The “Latin America Pharmaceutical Contract Manufacturing & Research Services Market Size, Share & Trends Analysis Report by Service (Manufacturing, Research), by Country, and Segment Forecast, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The Latin America pharmaceutical contract manufacturing & research services market size is expected to reach USD 40.3 billion by 2030. The market is expected to register a CAGR of 7.5% from 2022 to 2030.
The low cost of drug registration in Latin American countries and the economic growth are the key factors contributing to progress in this region.
Moreover, factors such as the growing demand for generics, rising investments in R&D, the growing geriatric population, and the increasing burden of chronic diseases are responsible for market growth. The outbreak of COVID-19 has boosted the market growth as companies have increased investments in R&D and manufacturing to develop vaccines and drugs against the COVID-19.
During the coronavirus outburst, the supply chains of biopharmaceutical companies remained robust and were largely unaffected worldwide. Similarly, contract manufacturers are observing a rise in demand for the production facilities which will be used in the COVID-19 vaccine and therapeutics. Thus, the future holds numerous growth opportunities in the market for pharmaceutical contract manufacturing & research service in Latin America.
For instance, in December 2021, under an agreement between Samsung Biologics and AstraZeneca, to manufacture Evusheld, which is an amalgamation of binary antibodies in development for the potential treatment of COVID-19. These factors are promoting the demand for CMOs and CROs in Latin American countries.
The initiatives to decrease the commodity prices are expected to improve the region’s economic growth thereby boosting the revenue generation in the outsourcing market for pharmaceutical development.
Latin America Pharmaceutical Contract Manufacturing &…