Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The demand for generic products is high in the pharmaceutical market in Latin America. Moreover, majority of pharmaceutical companies in are gradually outsourcing manufacturing activities to contract manufacturing organizations (CMO).
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).
Figure 1. Latin America Pharmaceutical Products CMO Market Share (%), By Country, 2020
Increasing prevalence of chronic disease is expected to drive the market growth over the forecast period
For instance, according to Incidência de Câncer no Brasil, the estimated number of new cases of cancer was 600,000, excluding cases of non-melanoma skin cancer during 2018-2019 biennium, in Brazil.
Major players in the market are also focused on R&D of new products to expand their product portfolio. For instance, in December 2019, FerGene, a new gene therapy company formed as an alliance between Ferring Pharmaceuticals and Blackstone Life Sciences, announced positive results from a clinical trial that assessed the efficacy of nadofaragene firadenovec (rAd-IFN/Syn3), an investigational gene therapy, for the treatment of high-grade, Bacillus Calmette-Guérin unresponsive non-muscle invasive bladder cancer.
Latin America Pharmaceutical Products CMO Market Report Coverage
||Market Size in 2020:
||US$ 15,173.6 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 39,714.0 Mn
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- By Product Type: API and Ingredients, Finished Dosage Form, Pharmaceutical Packaging
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
- Increasing prevalence of chronic diseases
- Increasing merger and acquisition activity among key player
|Restraints & Challenges:
- Stringent Regulation policy
Figure 2. Latin America Pharmaceutical Products CMO Market Share (%), by Product Type, 2020
Latin America Pharmaceutical Products CMO Market – Impact of Coronavirus (Covid-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in more than 94.9 million infected individuals worldwide as of January 20th 2021.
Furthermore, players operating in the Latin America pharmaceutical products CMO market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials required for manufacturing product due to irregularities in transportation facility. Moreover, distributors of products are experiencing irregular demand for products from the retailers due to increasing number of patients suffering from COVID-19 and other life threatening disorders.
Latin America Pharmaceutical Products CMO Market Restraint
The pharmaceutical industry in Mexico does not operate through an established system of reimbursement and there is minimal reimbursement offered outside the hospital settings. Reimbursement is limited to generic drugs, based on health technology assessment and to the under privileged population. Such scenario is expected to hinder growth of Latin America Pharmaceutical Products CMO Market.
Major 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