PUBLISHER: The Insight Partners | PRODUCT CODE: 1360071
PUBLISHER: The Insight Partners | PRODUCT CODE: 1360071
The South & Central America biopharmaceuticals market was valued at US$ 17.85 billion in 2022 and is projected to reach US$ 34.97 billion by 2028. It is estimated to grow at a CAGR of 11.9% from 2022 to 2028.
Contract Manufacturing of Biopharmaceuticals Drives South & Central America Biopharmaceuticals Market
Contract manufacturing organizations (CMOs) bring many benefits to the table for pharmaceutical companies. Outsourcing tasks to CMOs help them reduce investments required for operating and maintaining manufacturing facilities, thereby aiding improvements in the net cash flow. Outsourcing is cheaper and increases the efficiency of manufacturing processes. Also, it allows biopharmaceutical companies to redirect resources to other important areas. Many biopharmaceutical companies are refocusing on their core capabilities, such as research and development, leading to divestments of in-house manufacturing capacities, which subsequently results in an increased dependence on CMOs for manufacturing. CMOs provide additional capacities and offer additional sites for pharmaceutical companies to mitigate the risk of supply shortages through multisite supply strategies and backup capacities. For instance, in March 2022, BioNTech SE announced a collaboration with Regeneron to advance the FixVac candidate BNT116 in combination with Libtayo (cemiplimab), a PD-1 inhibitor for treating advanced non-small cell lung cancer (NSCLC). The collaboration agreement allows the companies to jointly conduct clinical trials to evaluate the combination therapy in different patients suffering from advanced NSCLC. Thus, the increasing popularity of biopharmaceuticals contract manufacturing is likely to catalyze the growth of the South & Central America biopharmaceuticals market in the coming years.
South & Central America Biopharmaceuticals Market Overview
The South & Central America Biopharmaceuticals market is segmented into Brazil, Argentina, and the Rest of South & Central America. Digital radiography is becoming more prevalent in imaging centers across South & Central America. The high burden of cancer, ongoing innovations in biopharmaceuticals technologies, increase in the geriatric population that is at a greater risk of cancer, and research studies on various new upcoming medicines are among the factors contributing to the growth of biopharmaceuticals market in South & Central America. Biopharmaceuticals products are among the most important innovations in medical history. However, these breakthrough therapies, which are extremely expensive due to the large investments required for their discovery and development, call for cheaper alternatives. South & Central America provides a great opportunity for biologic medicines, particularly biosimilars. In South & Central America, there is a high level of knowledge and development of biosimilars; hence, there is a great interest in local and foreign pharmaceutical companies to enter the market to research, manufacture, and commercialize locally and internationally. The biologics market is set to grow rapidly over the forecast period, mainly due to the discovery of new molecules. The advanced technology and resources required to manufacture biologics create high barriers to entry for small biotech companies. This explains why large multinational companies dominate the entire biologics market in the region. These companies invest heavily in R&D to stay ahead in the biosimilar market by constantly offering new innovative products. The main challenges faced by participants in the South & Central America biosimilar market are related to the high cost of research and development, the clinical trials required to prove product efficacy and safety, and the need to maintain low-end prices. In South & Central America, the first biosimilar product to appear on the market was insulin: granulocyte colony-stimulating factor (G-CSF), erythropoietin, and human growth hormone. Interferon later came to the region, and finally, monoclonal antibodies. In addition, the market entry of products such as rituximab, etanercep, and racotunumab in South & Central America would expand the market for biosimilars. Several global pharmaceutical companies have chosen the Brazil market due to their geographic expansion and growing economy. Because of their skills in the biosimilars market, they will help expand the market faster with only local companies, thereby boosting the South & Central America biopharmaceuticals market in the region.
South & Central America Biopharmaceuticals Market Revenue and Forecast to 2028 (US$ Billion)
South & Central America biopharmaceuticals market Segmentation
The South & Central America biopharmaceuticals market is segmented into product type, application, and country.
Based on product type, the South & Central America biopharmaceuticals market is segmented into monoclonal antibodies, recombinant vaccines, conventional vaccines, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, recombinant enzymes, cell & gene therapies, cytokines/interferon/interleukins, and others. In 2022, the monoclonal antibodies segment held the largest share of the South & Central America biopharmaceuticals market.
The recombinant vaccines segment is further segmented into cancer vaccine, malaria vaccine, Ebola vaccine, hepatitis-B vaccine, tetanus vaccine, diphtheria vaccine, cholera vaccine, and others. The conventional vaccines segment is further segmented into polio vaccine, pox vaccine, and others. The recombinant growth factors segment is further segmented into erythropoietin and granulocyte colony stimulating factor. The purified proteins segment is further segmented into leukemia inhibitory factor (LIF), P53 protein, P38 protein, and others. The recombinant proteins segment is further segmented into serum albumin, amyloid protein, defensin, and transferrin. The recombinant hormones segment is further segmented into recombinant human growth hormones, recombinant insulin, and other recombinant hormones. The recombinant enzymes segment is further segmented into enterokinase, cyclase, caspase, and cathepsin. The cell & gene therapies segment is further segmented into allogenic products, autologous products, and acellular products.
Based on application, the South & Central America biopharmaceuticals market is segmented into oncology, inflammatory & infectious disease, autoimmune disorders, metabolic disorders, hormonal disorders & growth failure, cardiovascular diseases, neurological diseases, and others. In 2022, the oncology segment held the largest share of the South & Central America biopharmaceuticals market.
Based on country, the South & Central America biopharmaceuticals market is segmented into Brazil, Argentina, and the Rest of South & Central America. In 2022, Brazil held the largest share of the South & Central America biopharmaceuticals market.
AbbVie Inc, AGC Biologics AS, Amgen Inc, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Co, Eli Lilly and Co, Johnson & Johnson, Lonza Group AG, and Thermo Fisher Scientific Inc are among the leading companies operating in the South & Central America biopharmaceuticals market.