Only a few companies hold the leading share in the Latin America adalimumab market. These enterprises are currently capitalizing on untapped opportunities in the region to sustain their growth. As per a new study by Transparency Market Research, the majority of these companies have reduced prices of adalimumab to remain competitive in the market post the entry of biologic drugs. This situation on a positive note, is likely to increase sales of biosimilar adalimumab in Latin America.
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Adalimumab Sales in Latin America to Increase due to Favorable Government Policies
The impending patent expiration of blockbuster drugs is expected to have an adverse impact on the LATAM adalimumab market. “Despite witnessing slow growth since the last few years, adalimumab sales in Latin America are expected to surge due to the implementation of favorable government policies,” said an analyst at TMR. “Latin America is also home to many skilled professionals, as leading enterprises are engaged in R&D into biologics. This has translated into higher investment in the research and development of biologic drugs, thus boosting prospects for international and local players, alike,” he added.
High Cost of R&D to Discourage Product Innovation
Since Brazil presently boasts the most favorable regulatory scenario, a majority of key players are looking to capitalize on the opportunities existing in the country. On the flip side, high cost incurred on clinical trials and increasing expenditure on research and development has compelled manufacturers to keep the prices of their products low. This subsequently inhibits the market’s trajectory in Latin America to an extent. Furthermore, absence of proper reimbursement policies for biologic drug therapy also has an adverse impact on the market’s growth.
Nevertheless, with multinational companies looking to venture into emerging economies of Asia Pacific and Latin America, the adalimumab sales in the region are still expected to increase in the forthcoming years.
Brazil Exhibits Most Lucrative Prospects for Sales of Adalimumab
Mexico, Argentina, and Brazil presently exhibit the most attractive opportunities for sales of adalimumab. Among these countries, Brazil has emerged as the leading adalimumab market in Latin America. As per TMR, the Brazil adalimumab market stood at US$276.7 mn in 2014 and is expected to reach US$352.8 mn by the end of 2023. The LATAM adalimumab market will exhibit a 1.2% CAGR between 2015 and 2023.
In other countries such as Peru, Chile, Venezuela, and Columbia, the majority of the population belongs to the low or middle income groups. Furthermore, these countries don’t have a proper regulatory framework for biosimilars in place. Therefore inadequate government support and the absence of native production facilities limit the sales of adalimumab in these countries.
In terms of application, use of adalimumab to reduce signs and symptoms of rheumatoid arthritis is expected to surge considerably. The rheumatoid arthritis segment held the leading share in the market in 2014 and is likely to maintain its dominance through the forecast period. Other than this, adalimumab is also used in the treatment of psoriasis, Crohn’s disease, and ulcerative colitis.
As per Transparency Market Research, the LATAM adalimumab market had a valuation of US$994.8 mn in 2014. Rising at a CAGR of 0.4% between 2015 and 2023, the market is expected to reach US$1,186.4 mn by the end of 2023.
This review is based on information published by Transparency Market Research in a report, titled “LATAM Adalimumab Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
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