Latin America Insulin Market Research Report: Forecast (2024-2030)

Market Definition

Insulin is a pharmaceutical preparation of the protein hormone insulin produced by the human pancreas. It controls the amount of glucose (sugar) levels in the bloodstream, regulates the uptake of amino acids by body cells, and regulates the metabolism of fats, proteins, and carbohydrates.

Market Insights & Analysis: Latin America Insulin Market (2024-30):

The Latin America Insulin Market is estimated to grow at a CAGR of around 8.50% during the forecast period, i.e., 2024-30. The surge in several obese and overweight individuals at risk for diabetes has driven the Latin America Insulin Market. The old-age population has grown in Latin America and has accelerated the Latin America Insulin Market. For instance, as per the World Bank, there were 34,213,156 females aged 65 and over in Latin America and the Caribbean in 2022, up from 31,039,972 in 2019. Similarly, in 2022, there were 26,393,046 males aged 65 and over, an increase from 24,338,446 in 2019 in Latin America and the Caribbean. Also, 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. The percentage will further increase to 25.1% of the total population by 2050. Aging is one of the major causes of diabetes, and with the surge in the old-age population in Latin America, diabetes cases have increased in the region, which has accelerated the demand for insulin for effective management of diabetes.

Further, the surge in government and non-government initiatives aimed at raising awareness about diabetes in Latin America has accelerated the demand for insulin therapy by increasing the number of individuals undergoing diabetes screening and receiving subsequent treatment, which often involves insulin administration. Hence, all the factors mentioned above are expected to augment the size & volume of the Latin America Insulin Market collectively.

Latin America Insulin Market Driver:

Expanding Diabetes Population in Latin America Augment Demand for Insulin – 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.

Latin America Insulin Market Opportunity:

Integration of Digital Health Platforms with Insulin Delivery Devices to Open New Doors – With increasing smartphone penetration and internet connectivity in the region, the integration of digital health platforms with insulin delivery devices in Latin America has the potential to revolutionize diabetes management. These platforms empower patients to monitor their glucose levels, track insulin doses, and make informed treatment decisions. Additionally, remote monitoring by healthcare providers and virtual consultations would help to overcome barriers to diabetes healthcare access in the region. Government initiatives to improve internet connectivity further facilitate the adoption of digital health solutions for diabetes management. For instance, in 2022, the Mexican government announced a USD 1.50 billion investment to boost internet connectivity, especially in isolated rural areas. Hence, as demand for accessible diabetes management grows, the integration of digital technologies with insulin delivery devices would drive the Latin America Insulin Market by improving patient outcomes and expanding access to care.

Latin America Insulin Market Challenge:

High Cost of Insulin to Impede Market Growth & Expansion –  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 Trend:

Increasing Popularity of Insulin Analogs – In recent years, there has been an increasing preference for insulin analogs over conventional insulin products in Latin America. This has been attributed primarily to the benefits offered by various insulin analogs, such as improved glycemic control, reduced risk of hypoglycemia, and fewer side effects that make them more appealing to both healthcare providers and patients. Further, the consumer shift towards insulin analogs is propelled by government policies and healthcare initiatives that have shaped access to medications such as insulin analogs.

For example, through the Programa de Suministro Gratuito de Medicamentos Esenciales program, the Brazilian government provides free access to essential medications, including insulin analogs, for individuals with diabetes. Under this initiative, patients registered with the public healthcare system can receive insulin analogs at no cost, making these medications more accessible to those in need and encouraging their usage for better diabetes management.

Moreover, educational campaigns and awareness efforts further drive consumer preference by highlighting the benefits of insulin analogs and dispelling misconceptions. For example, the Campaña de Concientización sobre la Diabetes y el Uso de Insulina Analógica is a campaign, organized by healthcare organizations and supported by pharmaceutical companies to promote the advantages of insulin analogs among healthcare providers and patients in Mexico. Consequently, the convergence of these factors raises a preference for insulin analogs among consumers in Latin America, accelerating the overall growth & development of the Latin America Insulin Market.

Latin America Insulin Market (2024-30): Segmentation Analysis

The Latin America Insulin Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the regional level. According to the analysis, the market has been further classified as:

Based on 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.

