The size of the Latin American Monoclonal Antibodies Market is forecasted to be USD 5.34 Billion in 2023 and USD 8.41billion by 2028, growing at a CAGR of 9.5% from 2023 to 2028.
There is great experience and development of monoclonal antibodies in Latin America, so there is great interest from local and foreign pharmaceutical companies to enter the market to research, produce and market locally and internationally. Moreover, increasing research collaborations to develop robust drug streamlining is a major factor that is expected to drive market growth over the forecast period.
The Latin American monoclonal antibodies market is expected to experience rapid growth in the coming years, mainly due to discovering new molecules. Therefore, biotech companies invest heavily in R&D to stay ahead of the monoclonal antibody market by constantly offering new innovative products.
There are a growing number of government initiatives and funding for clinical trials of drugs, which can be used in the treatment of Covid-19, which are expected to support market growth. For example, in 2020, the World Health Organization launched the “Solidarity” trial, a multinational initiative to test new and old drugs/therapies to treat Covid-19.
Despite the efforts of large multinationals to produce innovative biological drugs, the Latin American market for monoclonal antibodies is constantly evolving and remains competitive. Additionally, recent changes in local regulations positively affect the Latin American monoclonal antibodies market and fuel the race against innovative products.
Although current regulations allow the registration of generic versions of conventional pharmaceuticals, regulatory pathways for monoclonal antibody drugs are still unclear in some Latin American countries. In addition, in many Latin American countries, such as Brazil, Mexico, and Argentina, some insurers do not cover certain biological drug treatments. Therefore, patients have to buy the drug out of pocket or by monoclonal antibodies through the government. Thus, the lower the prices, the higher the sales in the public and private sectors.
The main challenges facing players in the Latin American monoclonal antibody market relate to the high costs of R&D and clinical trials required to demonstrate the efficacy and safety of the product, as well as the need to keep end prices low. Therefore, to expand their business, regional organic manufacturers are looking to license their products to global players.
Intellectual property is not protected in all Latin American countries, so that companies can register monoclonal antibodies against innovative biological drugs protected in other regions. Therefore, innovative companies compete with cheaper products with similar chemical structures, clearly at a disadvantage. In response, they are implementing competitive strategies to prevent monoclonal antibodies from entering the Latin American market.
This research report on the Latin American monoclonal antibodies market has been segmented & sub-segmented into the following categories:
In Latin America, the Brazilian monoclonal antibodies market is forecasted to lead the market during the forecast period. Monoclonal antibodies in Latin America represent many pharmaceutical spending but a relatively small number of prescriptions. In many Latin American countries, monoclonal antibodies for breast cancer, rheumatoid arthritis, and non-small cell lung cancer are currently in development and may soon be on the market.
KEY MARKET PLAYERS:
A few prominent companies operating in the Latin American monoclonal antibodies market profiled in this report are GlaxoSmithKline plc, Novartis AG, Pfizer Inc., Thermo Fisher Scientific Inc., Eli Lilly, and Company, Seattle Genetics, Bristol-Myers Squibb, F. Hoffmann-La Roche Ltd., and Biogen Inc.
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