The size of the Latin America HIV Therapeutics Market was worth USD 1.77 billion in 2022 and estimated to be growing at a CAGR of 1.4%, to reach USD 1.90 billion by 2027.
One of the significant factors catalyzing the growth of the Latin American HIV therapeutics market is the increased prevalence of HIV/AIDS in the region. Factors such as fetal mother transmission, errors leading to transfusion of HIV infected blood, lack of awareness about HIV and their preventive measure is increasing the number of people who have HIV/AIDS. Additionally, the market is also influenced by an increase in the number of government initiatives to raise awareness to limit the spread of HIV. An estimated 2.5 million people were living with HIV in Latin America in the year 2019. Young people in Latin America, especially those in the teenage group, are at a disproportionate risk of acquiring HIV infection, greatly owing to the lack of knowledge about the prevention services for AIDS; this is acting as a contributing factor for the market growth. In the year 2019, there were around 125,000 people were newly diagnosed, and nearly 42,000 deaths by AIDS-related complications were reported in Latin America. Growing rate of HIV/AIDS is a severe threat to modern society.
In addition, the introduction of generic drugs such as antiretroviral therapy (ART) and other medications to prevent the further complications associated with HIV is driving the Latin American market. In 2019, AIDS-related deaths fell by 12% compared to the previous year. AIDS-related deaths were relatively low in Latin America for many years. With favorable government initiatives to control the rate of new infections over the past decade, which has declined by 2% between 2007 and 2017, new infections among young people are increasing at a high rate. In addition, the latest drug combinations having lesser adverse effects than antiretroviral drugs, the risk of co-infections is gaining popularity by healthcare professionals. This helps the Latin American HIV therapeutics market in the years to come.
However, a significant challenge is a stigma associated with HIV; people often are not tested or evade medication to decrease social peer pressure. HIV, when left untreated without prescription, over time will lead to serious health complications such as AIDS. To avoid this, there should be an uninterrupted supply of ART drugs and other primary health products. Often, there is a shortage of ARTs and other medical supplies due to poor healthcare infrastructure in developing economies. In the projected period, the inability to reach unmet market needs will restrain the Latin American HIV therapeutics market.
This research report on the Latin America HIV therapeutics market has been segmented & sub-segmented the market into the following categories:
Regionally, the potential for market development in the countries of Latin America is considerable because of their population sizes and issues with current medicines. However, the inaccessibility of moderate medications is frequently the reason these business sectors have not been multiplied.
The Brazilian market is expected to be the fastest-growing regional market in Latin America during the forecast period. This can be attributed to improved health infrastructure and the presence of favorable government initiatives in the region. 40% of deaths from AIDS-related illnesses occurred in Brazil in the year 2019. The annual new HIV infections and AIDS-related deaths are more in Brazil than in Latin American regions. In Latin America, HIV prevalence among this population is less in Guatemala and El Salvador, at around 7%. There is a high HIV/AIDS prevalence rate above 20% in Bolivia, Mexico, and Paraguay.
The Mexican market is likely to be the second-largest market supported by large numbers of people living with HIV / AIDS in the region. With over 110 million inhabitants, Mexico had around 185,000 people living with HIV / AIDS in the area. In addition, the immigration of Mexicans between the United States and surrounding rural places may contribute to the spread of HIV. In recent years, heterosexual transmission has become more important and is now the main route of transmission along Mexico's southern border. In addition, pharmaceutical companies are constantly investing in Mexico via new drugs, which contributes to market growth.
KEY MARKET PLAYERS:
A few promising companies in the Latin America HIV Therapeutics Market profiled in this report are GlaxoSmithKline, Bristol-Myers Squibb, Pfizer, Boehringer Ingelheim, Merck, Hoffmann-La Roche, and Gilead Sciences.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: email@example.com