Transparency Market Research estimates that the LATAM adalimumab
market will exhibit a meagre CAGR of 0.4% over the period between
2015 and 2023, rising from a valuation of US$994.8 mn in 2014 to
US$1,186.4 mn by 2023.
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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.
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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.
Although a number of companies are looking to capitalize on the
favorable growth opportunities offered by the Brazil market, the high
and rising costs incurred in undertaking clinical trials and R&D
activities compel companies to increase costs of their products to
gain sustainable returns. This factor inhibits the growth of the
adalimumab market in Latin America to a large extent. Moreover, the
region also has the absence of favorable reimbursement policies for
biologics, adversely impacting the overall growth prospects of the
LATAM adalimumab market.
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The Latin America (LATAM) adalimumab market features the dominance of
few companies operating amid a lackluster market, a limited set of
growth opportunities, and the looming threat of biosimilars, observes
Transparency Market Research in a report. The drug being a biologic,
carries a high price tag, making it difficult for the largely
cost-conscious consumers in the region to procure it. The presence of
several biosimilars and the projected introduction of several new
varieties in the next few years have intensified cost competition in
the market.
In a bid to retain their command and gain sustainable returns in this
scenario, companies in the market have reduced costs of adalimumab.
On a positive note, the increasing availability of biosimilars in the
region is expected to increase the scope of usage of the drug in the
next few years.
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