The Latin America (LATAM) adalimumab market features the dominance of few companies operating amid a lackluster market, a limited set of growth opportunities, and the looming threat of biosimilars, observes Transparency Market Research in a report. The drug being a biologic, carries a high price tag, making it difficult for the largely cost-conscious consumers in the region to procure it. The presence of several biosimilars and the projected introduction of several new varieties in the next few years have intensified cost competition in the market.
In a bid to retain their command and gain sustainable returns in this scenario, companies in the market have reduced costs of adalimumab. On a positive note, the increasing availability of biosimilars in the region is expected to increase the scope of usage of the drug in the next few years.
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Transparency Market Research estimates that the LATAM adalimumab market will exhibit a meagre CAGR of 0.4% over the period between 2015 and 2023, rising from a valuation of US$994.8 mn in 2014 to US$1,186.4 mn by 2023.
Brazil to Present Most Promising Growth Opportunities for Adalimumab Market
In terms of application, the segment of rheumatoid arthritis dominated the LATAM adalimumab market in 2014 and is likely to retain its position as the leading revenue contributor to the overall market over the report’s forecast period. From a geographical standpoint, the market for adalimumab in Argentina, Mexico, and Brazil presently have the most promising growth opportunities. Of these, Brazil has emerged as the leading revenue generator, with a valuation of US$276.7 mn in 2014. The market for adalimumab in Brazil is projected to expand at a 1.2% CAGR from 2015 to 2023.
Other countries in the LATAM region, including Venezuela, Chile, Peru, and Columbia, the majority of population belongs to low or middle income categories. Furthermore, these countries lack proper regulatory frameworks for the sale of biosimilars and have a near nonexistence of domestic production facilities. As a result, the sales of adalimumab in these countries are expected to remain dull over the report’s forecast period.
Adalimumab Sales in LATAM Countries to Benefit from Favorable Government Policies
The market for adalimumab in Latin America is expected to suffer from impending patent expiries of a number of blockbuster drugs. However, despite the slow growth witnessed by the market in the past few years, sales of adalimumab in the region are expected to gain strength owing to favorable government policies. Moreover, rising investment of native and international companies in R&D practices aimed at the development of biologics will also drive sales of adalimumab in the region over the report’s forecast period.
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High Costs of Clinical Trials and R&D to Deter Growth
Although a number of companies are looking to capitalize on the favorable growth opportunities offered by the Brazil market, the high and rising costs incurred in undertaking clinical trials and R&D activities compel companies to increase costs of their products to gain sustainable returns. This factor inhibits the growth of the adalimumab market in Latin America to a large extent. Moreover, the region also has the absence of favorable reimbursement policies for biologics, adversely impacting the overall growth prospects of the LATAM adalimumab market.
This review of the LATAM adalimumab market is based on a recent market research report by Transparency Market Research, titled “LATAM Adalimumab Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”