Latin America Biosimilars Market Overview:
Latin America
Biosimilars market was estimated at USD 517 million in 2018 and is expected to
reach USD 3,915
million by 2025, increasing at a compound annual growth rate of 33% over
the 2018-2025 forecast period.
Biosimilars
are widely used in the prevention and treatment of various chronic diseases,
such as diabetes, cancers, cardiovascular diseases, autoimmune diseases,
rheumatoid arthritis, kidney failure, growth hormone deficiency, hematological
and infectious diseases, where increase in demand is expected to find in the
years to come. These drugs are comparatively profitable, as demand is expected
to increase significantly in the coming years.
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Drivers, Challenges and
Opportunities:
The
growing prevalence of different diseases in Latin America is expected to
stimulate market growth in the projected period. Patents for several successful
biopharmaceutical products have expired or are about to expire, which reflected
in the growth of the biosimilar industry. Changes to regulatory guidelines and
practical biosimilar approval processes have a major impact on the commercial
growth of the Latin American biosimilars market. In addition, the availability
of affordable generic drugs on the market may also hinder sales of biosimilars.
The main restriction imposed on manufacturers is to establish biosimilarity
through in-depth analytical characterization. However, significant investments
in research and development, longer development processes, and optimal
profitability requirements at a scale significantly limit the growth of the
biosimilar market in this region.
Latin America Biosimilars Market Segmentation:
The biosimilar market in Latin America is divided into
manufacturing, products and applications. Depending on the type of manufacturing,
the market is classified as contract manufacturing and internal manufacturing.
Based on this product, the market is divided into recombinant non-glycosylated
proteins, recombinant peptides and recombinant glycosylated proteins. Depending
on the application, the market is divided into blood diseases, growth hormone
deficiency, oncology, chronic and autoimmune diseases, infectious diseases and
others.
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Geographic
Segmentation:
By
region, the market is segmented as Brazil, Argentina, Chile, Mexico, Colombia,
Venezuela and Peru. Brazil dominated the Latin American market in terms of income due to
various subsidies granted by local governments. In addition, the growth of this the market has been facilitated by the government providing funds to develop
biosimilar drugs at the local level.
Key Market Players:
The market is divided into various medium and large
manufacturers. The largest companies in this market are Amgen Inc; F.
Hoffmann-La Roche Ltd. Sandoz International GmbH; Teva Pharmaceutical Industry
Company; Pfizer Inc; Samsung Bio Peace; Biocon and Mylan N.V.
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