The Latin American antibodies market size is estimated to be worth USD 15.29 billion by 2027 from USD 10.21 billion in 2022, growing at a CAGR of 8.41% CAGR during the forecast period. The market growth is attributed to rate highest adoption rate in price-sensitive markets and drug research.
An increase in the R&D activities, particularly in the life sciences industry, coupled with increasing collaborations between industry and academia, are key factors driving the Latin America antibodies market. The R&D sector has traditionally remained capital intensive due to long development periods and approval cycles. Investment in R&D occupies a privileged place in global spending. Governments recognize R&D as a crucial investment for the advancement of a nation, international competitiveness, and the public interest. For this reason, R&D spending and funding have grown steadily over the years. Currently, the growing demand for effective therapeutic drugs with fewer side effects has led to an increased focus on the R&D of biopharmaceuticals. An increase in research activity and availability of funds are expected to drive the overall purchase and consumption of antibodies, which in turn accelerates the growth rate of the Latin American antibodies market.
Additionally, the goal behind the production of personalized antibodies is to acquire an antibody that will work well in a particular qualitative or quantitative immune detection method. In addition, biopharmaceutical companies have almost doubled their R&D investments in personalized medicine over the past five years, and it is expected to increase by 33% over the next five years.
The demand for protein therapies, including hormones, vaccines, monoclonal antibodies, blood factors, and therapeutic enzymes, has increased recently. New protein therapies, such as bispecific antibodies and antibodies conjugated to small molecules, are under development. Protein therapy is widely recognized for its potential use in treating various types of diseases, and its demand has increased dramatically in recent years due to the increasing prevalence of chronic diseases.
Strict government regulations and government laws take longer to get approval for an antibiotic to enter the market; this has been one of the main causes which negatively affect the growth of the Latin American antibodies market. The quality of bespoke antibodies (to ensure reproducibility of results) is also a concern in this market, which is expected to hold back the market's growth rate.
Impact of COVID-19 on the Latin American antibodies market:
At the forefront of the COVID-19 epidemic, many researchers worldwide are involved in viral research into SARS-CoV-2, the virus that causes COVID-19. For both vaccines and therapies, the antibodies produced are tested for their functional effectiveness in neutralizing the target virus. Most of the service providers have prioritized actions to support the critical work of customers involved in COVID-19, such as offering a range of high-quality COVID-19 related research tools, reallocating R&D resources to develop products critical for SARS-Cov-2, drive supply chain and manufacturing flexibility to support the increased demand for existing products used for SARS-CoV-2 / COVID-19 research, and initiate discussions and collaborations across the region focused on SARS-CoV-2 diagnosis, drug and vaccine development.
This research report on the Latin American Antibodies market has been segmented and sub-segmented into the following categories:
By Product Type:
By End User:
Geographically, the Brazilian antibodies market is expected to represent the largest share in the Latin American market during the forecast period. The growing incidence of cancer, public funding of medical research in the region, the need for quality cancer treatment, and regulatory approvals and authorization of antibodies used in Latin America are key factors in the market growth in this region.
The Mexican antibodies market is predicted to be another lucrative regional market in Latin America from 2022 to 2027.
The Argentina antibodies market is expected to register healthy CAGR during the forecast period. The presence of developed infrastructure, availability of budgets, increase in R&D spending for drug discovery and development services drive the market growth in this region.
KEY MARKET PLAYERS:
Some noteworthy companies operating in the Latin America Antibodies Market profiled in this report are Abbott Diagnostics, Novartis AG, Pfizer Inc, ThermoFisher Scientific Inc, Eli Lilly, and company, A.G. Scientific, Bristol-Myers Squibb, F. Hoffmann-La Roche Ltd, and AbbVie Inc.