The Latin America adalimumab market is dominated by a handful of companies, says a new report by Transparency Market Research (TMR). These companies are focused on capitalizing on untapped opportunities to display sustainable growth in the coming years. Furthermore, these companies have reduced prices of adalimumab to stay competitive in this market post the introduction of biologic drugs. This situation is expected to reflect in the form of higher sales of adalimumab in Latin America.
According to the report, the Latin America adalimumab market stood at US$994.8 mn in 2014. Displaying a meagre 0.4% CAGR between 2015 and 2023, the market is projected to reach US$1,186.4 mn by 2023.
This 61 page report gives readers a comprehensive overview of the Latin America Adalimumab Market. Unlock the hidden opportunities in this market.
Brazil Represents Most Lucrative Market for Sales of Adalimumab
Argentina, Brazil, and Mexico represent the most lucrative markets for adalimumab in Latin America. Among these, Brazil is the leading market for adalimumab and is expected to retain its position over the forecast period.
Other countries in LATAM such as Peru, Venezuela, Columbia, and Chile have large middle and low income populations. This, along with lack of proper regulatory framework for biosimilars and lack of native production facilities limit the sales of adalimumab in these countries.
By application, the use of adalimumab for reducing the signs and symptoms of rheumatoid arthritis is anticipated to surge considerably. Rheumatoid arthritis stood as the leading application segment in 2014 and is expected to retain its dominant position over the forecast period. The segment registered a revenue contribution of US$328.7 mn to the LATM adalimumab market in 2015. The other application segments of the market are psoriasis, ulcerative colitis, and Crohn’s disease.
Favorable Government Policies Boost Sales of Adalimumab in Latin America
“The implementation of favorable government policies are expected to have a positive impact on the Latin America adalimumab market,” says TMR analyst. The presence of a large pool of experts in the region, as leading enterprises are engaged in research and development of biologics has led to high investments from both local and international players for the development of biologic drugs. This is translating into growth of Latin America adalimumab market, adds the analyst.
Since Brazil represents the most lucrative market for adalimumab, the majority of players are vying to leverage opportunities available in this country.
High R&D Expenditures Impede Market Growth
On the down side, high cost involved in clinical trials and research and development is the key factor limiting the participation of vendors, thereby hampering market growth. Irrespective of high R&D expenditures, product manufacturers are compelled to keep low prices of their products, which in turn is affecting their profit margins. Furthermore, lack of favorable reimbursement policies for biologic drugs is also having an adverse effect on the growth of Latin America adalimumab market.
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In addition, the imminent expiration of blockbuster drugs is anticipated to have a negative influence on the growth of LATAM adalimumab market. The introduction of biosimilars has further added to the woes of this market.
Nevertheless, with multinational companies looking into leveraging the untapped opportunities in Asia Pacific and Latin America, there exists some opportunities for the growth of this market in the future.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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