The pharmaceutical and healthcare industries in Latin America have registered significant growth over the last few years. The extensive growth of the Latin America pharmaceuticals products and CMO market can be attributed to the growing geriatric population and increasing foreign investment in the region. Likewise, the rise in trade contracts with the U.S., Japan, Canada, and countries in Europe and an improvement in environment regulatory standards are likely to bode well for the pharmaceutical products and CMO market in Latin America.
Browse the full Latin America Pharmaceutical Products and CMO Market Report: http://www.mrrse.com/latin-america-pharmaceutical-products-cmo-market
To gain time, enhance capacity and quality, and attain cost efficiency, several pharmaceutical companies are outsourcing production activities to manufacturers on a contract basis. This step has been initiated to further achieve expertise in a specific business category. For instance, the manufacturing and packaging of API are being outsourced as it is not available in-house.
The Latin America pharmaceutical products and CMO market is likely to exhibit a promising CAGR of 9.3% from 2016 to 2024. The market stood at US$127.9 bn in 2015 and is projected to reach US$286.2 bn by the end of 2024. Manufacturers of pharmaceutical products and CMO in Latin America can gain lucrative opportunities from the growing market in Argentina. The market in Argentina is expected to expand at a strong CAGR of 11.6% between 2016 and 2024.
API and Ingredients to Gain Prominence in Latin America
On the basis of product, the Latin America pharmaceutical products and CMO market is categorized into pharmaceutical packaging, finished dosage form, and API and ingredients. The market was dominated by the finished dosage segment with an approximate share of 85.0% in 2015. Finished dosage forms an important part in pharmacokinetics, clinical pharmacodynamics, and analytical research and formulation.
Nevertheless, the API and ingredients segment is expected to witness outstanding growth over the coming years due to the establishment of several multinational companies in the region. The API and ingredients segment held a share of 60.0% in 2015. This growth can be attributed to the rising demand for efficient and cost saving pharmaceutical products.
Brazil to Dominate owing to Strong Regulatory Framework
The Latin America pharmaceutical products and CMO market is categorized into Venezuela, Argentina, Brazil, Mexico, and Rest of Latin America on the basis of geography. Among these, Brazil dominated the market with a substantial share. This growth can be primarily attributed to the favorable geographical location. Other factors that are likely to drive the growth of the market for pharmaceutical products and CMO in Brazil are the creation of innovative products, manageable pricing structure, and enhanced regulatory scenario. The growing geriatric population in the region and the rising consumer income is further expected to bode well for the market growth in the region. Brazil was closely trailed by Mexico owing to its proximity to North America and improving trade relations with North America and Europe.
Browse the full Press Release of Latin America Pharmaceutical Products and CMO Market at :http://www.mrrse.com/pharmaceutical-products-cmo-market
Some of the top players in the market are Landsteiner Scientific, Ferring Pharmaceuticals, Takeda Pharmaceutical Company, Boehringer Ingelheim Group, BASF SE, F. Hofmann La Roche, Novartis AG, and Bayer AG.