LATAM Pharmaceutical Products and CMO Market: Snapshot
Latin America has a fast growing healthcare sector and the pharmaceutical industry in the region is likely to witness steady growth during the forecast period of 2016 to 2024. The growth of the pharmaceutical products and CMO market in LATAM is attributed to high foreign investment, a rising geriatric population, an improving regulatory environment, and an increase in trade agreements with other countries such as the U.S., Canada, Japan Authentic Ilya Kovalchuk Jersey , and several countries in Europe.
Most pharmaceutical companies in LATAM are gradually outsourcing manufacturing activities to contract manufacturers in order to achieve cost efficiency, quality, capacity, and time to market. It is also being done to obtain expertise in a particular business category such as API manufacturing and packaging, which is not available in-house. According to Transparency Market Research, the pharmaceutical products and CMO market in Latin America is expected to grow from a value of US$127.9 bn in 2015 and to US$286.2 bn by 2024 at a strong CAGR of 9.3% therein.
TMR Reports Rising Demand for API and Ingredients in LATAM
Based on product type Authentic Adrian Kempe Jersey , the pharmaceutical products and CMO market comprises API and ingredients, finished dosage form, and pharmaceutical packaging.
The finished dosage form segment led the pharmaceutical products market in Latin America, accounting for a share of approximately 85% in 2015. This product form is an integral part of formulation and analytical research, clinical pharmacodynamics, and pharmacokinetics and as a result holds a significant share in the LATAM market. However Authentic Oscar Fantenberg Jersey , the API and ingredients segment is projected to expand at a high growth rate due to rising demand for APIs in the region and establishment of major multinational companies.
On the other hand, the API and ingredients segment dominated the CMO market in Latin America, accounting for a share of approximately 60% in 2015. The increasing demand for cost saving and efficiency is boosting this segment. The finished dosage form segment of the CMO market is expected to expand at a significant CAGR during the forecast period.
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Improved Regulatory Scenario Works in Favor of Pharmaceutical Products and CMO Market in Brazil
The pharmaceutical products and CMO market in Latin America has been segmented into major countries: Mexico, Brazil, Argentina, Venezuela Authentic Jake Muzzin Jersey , and Rest of Latin America.
Brazil accounted for a significant share in the LATAM pharmaceutical product and CMO market in 2015. Brazil鈥檚 dominance has been attributed to excellent geographical location, the development of innovative products, better regulatory scenario, and an accessible pricing structure. The rising income of the consumers and an expanding geriatric population will further boost the demand for medication, driving the pharmaceutical product and CMO market in Brazil.
Mexico was the second leading market for pharmaceutical products and CMO in 2015 due to its close proximity to North America. Rising free trade agreements with major countries in Europe and North America and the growing CMO industry are also expected to fuel the pharmaceutical product and CMO market in Mexico.
The pharmaceutical products market in Argentina is projected to expand at a high CAGR during the forecast period due to government support and the increasing reliability of domestic players. Rest of Latin America, which includes Chile Authentic Dion Phaneuf Jersey , Colombia, Ecuador, Peru, Paraguay, Uruguay, and Bolivia Authentic Jonathan Quick Jersey , is projected to witness the second fastest growth rate during the course of the forecast period. Factors such as a large patient pool and favorable government initiatives aimed at improving access to healthcare facilities are likely to propel the pharmaceutical products and CMO market in Rest of Latin America.
Bayer AG, Novartis AG, Merck & Co., Inc., GSK plc, F. Hofmann La Roche Authentic Dustin Brown Jersey , BASF SE, and Boehringer Ingelheim Group are some of the top players in the pharmaceutical products market in Latin America. Key participants in the CMO market in the region include Pisa Farmac茅utica, Fresenius SE & Co. KGaA, Takeda Pharmaceutical Company Limited, Ferring Pharmaceuticals, and Inc. Authentic Anze Kopitar Jersey , Landsteiner Scientific. An enchanting island nation located in South Asia, Sri Lanka's history dates back 3,000 years and the country's potential for tourism had remained untapped all this while owing to decades of civil war. However, the situation has changed completely and for good in recent times with the end of the war and the government establishing control over the entire nation. Today, the numbers of tourists visiting this country have been steadily on the increase. Many of them arrive in this part of the world to explore its interesting history and a rich cultural heritage.
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