Latin America Adalimumab Market to Reach US$1.18 bn by 2023; Rheumatoid Arthritis, Psoriasis Represent Largest Application Segments
The LATAM adalimumab market is expected to climb up to US$1.18 bn in 2023. This market was valued at US$994.8 mn in 2014 and, according to a research report, is expanding at a CAGR of 0.4% within a forecast period from 2015 to 2023. The research report is published by leading market data provider, Transparency Market Research.All the recent and current market data has been compiled in the report titled “LATAM Adalimumab Market – Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” This report provides a high volume of details on the future of this market and how it is expected to shape up next.
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According to the report, the LATAM adalimumab market is being pushed ahead by a constant rate of improvements and sophistications in the field of biosimilars development. This has allowed the market to take on the growing population of patients suffering from various diseases, which is the other driver of the market. There has been an overall favorable scenario of growth for the innovation of biopharmaceutical products and for the existing biological drugs.
The report segments the LATAM adalimumab market in terms of the diseases that it is applicable to. These include ulcerative colitis, Crohn’s disease, psoriasis, rheumatoid arthritis, and others. Of these, ulcerative colitis, Crohn’s disease, and rheumatoid arthritis are the three largest application segments in the LATAM adalimumab market.
Rheumatoid arthritis was the largest application segment in the LATAM adalimumab market in 2014. This segment led the market owing to the high amount of research and development efforts and studies conducted for the treatment of this highly prevalent disorder. Additionally, there is a growing rate of acceptance of adalimumab as a treatment alternative for rheumatoid arthritis on a global level.
The report cites a research paper published by the Reumatologia Clinica Journal in 2013. The paper, “Current Therapies in Rheumatoid Arthritis,” made several mentions on the effectiveness of adalimumab for rheumatoid arthritis.
Meanwhile, the segments of ulcerative colitis and others are expected to show the lowest possible growth rates in the LATAM adalimumab market for the given forecast period.
The LATAM adalimumab market’s growth rate continues to be stifled by the high risk of infections due to the improper administration of adalimumab.
The key players in the LATAM adalimumab market are Boehringer Ingelheim GmbH, Mylan N.V., Novartis AG, Pfizer, Inc., Amgen, Inc., and AbbVie, Inc. Currently, this market is scattered, with multiple large regional players in the developed regions. Adalimumab is used a lot more in developed nations than in developing ones. There are several key issues that LATAM needs to resolve for the growth of its adalimumab market at a faster pace. For one, the steadily improving regulatory scenario has helped the LATAM adalimumab market improve considerably. Citizens are also increasingly aware of the utility and effectiveness of adalimumab, and as their acceptance levels rise, so will the growth prospects of this market.
The LATAM adalimumab market is also possibly expected to witness the entrance of a large number of biosimilars. Their low cost and similar application will allow a faster adoption and growth rate of the LATAM adalimumab market till 2023.
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