Transparency Market Research Report Added "LATAM Adalimumab Market" to its database.
Albany, NY -- (SBWIRE) -- 02/03/2016 -- According to a new market report published by Transparency Market Research "LATAM Adalimumab Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," the LATAM adalimumab market was valued at US$994.8 mn in 2014 and is expected to reach US$1,186.4 mn by 2023, at a CAGR of 0.4% during the forecast period from 2015 to 2023.
Browse the full LATAM Adalimumab Market (Application-Rheumatoid Arthritis, Psoriasis, Crohn's Disease, Ulcerative Colitis, and Others) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023 report at http://www.transparencymarketresearch.com/latam-adalimumab-market.html
Consistent technological sophistications in development of biosimilar followed by increasing incidence and prevalence of various medical conditions have rendered encouraging growth opportunities for various biological drugs and other innovative biopharmaceuticals. The LATAM adalimumab market by application has been categorized on the basis of the usage of adalimumab for treatment of various medical conditions. Rheumatoid arthritis, psoriasis, Crohn's disease, and ulcerative colitis constitute the major disorders where adalimumab is prescribed for the treatment. Factors such as improved diagnosis rate followed by the introduction of efficient biologic drugs constitute the significant drivers favoring the market growth.
Adalimumab was first approved in the U.S. for the treatment of aforementioned medical conditions. Currently, this is marketed in more than 60 countries. However, owing to the biologic nature of the drug, it results in high cost and low accessibility in emerging economies such as LATAM and Asia Pacific. On the other hand, with the probable entry of the adalimumab biosimilars post the patent expiry the low costs up to less than 25% to 35% of the originator drugs will boost the uptake and prescription of adalimumab for the treatment of above mentioned medical conditions.
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Rheumatoid arthritis application accounted for the largest application segment in LATAM adalimumab market owing to the rigorous research studies and improved lab diagnosis of this condition in Latin America followed by the worldwide acceptance of adalimumab for treatment of rheumatoid arthritis over other drugs. For instance, according to a research paper on 'Current Therapies in Rheumatoid Arthritis' published in in Reumatologia Clinica Journal in the year 2013 highlights the current treatment options for rheumatoid arthritis in LATAM. This paper highlights the use of TNF inhibitors of which adalimumab is most commonly used. Furthermore, increased incidence of the disease will favor the uptake of adalimumab to reduce the moderate to severe symptoms of rheumatoid arthritis. However, the risk of infections and other side effects of adalimumab might hamper the market growth
Rheumatoid arthritis and psoriasis application segments are expected to exhibit the highest growth rates during the forecast period from 2015 to 2023 owing to the widespread use and prescription of adalimumab for treatment of these conditions. In addition, increasing healthcare expenditure and preference for biologic drugs will further support the growth of these segments. Currently, majority of the leading market players are focusing on the development of adalimumab biosimilars targeting rheumatoid arthritis and psoriasis. This is evident from the clinical trials conducted to test the safety and efficacy of the adalimumab biosimilars in treating these conditions.
On the other hand, conditions such as Crohn's disease, ulcerative colitis, and ankylosing spondylitis among others accounted for the smaller market shares as compared to aforementioned segments during the forecast period. This is majorly attributed to the high cost of adalimumab therapy against other alternative therapies which leads to limited accessibility and slow growth. Infliximab accounts for the first drug to be approved for the treatment of Crohn's disease as compared to adalimumab. However, owing to improving regulatory scenario followed by the probable entry of adalimumab biosimilars with low cost would ensure the slow and steady adoption and acceptance during the forecast period from 2015 to 2023 thereby supporting the market growth. Ulcerative colitis and others segments are anticipated to record lowest growth rate during the forecast period from 2015 to 2023.
Companies such as AbbVie, Inc. Amgen, Inc., Pfizer, Inc., Novartis AG, Mylan N.V. and Boehringer Ingelheim GmbH constitute some of the key market players in adalimumab market. The adalimumab market is influenced by the presence of large regional players and are more frequently used in developed economies as compared to other developing economies.
The LATAM Adalimumab market is segmented into the following categories:
LATAM Adalimumab Market, by Application
LATAM Adalimumab Market, by Country
Rest of LATAM
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