MARKET OUTLOOK
According to Triton Market Research's analysis, the Latin America drug discovery market is anticipated to register a CAGR of 7.65% for the forecasted period of 20192027.
Mexico, Brazil, and Rest of Latin American countries are studied for the drug discovery market in the Latin America region.
The gradual rise in healthcare expenses has been helping pharmaceutical technology advancement and driving the drug discovery market in Latin America. For instance, there has been an increase in the usage of advanced technologies such as high throughput screening HTS, spectroscopy, combinational chemistry, and bioinformatics for better drug identification.
Many pharmaceutical companies in Mexico have started shifting to personalized medicine to address the high mortality rate of cancer in the country. This approach is anticipated to contribute to the drug discovery process and create significant growth opportunities for the market. Academic communities have also started using HTS procedures to find potential drugs by collaborating with the government.
Due to the less investment, time, and risk, drug discovery is expected to be practiced largely in small niche biopharmaceutical companies. A large portion of the population in need of targeted drug delivery has been stimulating the government and local pharmaceutical labs to take up the initiative. It is predicted that the collaboration with contract development and manufacturing organizations would reduce the time and cost for big pharmaceutical companies to increase the market and further boost the growth of the drug discovery market.
COMPETITIVE OUTLOOK
The key players in the drug discovery market are AstraZeneca plc, Bayer AG, Becton, Dickinson and Company BD, Boehringer Ingelheim, Eli Lilly and Company, F. HoffmannLa Roche AG, GlaxoSmithKline plc and Pfizer Inc.