The Latin America Biopharmaceuticals Market is predicted to achieve USD 29.56 billion in 2022 and is estimated to grow at a CAGR of 9.67% to reach USD 46.89 billion by 2027.
Increased government initiatives such as the Growth Acceleration Program and the Greater Brazil Plan to increase domestic pharmaceutical production in Brazil and increased Foreign Direct Investment in the region are primarily accelerating the market growth for biopharmaceuticals in Latin America. However, when it comes to biological medications, particularly biosimilars, Latin America offers many potentials. Because Latin America has a high level of competence and development in biosimilars, local and multinational pharmaceutical companies are eager to enter the market to explore, create, and commercialize locally and internationally.
A greater emphasis on research and associated investments is assisting in meeting the high demand for biopharmaceuticals. In addition, biopharmaceutical products' capacity to treat previously untreatable conditions has resulted in the introduction of novel medications to the market. As a result of all factors, the market under consideration is predicted to expand throughout the forecast period.
Furthermore, the desire to avoid the side effects of small-molecule drugs and invasive surgical therapies is driving up the demand for biopharmaceuticals. As a result, Latin America is one of the largest pharmaceutical marketplaces in the world. The Latin American pharmaceutical market is expected to increase at 9% per year until 2028, and it is now more significant than the African and Middle Eastern markets combined. Brazil's pharmaceutical market is larger than the UK, Italy, Canada, and Spain combined, and it is predicted to surpass France to become the world's fifth-largest by 2024.
The key restraint confronting competitors in the Latin American biopharmaceuticals market are the high costs of R&D and the clinical trials required to prove product effectiveness and safety, as well as the necessity to keep final prices low. As a result, regional biologics firms aim to license their medicines to global players to expand their businesses.
This research report on the Latin America Biopharmaceuticals Market has been segmented and sub-segmented into the following categories:
By Product Type:
By Therapeutic Type:
Regionally, Latin American accounted for a moderate share in the global market in 2020. But the scenario is expected to change in the coming years and is predicted to register a healthy growth rate between 2022 to 2027.
In Latin America, the Brazilian market is projected to showcase significant growth during the forecast period, followed by Mexico and Argentina.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Latin America Biopharmaceuticals market profiled in this report are Merck & Co., Inc., F. Hoffmann-La Roche AG, Eli Lilly and Company, Inc., Sanofi, Amgen Inc., AbbVie Inc., Biogen Idec, Bayer AG, Johnson & Johnson Services, Pfizer, Inc. and Novartis AG.
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