As per our analysis, the Latin American Biosimilars Market size is predicted to grow from USD 1.56 billion in 2023 and is estimated to be growing at a CAGR of 29.68% to reach USD 5.75 billion by 2028.
The Latin American market is driven by factors including the increasing prevalence of chronic disorders like cancer and diabetes, complementing the growing demand for pharmaceutical drugs, especially for high-priced proprietary medicines. Biosimilars are characterized as the most important market in the healthcare sector. Biosimilars are seen as a budget-effective treatment option with increasing healthcare costs. In addition, biosimilars can be used effectively to diagnose and treat several different chronic conditions like diabetes, cancers, renal failure, etc. Demand for biosimilars is projected to rise in the next few years.
Market growth, although, is constrained by the reference product’s massive cost, which raises the financial burden on patients and service providers for reimbursement. Due to the drop in demand, the lack of economies of scale is a factor behind such high costs. In addition, the growth of the biosimilar market is hindered by the lack of regulatory guidelines, consumer brand preferences, physician’s reluctance to implement biosimilars, and the large capital needed for research and development.
The drop in biosimilar prices is expected to have a massive impact on biosimilar’s total sales, and patients will continue always to be the main beneficiaries. A recent and continuing trend among manufacturers focused on rising biosimilar markets in Latin America is the drop in the innovator's price with huge discounts. Furthermore, biosimilar manufacturers are likely to approach multiple productions or quantities of production at different levels. Throughout the forecast period, the potential profitability of producing several biosimilar products in the same facility may provide a favorable opportunity for growth for manufacturing firms. Several market players are gradually subcontracting the manufacture of biosimilar goods. These two technologies are projected in the coming years to support the regional market.
This research report on the Latin American biosimilars market has segmented and sub-segmented the market into the following categories:
Latin America Biosimilars Market - By Product Type:
Latin America Biosimilars Market - By Technology:
Latin America Biosimilars Market - By Disease:
Latin America Biosimilars Market - By Country:
Regionally, Biosimilars in Latin America account for a large percentage of pharmaceutical expenditure and relatively small prescriptions. In many Latin American countries, biosimilars for breast cancer, rheumatoid arthritis, and non-small cell lung cancer are presently being developed. They may soon be out in the market.
The Brazilian biosimilars market is estimated to be the most lucrative regional market in Latin America during the forecast period. The Brazilian government presents biological drugs through the programs, which represent an important portion of the health sector. However, biological drugs represent only 2% of the drugs dispensed by the government, and the rest, 41%, are spent by the Ministry of Health. Therefore, the government is also striving to increase the possibility of biosimilarity that allows the authorization of the market of medicines.
The Mexican Biosimilars Market is forecasted to showcase a healthy CAGR from 2023 to 2028. In Mexico, nearly 40% of the patients with cancer types are qualified for the biological tests of those who do not receive the therapy. Therefore, the Mexico market represents an important opportunity to help affordable and widen access to standard treatment for patients. Mexican health authorities related to the necessary scientific proof needed to examine the efficacy and protection of biosimilar drugs post- and pre-arrival into the Mexican market.
KEY MARKET PLAYERS:
Companies playing a leading role in the Latin American biosimilars market profiled in this report are Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddy’s Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd.
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