Latin America Pharmaceutical Contract Manufacturing & Research Services Market Growth & Trends
The Latin America pharmaceutical contract manufacturing & research services market size is expected to reach USD 40.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2023 to 2030. The low manufacturing costs and growing demand for generics are the key factors driving the market growth. Moreover, factors, such as the growing pharmaceutical industry, rising investments in R&D, and technological advancements, are responsible for market growth. The shift from cost control to value-added solutions, the introduction of novel technologically equipped facilities, and risk-sharing between pharma and CMOs are also contributing to the industry growth.
Companies have started financing efforts to meet the rising demand for biological drugs, which, in turn, leads to an increase in the development of pharmaceutical products. This steady commercial success of biopharmaceuticals is expected to accelerate the growth of the regional market for pharmaceutical contract manufacturing & research services over the forecast period. Pharmaceutical contract manufacturing and research activities in Brazil are subject to severe requirements to maintain Good Manufacturing Practices (GMP) and Good Laboratory Practices (GLP) compliance. These laws cover a wide range of topics, such as facility requirements, quality control systems, documentation practices, and employee qualifications.
Contract manufacturing and research companies must receive the relevant authorizations and certificates from ANVISA, which includes a thorough review of their facilities, processes, and quality management systems. Technological advances in areas, such as biopharmaceutics, personalized medicine, and analytical methods, have increased the complexity of drug production and research processes. Outsourcing these functions to specialist contract service providers in Latin America can provide access to state-of-the-art facilities and expertise.
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Latin America Pharmaceutical Contract Manufacturing & Research Services Market Report Highlights
- Manufacturing services dominated the market with the largest share of 66.2% in 2022. Based on services, the market is segmented into manufacturing and research. Contract manufacturing services comprise the solutions and facilities for the production of API/bulk drugs, advanced drug delivery formulations, packaging, and finished dose formulations
- Brazil accounted for the largest revenue share of 69.4% in 2022. The low manufacturing costs of pharmaceuticals and the presence of a significant number of GMP-certified plants are attracting investors from other countries to establish their presence in Brazil
- Mexico is anticipated to register a considerable CAGR of 7.5% during the forecast period. This is due to the Indian pharmaceutical industry investing in the country
- Key players have undertaken various growth strategies, such as business expansion, mergers, and acquisitions, to gain higher market shares. For instance, in September 2020, Charles River Laboratories Inc. announced that it has opened a microbial identification lab in Brazil
Access Press Release@ https://www.grandviewresearch.com/press-release/latin-america-pharmaceutical-contract-manufacturing-services-market-analysis
Latin America Pharmaceutical Contract Manufacturing & Research Services Market Segmentation
Grand View Research has segmented the Latin America pharmaceutical contract manufacturing & research services market based on services and country:
Latin America Pharmaceutical Contract Manufacturing & Research Services Outlook (Revenue, USD Billion, 2018 - 2030)
- Manufacturing
- Research
Latin America Pharmaceutical Contract Manufacturing & Research Services Country Outlook (Revenue, USD Billion, 2018 - 2030)
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Venezuela
- Peru
- Uruguay
- Ecuador
- Bolivia
List of Key Players in the Latin America Pharmaceutical Contract Manufacturing & Research Services Market
- Boehringer Ingelheim International GmbH
- Fresenius Kabi AG
- Unither Pharmaceuticals
- Lonza
- Pfizer Inc.
- Charles River Laboratories
- Laboratory Corporation of America Holdings
- IQVIA, Inc.
- Recipharm AB.
- AbbVie, Inc.
- Catalent, Inc.
- West Pharmaceutical Services, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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