LATAM pharma and CMO market to reach USD 286.2 billion by 2024
Latin America is a fast growing healthcare market. The pharmaceutical industry in the region is likely to grow steadily over 2016-2024. The pharmaceutical products and the CMO market in Latin America is expected to grow at a strong CAGR of 9.3% from USD 127.9 billion to USD 286.2 billion over 2015-2024. The key factors contributing to the growth of the pharmaceutical products and the CMO market in the LATAM region include high foreign investment, expanding geriatric population pool, reforming regulatory framework and an increase in trade agreements with other countries such as the U.S., Canada, Japan and several European countries. Key pharmaceutical players having an active presence in the region include Bayer, Novartis, Merck, GSK, F. Hofmann La Roche, BASF and Boehringer Ingelheim Group. Key players in the CMO market in the region are Pisa Farmacéutica, Fresenius, Takeda Pharmaceutical, Ferring Pharmaceuticals, and Landsteiner Scientific. Most pharmaceutical companies in the LATAM region are gradually outsourcing manufacturing activities to contract manufacturers in order to achieve cost-efficiency, quality, capacity and time to market. It is also being done to obtain expertise in a particular business category such as API manufacturing and packaging, which is not available in-house.