Latin America Pharmaceutical Contract Manufacturing & Research Services Market Overview, Cost Structure Analysis and Forecast to 2030

 Latin America Pharmaceutical Contract Manufacturing & Research Services Industry Overview

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 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 & Research Services Market Segmentation

Grand View Research has segmented the Latin America pharmaceutical contract manufacturing & research services market based on services and country:

Based on the Services Insights, the market is segmented into Manufacturing and Research.

• Manufacturing dominated the service segment with a 66.3% revenue share as of 2021. Based on service the market is segmented into manufacturing and research. Contract manufacturing services comprise the solutions and facilities for the manufacture of API/bulk drugs, advanced drug delivery formulations, packaging, and finished dose formulations.
• Finished dose formulations are anticipated to expand at the fastest CAGR over the forecast period. Among these, solid dosage forms held the largest revenue share in 2021 due to the higher outsourcing done for powdered formulations. It is expected to rise in the coming years as it represents a significant share of the outsourcing of finished dose formulations.
• Contract research services are expected to witness the fastest year-on-year growth. One of the major drivers for this growth is the clinical testing cost requirement that has skyrocketed in the past few years, and the total cost is expected to increase by a few million dollars every year.

Latin America Pharmaceutical Contract Manufacturing & Research Services Regional Outlook

• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
  • Venezu ela
  • Rest of Latin America

Key Companies Profile

These entities are undertaking endeavors to maintain their share in the market during the forecast period, including acquisitions & mergers, regional expansions, and enhancement of service provisions.

Some prominent players in the global 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.

Order a free sample PDF of the Latin America Pharmaceutical Contract Manufacturing & Research Services Market Intelligence Study, published by Grand View Research.