For example, in 2022, Novo Nordisk collaborated with organizations like the Brazilian Diabetes Society (SBD) and the Brazilian Association of Diabetes and Obesity (ABESO) to raise awareness about diabetes management and provide education to healthcare professionals and patients. Through these partnerships, companies enhance their efforts to promote insulin medications and increase their usage, thereby driving demand for insulin drugs in the region.

Moreover, advances in biotechnology and pharmaceuticals have led to the development of more effective and safer insulin drugs, resulting in their increased adoption among healthcare professionals and patients. Hence, considering the aforementioned factors, the demand for insulin drugs is expected to continue witnessing high growth in Latin America in the coming years.  

Based on Application

• Type I Diabetes
• Type II Diabetes

Among the two, Type I Diabetes is expected to acquire a larger market share in the coming years. The market growth has been attributed to the rising incidence of Type 1 diabetes across the region, particularly among children and adolescents. For instance, as per the International Diabetes Federation, around 121,300 children and adolescents between the ages of 0 and 19 years were suffering from Type 1 diabetes in 2021 in the Latin America region. Coupled with government support and initiatives aimed at improving access to healthcare services and medications, the heightened awareness of Type 1 diabetes in the region, enabling early identification and treatment initiation, is fueling segmental market growth.

Additionally, advancements in insulin delivery systems and continuous glucose monitoring devices are enhancing treatment efficacy and patient convenience, stimulating demand for insulin therapy among Type 1 diabetes patients. Furthermore, the growing emphasis on personalized medicine in diabetes management is facilitating the uptake of insulin therapy for Type 1 diabetes. Personalized treatment approaches optimize glycemic control and minimize the risk of complications for patients with Type 1 diabetes. As a result, Type 1 diabetes is poised to acquire a larger market share in the Latin American Insulin Market during the forecast period.

Latin America Insulin Market (2024-30): Regional Projections

Geographically, the Latin America Insulin Market expands across:

• Mexico
• Brazil
• Argentina
• Colombia
• Chile
• Peru
• Rest of Latin America

Mexico accounts for the largest share of the Latin America Insulin Market. The dominance is attributed to the presence of a large number of individuals with diabetes in the region. For instance, as per the International Diabetes Federation, about 83,741,600 people were reported to be suffering from diabetes in Mexico in 2022. The large patient population pool with diabetes has accelerated the demand for insulin in the country and has positively impacted regional market growth.

The old-age population has grown in Mexico, and this has positively impacted Mexico’s Insulin Market. For instance, as per the World Bank, there were around 5,847,046 females aged 65 and over in 2022 in Mexico, up from 5,333,106 in 2019. With increasing age, the risk for diabetes increases due to factors such as decreased physical activity, changes in metabolism, and other age-related health issues. As a result, there is a greater demand for insulin therapy among the elderly population to manage their diabetes effectively. With that, the Latin America Insulin Market has witnessed prosperity.

The rise in initiatives undertaken by the government and non-government authorities to create awareness of diabetes in Mexico has further contributed to the country’s insulin industry. For example, Project Hope in Mexico is continuously promoting diabetes education and healthy lifestyles in the region. It has developed a successful program to increase screening for gestational diabetes in pregnant women and provides diabetes training to health professionals on how to respond in communities with low-income diabetic patients. Such programs have increased the number of people undergoing diabetes screening as well as treatment via insulin administration. This, in turn, has successfully accelerated the growth of Mexico's Insulin Market.

The presence of a large number of obese and overweight individuals in the region has further accelerated the growth of the Mexico Insulin Market. For instance, as per the World Obesity Federation, about 36.9% and 38.3% of adults were obese and overweight, respectively, in Mexico in 2022. Obesity is one of the risk factors for diabetes, and with the rise in the number of obese people in Mexico, the incidence of diabetes has increased. This has led more people to go for diabetes testing and receive adequate treatment in the form of insulin. Hence, considering the aforementioned factors, the Mexico Insulin Market is expected to witness growth in the coming years as well.

Latin America Insulin Market Industry 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.

Gain a Competitive Edge with Our Latin America Insulin Market Report

1. The Latin America Insulin Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. The Latin America Insulin Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.