The Size of the Immunotherapy Drugs Market in Latin America is valued at USD 4.57 billion in 2022 and is projected to reach USD 7.17 billion by 2027, with a significant CAGR of 9.4% during the forecast period 2022 to 2027.
Obesity, lifestyle changes, smoking and eating habits are other important factors that increase the number of cancer patients. People are turning to cancer treatments with fewer side effects. These factors are likely to drive the growth of the Latin America immunotherapy drugs market in the coming years as the immunotherapy drugs have been shown to have fewer side effects compared to other treatments. It has also been observed that the risk of liver cancer increases dramatically with increasing body mass index (BMI). According to the 2018 OECD-Health Authorities, obesity levels are particularly high in Latin American countries. For example, in Mexico, 33% of men aged 15 and over are obese in 2018, and it is predicted that almost 41% of the population will become obese in 2035. Therefore, due to the above factors, the market is expected to show growth in the near future.
The growing population of patients suffering from different types of cancer such as lung cancer, breast cancer, ovarian cancer and other cancers is driving the immunotherapy market. Moreover, the growth of the geriatric population and the contribution of the government to healthcare expenditure are other factors which are contributing to the growth of the market.
The effective growth in adoption of immunotherapy drugs over conventional treatment regimens, the increasing prevalence of cancer and autoimmune and infectious syndromes, and the growing need for monoclonal and stem cell antibodies are the few aspects responsible for the market growth during the review period.
However, it is estimated that the high cost of immunotherapy drugs, expensive treatments in general, and lack of knowledge about drugs and immunotherapy techniques will slow the growth of the immunotherapy drugs market.
Immunotherapy drugs are in great demand to strengthen the immune system during the corona virus pandemic around the world. Additionally, the cancer immunotherapy community is proud to support the ongoing fight against COVID-19. Growing opportunities in developing markets and immunotherapy as a substitute for chemotherapy for first-line treatment are expected to drive the market growth. Furthermore, faster drug approval process and high prevalence rate of lifestyle-related diseases are expected to drive the market growth during the forecast period.
High rate of attrition in the production process as well as certain side effects of few drugs and availability of other treatment modalities for cancer challenge the market.
This research report on the Latin America Immunotherapy Drugs Market has been segmented and sub-segmented into the following categories
By Drug Type:
Brazil is expected to hold a significant market share during the forecast period. This is due to the increasing incidence of cancers, increasing geriatric population, increasing preference and rate of adoption of immunotherapy rates across the region. People with cancer in Latin America are at increased risk of infection with COVID-19. Therefore, researchers are in the process of developing effective therapies for COVID-19.
According to the CDC, 22 million adults were diagnosed with cancer in 2019, leading to the number of cancer drugs on the market. While in Latin America and the Caribbean, an estimated 1.15million new cancer cases and 600,500 cancer deaths occur each year. These suggest that a steady healthy growth rate for immunotherapy drugs can be expected in upcoming years.
Noteworthy Companies leading the Latin America Immunotherapy Drugs Market Profiled in the Report are Roche, Merck, Eli Lilly, Novartis, AstraZeneca, GlaxoSmithKline PLC, Amgen, Celgene, Bristol Myers Squibb, and Seattle Genetics.
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