Latin America Pharmaceutical Contract Manufacturing & Research Services Industry Overview
The Latin America pharmaceutical contract manufacturing and research services market size was valued at USD 19.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030. Drug shortfall, tighter budgets, rising competition, patent expiration, and insufficient resources are some of the major factors boosting growth in the market. The time- and cost-saving benefits associated with the implementation of outsourcing are contributing to market growth. The key players are consistently capitalizing on technology, infrastructure, and personnel to gain a bigger share of the outsourcing revenue. Moreover, an increase in collaborations between pharmaceutical companies and outsourcing companies for developing COVID-19 treatments is boosting the market growth.
The ongoing COVID-19 pandemic has positively impacted the contract manufacturing market. As the development of mRNA vaccines and subsequent manufacturing at a global scale to respond to the COVID-19 pandemic represents a leap forward in the production facilities. With increased focus on CDMO activity for commercial supply, the demand for outsourced early phase development services and technology is growing in line with this new generation of molecules.
Gather more insights about the market drivers, restraints, and growth of the Latin America Pharmaceutical Contract Manufacturing & Research Services market
Moreover, new product launches and novel drug delivery mechanisms that are expected to enter the market in record timelines are anticipated to drive outsourcing demand. The key players entered into strategic partnerships for the development of COVID-19 treatments. For instance, in May 2020, Lonza announced a strategic collaboration agreement for ten years with Moderna to empower the manufacture of Spikevax COVID-19 vaccine and further Moderna Services in the future.
Furthermore, the shift from cost control to value-added solutions, the introduction of novel technologically equipped facilities, and risk-sharing between pharma and CMOs are expected to serve as drivers. Companies have started financing efforts to meet the snowballing demand for biological drugs, which in turn, leads to a surge in the development of pharmaceutical products. This steady commercial success of biopharmaceuticals is expected to accelerate the growth of the Latin America pharmaceutical contract manufacturing & research services market over the forecast period.
Biopharmaceuticals Manufacturing is recognized as a leading sector in terms of growth potential. Many healthcare entities believe that this sector would be one of the top 10 revenue generators in the forthcoming years. Moreover, the market players are making continuous efforts for the development of this sector to meet the increasing demand for bio-based pharmaceuticals, which in turn, is anticipated to result in a surge of CMOs for biopharmaceutical production. This healthy growth of biopharmaceuticals has resulted in the development of a large Service pipeline.
Latin American companies are enhancing their global market presence by investing efforts in the modification and expansion of domestic specialty manufacturing facilities as well as focusing on worldwide partnerships. On the other hand, the expansion of international and well-established companies, such as Pharmaceutical Product Development Inc (PPD) and QuintilesIMS, in countries like Brazil, Mexico, Argentina, and Chile is expected to fuel growth in Latin American pharmaceutical contract manufacturing & research services market. These countries are perceived to have great potential for pharmaceutical development.
Browse through Grand View Research's Medical Devices Industry Research Reports.
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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 Million, 2018 - 2030)
- Manufacturing
- Research
Key Companies profiled:
Some prominent players in the Latin America pharmaceutical contract manufacturing & research services market include:
- Boehringer Ingelheim GmbH
- Lonza
- Pfizer, Incorporated. (Pfizer CenterOne)
- Charles River Laboratories International, Inc
- Albany Molecular Research, Inc
- Covance, Inc. (LabCorp)
- QuintilesIMS
- Pharmaceutical Service Development, LLC
- Recipharm AB
- AbbVie, Inc.
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