Latin America Biosimilars Market Size
Latin America biosimilars market was valued at USD 517 million in 2018 and It is expected to reach USD 3915 million by 2025, supported by a CAGR of around 33% during the forecast period of 2018 to 2025.
According to Research Cosmos Global Biosimilars Market expected to reach 40,756 Million USD by 2025, growing with a CAGR of 32%.
Biosimilars development and validation with reference biologics is a crucial aspect of the overall development process. Regulations for biosimilars play a vital role in maintaining the viability and balance between original and biosimilars products. Various regulatory authorities such as EMA, FDA, and others actively regulate the biosimilars commercialization and development. Generally derived from plants, bacteria, yeasts, animals and viruses, biosimilars are produced essentially by the two key processes of controlled gene expression and recombinant DNA technology. The knowledge and adoption of biosimilars has increased in recent years, creating a burgeoning market for biosimilars.
Growth Opportunities, Challenges and Restraints - Latin America Biosimilars Market
The Latin American market is motivated by factors such as the increase in the prevalence of chronic diseases such as cancer and diabetes, which complement the growing demand for pharmaceutical drugs, especially for high-priced patented medicines. However, market growth is limited by the high cost of the reference products, which increases the financial burden for patients and reimbursement service providers. The lack of economies of scale due to the decrease in demand is a factor that drives these high costs. In addition, the growth of the biosimilar market is hampered by the lack of regulatory guidance, consumer brand preferences, the reluctance of physicians to adopt biosimilars and the high capital required for research and development (R&D).
The reduction in biosimilar prices will continue to have a major impact on overall sales of biosimilars, and patients will continue to be the main beneficiaries. The fall in the price of the innovator with heavy discounts is a recent and persistent trend among manufacturers based on growing biosimilar markets in Latin America. It will also be a popular trend throughout the forecast period, which will eventually stimulate the growth of the Latin America biosimilar market.
In addition, manufacturers of biosimilars are likely to test multiple productions or production volumes at different scales. The potential profitability of manufacturing several biosimilar products in the same facility can also provide a favorable growth opportunity for manufacturing companies during the forecast period. Several leading manufacturers focus on strategic collaborations. In addition, several market players are increasingly subcontracting the production of biosimilar products. These two trends are expected to favor the regional market in the coming years.
Regional Existence of Latin America Biosimilars Market:
Geography, the Latin America Market is analyzed under various regions namely, Argentina, Brazil, and Mexico. Brazil is the largest nation in this region in terms of market demand. Biosimilars in Latin America account for a large percentage of pharmaceutical expenditure but relatively a very small number of prescriptions. In many Latin American countries, biosimilars for conditions such as breast cancer, rheumatoid arthritis and non-small cell lung cancer are presently being developed and may soon be out in the market.
Few of the leading companies dominating the Market profiled in the report are
- Sandoz International GmbH
- Wockhard t Ltd
- Hospira, Inc.
- Teva Pharmaceutical Industries Ltd.
- Dr. Reddy’s Laboratories
- Biocon Limited
- Mylan Inc.
- Zydus Cadila
- Celltrion Inc.
- Roche Diagnostics
- Cipla Ltd
This research report includes following segmentation for the Latin America Biosimilars Market size and forecast
Latin America Biosimilars Market - By Product
- Human Growth Hormone
- Monoclonal Antibodies
- Other Biosimilars
Latin America Biosimilars Market - By Application
- Blood Disorders
- Chronic & Autoimmune Diseases
- Growth Hormone Deficiency
Latin America Biosimilars Market - By Technology
- Monoclonal Antibody Technology (MAB)
- Recombinant DNA Technology (RDNA Technology)
- Nuclear Magnetic Resonance (NMR) Technology
- Mass Spectrometry
- Western Blotting
- Biological Testing
Latin America Biosimilars Market - By Region