophase XR)
- Sulfonylureas - Glimepiride (Amaryl), Glyburide (DiaBeta), Glipizide (Glucotrol), Gliclazide (Diamicron), Chlorpropamide (Diabinese)
- Meglitinides and D-Phenylalanine Derivatives - Repaglinide (Prandin), Nateglinide (Starlix)
- Thiazolidinediones (TZDs) - Rosiglitazone (Avandia), Pioglitazone (Actos)
- Dipeptidyl peptidase-IV (DPP-4) inhibitors - Sitagliptin (Januvia), Saxagliptin (Onglyza), Linagliptin (Tradjenta), and Alogliptin (Nesina and Vipidia), Teneligliptin (Tenelia), Vildagliptin (Galvus)
- Alpha-glucosidase Inhibitors - Acarbose (Precose), Miglitol (Glyset), Voglibose (Voglib)
- Sodium-glucose co-transporter-2 (SGLT2) inhibitors - Canagliflozin (Invokana), Dapagliflozin (Farxiga), Empagliflozin (Jardiance), Ertugliflozin (Stelgatro)
- Dopamine D2 agonist – Bromocriptine (Parlodel and Cycloset)
- Glucagon like peptide 1 (GLP-1) receptor agonists - Semaglutide (Rybelsus)
- Bile Acid Sequestrants (BASs) - Colesevelam (Welchol)
- Others (Fixed Dose Combination Drugs)

By Application (Revenue, USD Bn):

Based on application, the market is segmented into Type 1 and Type 2. The 2 types of diabetes drugs are segmented and dominate the market. The Type 2 diabetes segment accounts for the largest sales of the worldwide market a few different kinds. The excessive prevalence of type 2 because of sedentary lifestyles and obesity in all age groups is attributed to the current situation. Around 10% of all diabetes cases are type 1, and approximately 90% of all cases of diabetes in UK are type 2. Hence, it is estimated to the diabetes drugs market will grow across the globe during the forecast period.

Type 1 diabetes (due to β-cell destruction, usually leading to absolute insulin deficiency)
Type 2 diabetes (due to a progressive insulin secretory defect on the background of insulin resistance)
Other diabetes types

By Distribution Channel (Revenue, USD Bn):

Based on distribution channels, the market is classified into hospital pharmacies, rental pharmacies, and online pharmacies. The hospital pharmacies captured the highest market share, owing to the availability of trained & qualified personnel and favorable reimbursement structure. Online pharmacies are estimated to register the highest CAGR in the forecast period, it is attributed to the technological adaptation and acceptance of online pharmacies. Retail pharmacies showed a moderate market share improvement in the healthcare facilities in developing countries is anticipated to propel the popularity of retail pharmacies during the forecast period.

Hospital Pharmacy
Retail Pharmacy
Online Pharmacy

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.