Latin America Insulin Vials Market, by Type of Insulin (Rapid Acting, Short-acting, Intermediate-acting, Long-acting, Ultralong-acting, and Mixtures), by Indication (Type 1 Diabetes and Type 2 Diabetes), by Concentration (100 units/ml, 300 units/ml, and Others (Others include 200 units/ml and 500 units/ml)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Country (Brazil, Mexico, Argentina, Colombia, Peru, Venezuela, Chile, Ecuador, and Rest of Latin America), is estimated to be valued at US$ 1,416.4 million in 2021 and is expected to exhibit a CAGR of 8.5% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are focusing on receiving product approvals from regulatory authorities and this is expected to drive the Latin America insulin vials market growth over the forecast period.
For instance in June 2019, MannKind Corporation, a California-based biopharmaceutical company and BIOMM SA, a Brazil-based biosimilars company received approval from ANVISA (Agência Nacional de Vigilância Sanitária) - Brazilian Health Regulatory Agency for Afrezza. Afrezza is manufactured by MannKind Corporation and will be distributed by BIOMM SA. Afrezza is an orally inhaled insulin powder available as vials for the treatment of adults suffering from diabetes.
Latin America Insulin Vials Market – Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak that started from Wuhan, China spread across the globe, negatively affecting various industries globally. Supply of key materials has been severely disrupted due to the nationwide lockdowns and shortage of labour. These interruptions have resulted in shortage of raw materials and components required for making insulin, which is expected to hamper growth of the Latin America insulin vials market.
The major challenges faced during to COVID-19 pandemic include supply of raw materials required for manufacturing and production of biosimilars and medical devices due to irregularities in transportation facility. Furthermore, distributors of medical products are experiencing unstable and constantly changing demand for medical products from the retailers due to increasing number of patients suffering from COVID-19.
For instance, according to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, the number of COVID-19 cases reported in Brazil as of August 17, 2021 was approximately 20,364,099 confirmed cases and 569,058 deaths.
Browse 52 Market Data Tables and 26 Figures spread through 176 Pages and in-depth TOC on “Insulin Vials Market”- Latin America Forecast to 2028, by Type of Insulin (Rapid Acting, Short-acting, Intermediate-acting, Long-acting, Ultralong-acting, and Mixtures), by Indication (Type 1 Diabetes and Type 2 Diabetes), by Concentration (100 units/ml, 300 units/ml, and Others (Others include 200 units/ml and 500 units/ml)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Country (Brazil, Mexico, Argentina, Colombia, Peru, Venezuela, Chile, Ecuador, and Rest of Latin America),
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Key players operating in the market are focusing on adoption of inorganic growth strategies such as collaborations, acquisitions, partnerships, mergers, and others, in order to strengthen their position in the market. For instance, in February 2021, Novo Nordisk A/S, a Denmark-based multinational pharmaceutical company entered into a partnership with the University of Toronto, Canada and announced a joint investment of US$ 32.5 million to develop novel healthcare solutions related to diabetes and chronic disease.
Key Takeaways of the Latin America Insulin Vials Market:
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