The impending patent expiration has resulted in the sluggish growth rate of the adalimumab market in Latin America. The entry of biosimilars has further aggravated the market’s concerns. Transparency Market Research (TMR) pegs the valuation of the Latin America adalimumab market at US$994.8 mn in 2014. Expanding at a weak CAGR of 0.4% from 2015 to 2023, the market is forecast to reach US$1,186.4 mn by the end of 2023.
Get Report Sample @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=8716
Despite its sluggish growth rate, the adalimumab market in Latin America will gain from the favorable government regulations in the region. Latin America also possesses an impressive pool of experienced research professionals, as leading companies operating in the market have been engaged in extensive researches on biologics. This translated into higher investment in the development of biologic drugs by both international and local players. Since Brazil is preferred by a majority of global players in the pharma industry for expanding their operations in Latin America, the country will continue exhibiting favorable prospects for the growth of the adalimumab market.
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.