Albany, NY -- (SBWIRE) -- 10/15/2018 -- 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.
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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.
However, the high cost of clinical trials and research and development is the key challenge witnessed by companies operating in the market. Irrespective of the high R&D expenditures, manufacturers are required to maintain a low price of their products, which further limits opportunities for growth of the adalimumab market in Latin America. Absence of reimbursement for biologic drug therapy also adversely impacts the market.
Nevertheless, with multinational companies proactively investing to capitalize on the untapped opportunities in Latin America and Asia Pacific, some opportunities for the market's growth in the near future still exist.
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Brazil Emerges as Most Lucrative Market for Adalimumab in Latin America
Brazil, Mexico, and Argentina make the most lucrative countries for sale of adalimumab in Latin America. Among these countries, Brazil has emerged as the leading market because it has in place established regulatory policies for biologic drugs. Moreover, an increasing preference for biologic drugs has been noticed among the patients of this country as well, which puts Brazil at the fore of the adalimumab market in Latin America. As per TMR, the Brazil adalimumab market is poised to surge at a CAGR of 1.2% between 2015 and 2023. The market stood at US$276.7 mn in 2014 and is expected to reach US$352.8 mn in 2023.
However, other countries such as Columbia, Peru, Venezuela, and Chile represent the middle or low income group among LATAM nations. Absence of established biosimilar regulatory policies in these countries, inadequate government support, and lack of native production facilities limits adoption of biologic drugs across these nations. Despite all odds, the LATAM adalimumab market is forecast to grow at a slow yet steady pace. The entry of adalimumab post patent expirations of blockbuster drugs would renew opportunities for leading enterprises in the market.
Increasing Incidence of Rheumatoid Arthritis to Boost Adalimumab Sales in Latin America
The most common applications of adalimumab include psoriasis, rheumatoid arthritis, ulcerative colitis, Crohn's disease, and others. Of these, the application of adalimumab in rheumatoid arthritis contributed US$328.7 mn to the LATAM adalimumab market in 2015. The use of adalimumab has increased in response to the high incidence of rheumatoid arthritis. The medicine is used to reduce the signs of moderate to severe rheumatoid in adults. The rheumatoid arthritis segment is expected to continue holding the leading share in the market through the report's forecast period. The rising incidence of psoriasis, combined with the increasing healthcare expenditure in Latin America, will also boost sales of adalimumab in the region.
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Some of the leading enterprises operating in the LATAM adalimumab market include Pfizer, Inc., AbbVie, Inc. Amgen, Inc., and Novartis among others.
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