Latin America Adalimumab Market to Reach US$1.18 bn by 2023; Rheumatoid Arthritis, Psoriasis Represent Largest Application Segments Rise in drug resistant species, launch of generics, and upcoming patent expirations during the period of 2015 to 2023 is likely to hamper the growth of the global antibacterial drugs market, states Transparency Market Research in its latest report. The 150-page research publication, titled “Antibacterial Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023�, indicates that registering a poor CAGR of 1.30% during the forecast period, the worldwide market for antibacterial drugs in projected to drop from US$43.9 Bn in 2014 to US$38.9 Bn by 2023. Adalimumab is an anti-inflammatory medication usually prescribed for treating Crohn's disease, rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, ulcerative colitis, moderate to severe hidradenitis suppurativa, moderate to severe chronic psoriasis, and juvenile idiopathic arthritis. The medication is known to be a TNF inhibitor and an anti-inflammatory medication. It is popularly sold under the trade names of Humira and Exemptia as approved by the U.S. Food and Drug Administration (FDA).
Though adalimumab was initially approved in the U.S., it is now being sold in over 60 countries. Over the years, the technological advancements and increasing research and development activities for developing biosimilars of adalimumab have created several growth opportunities for these drugs. Furthermore, factors such as the improved diagnosis rate of diseases and a huge support from efficient biological drugs will also propel the growth of the Latin America adalimumab market. A research report by Transparency Market Research suggests that the LATAM adalimumab market was valued at US$994.8 mn in 2014 and is expected to register a CAGR of 0.4% between 2015 and 2023 to reach a value of US$1,186.4 mn by 2023. This growth will be attributable to the growing preference for effective medications, low cost of production as patents reach their expiry dates, improving marketing strategies, and abundant availability of medical expertise in biosimilar research in Latin American countries. The Latin America adalimumab market has been segmented on the basis of application and country. The applications of adalimumab are seen in the treatment of diseases such as rheumatoid arthritis, psoriasis, Crohn’s disease, ulcerative colitis, and others. In terms of countries, this market is segmented into Argentina, Colombia, Brazil, and Rest of LATAM.