SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the Latin America Pharmaceutical Products CMO Market is estimated to be valued at US$ 15,173.6 million in 2020 and is expected to exhibit a CAGR of 14.7% over the forecast period (2020-2027).
Key Trends and Analysis of the Latin America Pharmaceutical Products CMO Market:
Increase in incidence of cancer disease in the Latin America is expected to drive the Latin America pharmaceutical product CMO market during the forecast period. For instance, in 2018, according to the World Health Organization report, around 1,044,017 new cancer cases were diagnosed in Latin America.
Moreover, increase in pharmaceutical spending contributes to development of more comprehensive healthcare systems in Brazil. Brazil implemented one of the largest universal healthcare systems in the world - the Sistema Único de Saúde (Unified Health System) for improving healthcare system in the country.
Furthermore, integration of public and private healthcare sector in Latin America may lead to revival of a weak sector in the region, thereby driving growth of the market.
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Key Market Takeaways:
The Latin America pharmaceutical products CMO market is expected to exhibit a CAGR of 14.7% over the forecast period. Owing to increasing government initiatives such as the Growth Acceleration Program and the Greater Brazil Plan to increase domestic pharmaceutical production in Brazil, along with increasing Foreign Direct Investment in the region are major factors driving the market growth in the region during the forecast period. For instance in 2018, according to the United Nations Conference on Trade and Development, Mexico received around US$ 32 Bn in FDI (Foreign Direct Investment) and nearly half was utilized by the manufacturing sector.
Key players operating in the Latin America Pharmaceutical Products CMO Market include BASF SE, Bayer AG, Boehringer Ingelheim GmbH, F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Novartis AG, Pfizer, Inc., Pisa Farmacéutica, Fresenius SE & Co. KGaA, Takeda Pharmaceutical Company Limited, Ferring Pharmaceuticals, Inc., and Landsteiner Scientific.
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Latin America Pharmaceutical Products CMO Market, By Product Type:
- API and Ingredients
- Finished Dosage Form
- Pharmaceutical Packaging
Latin America Pharmaceutical Products CMO Market, By Country:
- Rest of Latin America
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