Pharmaceutical Products and CMO Market to Reach a worth US$286.2 bn by 2024

The pharmaceutical products and CMO market in Latin America is immensely fragmented and there are a number of small as well as large players operating in the region. The top five companies, namely BASF SE, Bayer AG, Pfizer, Inc., Novartis AG, and Merck & Co., Inc., jointly accounted for approximately 23% of the total market in 2015.

Transparency Market Research states in a new report that the success of players in this market depends mainly on the development of innovative products that can address changing and unmet customer needs. Features and benefits that differentiate one company from its competitors are of utmost importance in the pharmaceutical products and CMO market. Expansion in regions with high growth potential is also a key strategy adopted by players to strengthen their position in the market. Boehringer Ingelheim GmbH has, over the past three years, expanded its footprint in China by investing an estimated EUR 22 mn in the construction of a new clinical research center.

The opportunity in the Latin America pharmaceutical products and CMO market was pegged at US$127.9 bn in 2015 and is projected to be worth US$286.2 bn by the end of the forecast period, registering a strong CAGR of 9.3% therein.

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Argentina to Present Immensely Lucrative Options for Players

Based on product type, the LATAM pharmaceutical products market is led by the finished dosage form segment, accounting for a share of just under 86% in 2015. This segment is projected to amount to US$244.4 bn by 2024, retaining its lead throughout the forecast period. “The API and ingredients segment, on the other hand, has been witnessing strong growth in Latin America and is projected to register a 9.8% CAGR during the forecast period,” the analyst predicts. The CMO market in Latin America was led by the API and ingredients segment, with the finished dosage form segment registering a high growth rate from 2016 to 2024.

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