Latin America Monoclonal Antibody Therapy Market

Latin America Monoclonal Antibody Therapy Market Size (2023 to 2028)

The Latin America monoclonal antibody therapy market is expected to reach USD 33.46 billion in 2028, up from USD 15.21 billion in 2023, at a CAGR of 17.22% over the forecast period 2023 - 2028.

Monoclonal antibodies (mAbs), a type of monospecific antibody (protective body inflammatory response), are made up of identical antibody molecules and are produced by a single cell clone or cell line. The mAbs have brought about a fundamental change in the pharmaceutical and biotechnology industries, and in the future, they are also expected to play a crucial role in clinical protocol with the further development of these molecular agents.

Monoclonal antibodies are proteins cultivated in the laboratory that mimic the ability of the immune system to fight harmful pathogens such as viruses. Many monoclonal antibodies that specifically target the SARS-CoV-2 virus, are currently driving the market owing to the pandemic stressing out the world.

Monoclonal antibodies are also used to fight against cancer and cancer-causing agents in the body. Globally, the total number of people alive is estimated at 46 million. Additionally, the therapeutic use of monoclonal antibodies is exhibited to show lesser side effects in the body, they have been shown to be a great cancer treatment alternative to drugs and chemotherapy. The World Health Organization (WHO) reports that cancer is the leading cause of death around the globe. According to 2012 statistics, it was reported that 9 million deaths were seen worldwide and nearly 65,000 in Argentina alone. Cancer deaths are expected to increase by over 15 million by 2030. The growing trend for precision medicine and custom-made monoclonal antibodies has boosted the Latin American market for the past several years. The plethora of benefits associated with monoclonal antibody drugs is expected to increase demand in the years to come.

The other factors driving the Latin American monoclonal antibody therapy market are the increasing incidence of chronic diseases and genetic diseases due to mutations and increasing genomics R&D activities. According to the World Health Organization, diabetes increased to 20 million new cases and 15 million undiagnosed cases in 2018. Research and development of monoclonal antibodies against multiple diseases and technologies such as the antibodies vaccinations, formulation of bio proteins, are expected to provide significant market opportunities during the anticipated period.

However, higher costs with the research, development, and production and stringent regulatory authorities that result in lengthy approval procedures and clinical trial periods will restrict the market growth. These monoclonal antibodies products are technique sensitive and require skilled labor, lack of which leads to wastage of expenses and resources. This, to some extent, will hamper the Latin American monoclonal antibody market. Moreover, certain regions in Latin America have developing economies, where there are poor healthcare facilities, this restraint the market growth.

This research report on the Latin America monoclonal antibody therapy market has been segmented and sub-segmented into the following categories:

By Type:

• Human mAb

• Humanized mAb

• Chimeric mAb

• Murine mAb

By Application:

• Cancer

• Autoimmune Diseases

By Distribution Channel:

• Hospital Pharmacy Retail Pharmacy

By Country:

• Brazil
• Argentina
• Chile
• Mexico
• Rest of Latin America

In 2020, the Latin America monoclonal antibody therapy market was valued at USD 2 billion, growing at an impressive CAGR of 3.9%. Brazil is the dominant player in the LATAM monoclonal antibody therapy market and can be attributed to developing healthcare infrastructure, easy availability of the products, and high incidence of cancer in the region. In addition, well-established reimbursement policies, growing healthcare awareness contributes to growth in the Brazilian market. The growing number of pharmaceutical and bioscience companies for these monoclonal therapies will also bode well for market growth in this region.

In 2019, the market in Mexico was worth $ 1.8 billion and this value is expected to increase further in the years to come. The market in Mexico will grow thanks to the presence of pharmaceutical ties with international companies, especially with the U.S. Moreover, the increasing prevalence of diseases such as cancer and communicable diseases will help in the growth of the regional market.

After Brazil and Mexico, Argentina accounted for the third-largest share of the Latin America monoclonal antibody therapy market, followed by Columbia and Ecuador. Growth in these markets is primarily driven by several factors, such as developing research and development, the launch of new products, the growing incidence of chronic disorders, early entry into the market, and unmet market needs. While rest of Latin America will show a slow sluggish growth rate during the projected period owing to the lack of government support for infection control and management and cheaper drugs.

KEY MARKET PLAYERS:

Pfizer Inc., Novartis AG, Bayer AG, Sanofi S.A., CASI Pharmaceuticals, Eli Lilly and Co., Merck & Co., Inc., Changchun Zhongyingfeng Science And Technology Co., Ltd, Hangzhou Immuno Biotech Co. Ltd, Nantong Egens Biotechnology Co. Ltd are some of the dominating companies in the Latin America monoclonal antibody therapy market.