The Latin America, Middle East and Africa Specialty Generics Market would witness market growth of 12.6% CAGR during the forecast period (2023-2030).
The market has recently been driven by a number of causes, including an aging population affected by several life-threatening diseases, cost-cutting measures adopted by renowned healthcare providers, demand from growing industries, and others. Chronic diseases are long-lasting conditions that often require no treatment. However, it can occasionally be managed and treated. A few more extended chronic infections raise the risk of developing cancer. Chronic illnesses are brought on by a changing lifestyle, poor food choices, and the inability to maintain an appropriate weight. As these conditions are becoming more prevalent, there is an increasing need for specialty generics to treat complex chronic diseases.
Chronic diseases, sometimes referred to as non-communicable diseases (NCDs), are conditions that develop over an extended period of time as a result of a combination of genetic, environmental, physiological, and behavioral variables. Most deaths from NCDs are caused by cardiovascular illnesses. These diseases are fueled by pressures such as population aging, increased unplanned urbanization, and bad lifestyles. Obesity, elevated blood glucose, rising blood lipids, and raised blood pressure are all symptoms of unhealthy diets and insufficient exercise in humans. The demand is anticipated to expand as chronic diseases become more prevalent.
According to International Trade Association, non-communicable diseases are to blame for 68% of all fatalities in Saudi Arabia. Over 40 percent of adults are obese, and nearly 18 percent of adults have diabetes. Saudi Arabia will keep increasing the amount it spends on diabetes prevention, treatment, and lifestyle diseases. Diabetes, obesity, and cardiovascular illnesses accounted for 25 to 35 percent of all healthcare spending in Saudi Arabia in 2020. The number of visits to primary healthcare facilities per capita would quadruple due to the demand for preventative care screening for managing chronic diseases. Furthermore, Saudi Arabia is responsible for around 60% of the GCC's pharmaceutical product purchases. The best potential in the area is in the fields of diabetes, cardiovascular, antibiotic, and cancer medications. With all these aspects, the market is predicted to witness growth.
The Brazil market dominated the LAMEA Specialty Generics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,696.9 million by 2030. The Argentina market is exhibiting a CAGR of 13.2% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 12.3% during (2023 - 2030).
Based on Type, the market is segmented into Injectables, Oral Drugs, and Others. Based on Application, the market is segmented into Inflammatory conditions, Multiple sclerosis, Hepatitis C, Oncology, and Others. Based on End Use, the market is segmented into Specialty Pharmacy, Retail Pharmacy, and Hospital Pharmacy. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Specialty Generics Market is Projected to reach USD 141.5 Billion by 2030, at a CAGR of 9.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Teva Pharmaceuticals Industries Ltd., Novartis AG, Hikma Pharmaceuticals PLC, Sun Pharmaceutical Industries Ltd., Fresenius SE & Co. KGaA, Dr. Reddy’s Laboratories Ltd., Mallinckrodt PLC, Bausch Health Companies, Inc., Viatris, Inc. and Apotex, Inc.
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