The size of the Latin America Neurotherapeutics Market is predicted to rise at a steady CAGR between 2022 to 2027.
An increase in the geriatric population base, advancing healthcare facilities, increased investments in R&D, and growing awareness about various nervous system disorders with a better understanding of associated drugs contribute to the growth of the neurotherapeutics market in the Latin American region. The elderly are more prone to brain disorders, which makes the growing geriatric population significantly impact the demand and sales of neurotherapeutics drugs. The World Health Organization has reported that by 2020, around 14.18% of the global population will suffer from some neurological disorder. This will stimulate the production of more neurotherapeutic drugs. Furthermore, the percentage of unspecified malignant tumors of the brain and CNS is remarkably high at around 33.6% in Central and South American regions.
Moreover, there is an increase in various brain disorders such as dementia, brain aneurysms, Parkinson’s disease. According to the WHO, mental health is one of the most common disorders in the present world, so healthcare officials depend on developing new drugs and better stimulation devices for treatment. In addition, according to the Neurological Association, due to the increase in life expectancy, dementia becomes more and more prevalent. An estimated 2.4 million Americans over the age of 65 will suffer from it by 2035.
Other factors such as the growing presence of significant healthcare players and ease of getting CE approval for various procedures will contribute to the growth of the Latin American neurotherapeutics market. There is enormous untapped potential for further growth in developing countries like Chile and Argentina. According to alz.org, Alzheimer’s disease is the fifth leading cause of death in Argentina and affects more than 305,000 Argentines. According to current data, over 44 million people have dementia, making this disease a global health crisis; this provides lucrative market growth opportunities during the forecast period.
However, the limited availability of other treatment options in drug therapy and surgeries is limiting the growth of the Latin American neurotherapeutics market. In addition, the absence of an adequate reimbursement policy, the presence of a complex regulatory framework, and lack of awareness in some developing countries are believed to challenge the growth of the Latin American neurotherapeutics market.
This research report on the Latin American neurotherapeutics market has been segmented and sub-segmented based on the following categories.
By Distribution channels:
In 2020, the Brazilian market accounted for most of the Latin American neurotherapeutics market. This trend is expected to continue, owing to increased R&D activities, the presence of key market players, and the wide availability of technologically advanced devices. Besides, the increasing prevalence of various neurological disorders is another factor driving the market in this region. There is an increased prevalence of epilepsy and the like, with epilepsy recorded at 7.88 / 1000 inhabitants and the overall prevalence rate of active epilepsy was 5.68 / 1000 inhabitants.
On the other hand, it is estimated that other Latin American regions will also see a reasonable growth rate in the years to come. The Mexican region will register the fastest growth during the forecast period, owing to increased healthcare expenditure, the strong presence of major market players, and rapid technological advancements. As a result, there is a rapid increase in various CNS disorders during the forecast period 2022-2027. Six studies focusing on the prevalence of epilepsy in Mexico were found, reporting rates from 3.98 to 42.29 per 1,000 population. In contrast, other studies found high proportions of poor quality of life and impaired healthcare burden among Mexican patients and their families. All these factors will be responsible for the growth of the studied market during the forecast period.
KEY MARKET PLAYERS:
Some of the key players influencing the Latin America Neurotherapeutics Market are Abbott Laboratories, Inc., Becton, Novartis AG, Dickinson and Company, Pfizer, Inc., Johnson & Johnson, Biogen, Inc., GlaxoSmithKline, Inc., AstraZeneca plc, Sanofi-Aventis, Spiegelberg, Stryker, Covidien, Medtronic, GE healthcare, and Merck & Co.
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