Adalimumab is an anti-inflammatory medication usually prescribed for treating Crohn’s disease, rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, ulcerative colitis, moderate to severe hidradenitis suppurativa, moderate to severe chronic psoriasis, and juvenile idiopathic arthritis. The medication is known to be a TNF inhibitor and an anti-inflammatory medication. It is popularly sold under the trade names of Humira and Exemptia as approved by the U.S. Food and Drug Administration (FDA).
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Improved Diagnosis of Diseases Boosts Sale of Adalimumab
Though adalimumab was initially approved in the U.S., it is now being sold in over 60 countries. Over the years, the technological advancements and increasing research and development activities for developing biosimilars of adalimumab have created several growth opportunities for these drugs. Furthermore, factors such as the improved diagnosis rate of diseases and a huge support from efficient biological drugs will also propel the growth of the Latin America adalimumab market.
Adalimumab Market to Grow at a CAGR of 0.4% between 2015 and 2023
A research report by Transparency Market Research suggests that the LATAM adalimumab market was valued at US$994.8 mn in 2014 and is expected to register a CAGR of 0.4% between 2015 and 2023 to reach a value of US$1,186.4 mn by 2023. This growth will be attributable to the growing preference for effective medications, low cost of production as patents reach their expiry dates, improving marketing strategies, and abundant availability of medical expertise in biosimilar research in Latin American countries.
The Latin America adalimumab market has been segmented on the basis of application and country. The applications of adalimumab are seen in the treatment of diseases such as rheumatoid arthritis, psoriasis, Crohn’s disease, ulcerative colitis, and others. In terms of countries, this market is segmented into Argentina, Colombia, Brazil, and Rest of LATAM.
Acceptance of Adalimumab for Rheumatoid Arthritis Boosts Market
The rheumatoid arthritis application segment held the biggest share in the Latin American adalimumab market due to extensive research on the subject, increasing acceptance of adalimumab for treating rheumatoid arthritis, and improving diagnosis of the health condition at lab levels. A research paper published by Reumatologia Clinica Journal in 2013, titled ‘Current Therapies in Rheumatoid Arthritis,’ shows that the use of TNF inhibitors such as adalimumab for treating rheumatoid arthritis is extremely common. The paper also highlights that the growing incidence of this disease will accelerate the usage of adalimumab. The factors restraining the growth of the adalimumab market in Latin America are the risks of infections and possible side effects posed by these medications. However, the demand of adalimumab for treating psoriasis will offset this negative effect in the near future.
The Latin America adalimumab market will also be positively influenced by the growing healthcare expenditure and growing preference for biologic drugs in the region. Some of the important players operating in the Latin American adalimumab market are Boehringer Ingelheim GmbH, Pfizer, Inc., AbbVie, Inc. Amgen, Inc., Mylan N.V., and Novartis AG. In the current market scenario, the majority of the players are trying to develop adalimumab biosimilars that will treat psoriasis and rheumatoid arthritis. The ongoing clinical trials for ensuring the safety and efficacy of these biosimilars are a testimony to this fact. This R&D avenue is expected to retain an important place in the adalimumab market in Latin America in the coming years.
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