NEW YORK, March 2, 2017 /PRNewswire/ -- The Latin American pharmaceutical contract manufacturing services market is anticipated to reach USD 21.0 billion by 2025, according to a new report by Grand View Research, Inc. Low drug registration cost in Latin American countries and continuous economic growth are the key factors contributing to progress in this region. Moreover, Latin America offers higher recruitment rates and relatively high competitive prices in comparison to United States and other European countries.
A forementioned fact pronounces the trend of shifting Contract Manufacturing/Research Organizations (CMO/CRO)'s attention to Latin American countries such as Brazil, Mexico, Argentina, and Colombia. Ongoing adjustment in Latin America to reduce the commodity prices and domestic political turbulence in each country is expected to shape region's economic growth there by driving revenue generation in the outsourcing market for pharmaceutical development.
Further Key Findings from the study suggest:
Contract manufacturing services accounted for the largest share owing to wide range of services offered by the CMO's located herein for therapeutic drug development
API/Bulk drug development services accounted for the largest share over the other segments as companies continue to invest for API production capacity enhancement
Rising inclination of drug manufacturers to focus on core competencies such as R&D are observed to have a major impact on the yearly growth of contract research organizations
Brazil held the largest share with respect to revenue generation in 2015
Government's current initiative to ensure GMP compliance among small and medium-sized pharma companies has contributed for the large share of Brazil
Chile is expected to witness the fastest growth over the forecast period.
Presence of companies offering bioanalytical, biomarker discovery, assay development, and cGMP analytical services can be attributed for the estimated growth
Key players contributing in this market are Lonza; Charles River Laboratories S.A; Jubilant Life Sciences Limited; Boehringer Ingelheim GmbH; Pfizer, Inc. (Pfizer CenterOne); Albany Molecular Research, Inc; QuintilesIMS; and Pharmaceutical Product Development, LLC.
These entities are involved in collaborations with therapeutic research organizations in order to enhance their industrial presence
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