Albany, NY, Feb. 25, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “LATAM Adalimumab Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the LATAM adalimumab market was valued at US$994.8 mn in 2014 and is expected to reach US$1,186.4 mn by 2023, at a CAGR of 0.4% during the forecast period from 2015 to 2023.
Consistent technological sophistications in development of biosimilar followed by increasing incidence and prevalence of various medical conditions have rendered encouraging growth opportunities for various biological drugs and other innovative biopharmaceuticals. The LATAM adalimumab market by application has been categorized on the basis of the usage of adalimumab for treatment of various medical conditions. Rheumatoid arthritis, psoriasis, Crohn’s disease, and ulcerative colitis constitute the major disorders where adalimumab is prescribed for the treatment. Factors such as improved diagnosis rate followed by the introduction of efficient biologic drugs constitute the significant drivers favoring the market growth.
Adalimumab was first approved in the U.S. for the treatment of aforementioned medical conditions. Currently, this is marketed in more than 60 countries. However, owing to the biologic nature of the drug, it results in high cost and low accessibility in emerging economies such as LATAM and Asia Pacific. On the other hand, with the probable entry of the adalimumab biosimilars post the patent expiry the low costs up to less than 25% to 35% of the originator drugs will boost the uptake and prescription of adalimumab for the treatment of above mentioned medical conditions.
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Rheumatoid arthritis application accounted for the largest application segment in LATAM adalimumab market owing to the rigorous research studies and improved lab diagnosis of this condition in Latin America followed by the worldwide acceptance of adalimumab for treatment of rheumatoid arthritis over other drugs. For instance, according to a research paper on ‘Current Therapies in Rheumatoid Arthritis’ published in in ReumatologiaClinica Journal in the year 2013 highlights the current treatment options for rheumatoid arthritis in LATAM. This paper highlights the use of TNF inhibitors of which adalimumab is most commonly used. Furthermore, increased incidence of the disease will favor the uptake of adalimumab to reduce the moderate to severe symptoms of rheumatoid arthritis. However, the risk of infections and other side effects of adalimumab might hamper the market growth.
Rheumatoid arthritis and psoriasis application segments are expected to exhibit the highest growth rates during the forecast period from 2015 to 2023 owing to the widespread use and prescription of adalimumab for treatment of these conditions. In addition, increasing healthcare expenditure and preference for biologic drugs will further support the growth of these segments. Currently, majority of the leading market players are focusing on the development of adalimumab biosimilars targeting rheumatoid arthritis and psoriasis. This is evident from the clinical trials conducted to test the safety and efficacy of the adalimumab biosimilars in treating these conditions.
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Major Market Players:
Companies such as AbbVie, Inc. Amgen, Inc., Pfizer, Inc., Novartis AG, Mylan N.V. and Boehringer Ingelheim GmbH constitute some of the key market players in adalimumab market. The adalimumab market is influenced by the presence of large regional players and are more frequently used in developed economies as compared to other developing economies.
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research