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LATAM Pharmaceutical Products and CMO Market to Grow to US$ 286.2 Billion by 2024

11-23-2017 10:17 AM CET | Health & Medicine

Press release from: TMR - Research Reports

LATAM Pharmaceutical Products and CMO Market to Grow to US$ 286.2

The pharmaceutical products and CMO market in Latin America is immensely fragmented and there are a number of small as well as large players operating in the region. The top five companies, namely BASF SE, Bayer AG, Pfizer, Inc., Novartis AG, and Merck & Co., Inc., jointly accounted for approximately 23% of the total market in 2015.

Read Report Overview @ https://www.transparencymarketresearch.com/latin-america-pharmaceutical-products-cmo-market.html

Transparency Market Research states in a new report that the success of players in this market depends mainly on the development of innovative products that can address changing and unmet customer needs. Features and benefits that differentiate one company from its competitors are of utmost importance in the pharmaceutical products and CMO market. Expansion in regions with high growth potential is also a key strategy adopted by players to strengthen their position in the market. Boehringer Ingelheim GmbH has, over the past three years, expanded its footprint in China by investing an estimated EUR 22 mn in the construction of a new clinical research center.

The opportunity in the Latin America pharmaceutical products and CMO market was pegged at US$127.9 bn in 2015 and is projected to be worth US$286.2 bn by the end of the forecast period, registering a strong CAGR of 9.3% therein.

Based on product type, the LATAM pharmaceutical products market is led by the finished dosage form segment, accounting for a share of just under 86% in 2015. This segment is projected to amount to US$244.4 bn by 2024, retaining its lead throughout the forecast period. “The API and ingredients segment, on the other hand, has been witnessing strong growth in Latin America and is projected to register a 9.8% CAGR during the forecast period,” the analyst predicts. The CMO market in Latin America was led by the API and ingredients segment, with the finished dosage form segment registering a high growth rate from 2016 to 2024.

Brazil leads the LATAM pharmaceutical products as well as CMO market in terms of value. Fueled by the growing focus on research, this market is projected to value US$67.3 bn by the end of the forecast period. Argentina, on the other hand, is anticipated to emerge as one of the most lucrative markets by 2024, registering an impressive 11.6% CAGR from 2016 to 2024

“Several LATAM countries such as Brazil, Mexico, Peru, and Colombia have been undergoing an improvement in their regulatory frameworks and a more streamlined manner of processes,” the author of the study has observed. The open business environment has attracted multinational pharmaceutical companies and encouraged drug makers to invest in LATAM. Swift drug approvals and a traditional inclination toward free trade has worked in the favor of the healthcare sector in most LATAM countries and this has driven the pharmaceutical products market in the region.

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The CMO market in Latin America is primarily driven by the fact that a number of blockbuster drugs are going off patent in the next few years. “Innovation in the pharmaceutical industry has taken a hit owing to rising R&D cuts by federal banks and a decline in the productive outcomes of R&D,” the analyst states. “This, combined with patent expirations, have compelled large companies to seek synergies with CMOs through mergers and acquisitions.”

About TMR

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

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