Latin America Erythropoietin Stimulating Agents Market Size, Share, Trend, Opportunity, Effect on Demand By COVID-19 Pandemic and Forecast 2022-2031

Kenneth Research, in its repository of market research reports, has recently added a report titled Latin America Erythropoietin Stimulating Agents Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the Latin America Erythropoietin Stimulating Agents Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Latin America Erythropoietin Stimulating Agents Market products.

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The Latin America erythropoiesis stimulating agents (ESA) market reached USD 319.2 million in 2018 and is expected to reach USD 533.92 million by 2027, by registering a CAGR of 6.03%, across the region. The demand for erythropoiesis stimulating agents is increasing on the back of the rising demand for efficient drugs to control the effects of impaired production of the molecule erythropoietin.

Brazil is slated to account for a share of 44.77% and reach USD 239.03 million by 2027 in the erythropoiesis stimulating agents market. The market growth in the country can be attributed to the increase in investments in the R&D activities from both government and private entities. The market is expected to expand at a CAGR of 6.29% over the forecast period i.e. 2020-2027. This is primarily attributed to the easier availability of resources and cost effective skilled labor in the region, supported by highly favorable regulatory landscape that supports the growth the pharmaceutical industry in the country.

On the back of the relatively higher rate of development, the market for Chile is expected to grow at a CAGR of 6.39% and is expected to capture a market of USD 47.47 million by 2027. On the back of rising number of incidences, patient-friendly health reforms and plans such as the AUGE-GES Plan through the National Health Fund (Fonasa) and the Pension Health Institutions (ISAPRE), availability of skilled medical resources along with efficient diagnostic solutions to make timely diagnosis and mitigate the effects of anemic condition, the drugs classified as erythropoiesis stimulating agents are witnessing a high demand in the country.

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On the basis of product, the market is segmented into epoetin-alfa, epoetin-beta, epoetin-theta, darbepoetin-alfa, and other ESAs. The epoetin-alfa segment is presently capturing the highest market and is expected to reach USD 274.66 million by the year 2018 with a CAGR of 6.11% over the forecast period. This is primarily attributed to the larger number of products approved for prescription in this segment in comparison to others for anemia caused by renal disorders. Epoetin-beta, although has a similar mode of action in comparison to epoetin-alfa, as presently lower number of drugs, including biosimilars and generic drugs, approved for similar indications for Epoetin-beta in comparison to Epoetin-alfa.

On the basis of application the market is divided into cancer, renal disorders, anti-retroviral treatment, and other indications that would impair the natural production of erythropoietin in the body. ESAs are most frequently prescribed for anemia caused by chronic kidney disease, irrespective of their state of dialysis, due to which the renal disorders segment captured the highest market share in 2018. The segment is expected to grow at a CAGR of 6.17% and is expected to reach USD 376.25 million by 2027.

On the basis of distribution channel, the market is divided into online channel and offline channel. Although with the rising number of internet users and availability of online platforms to purchase pharmaceutical products, the online distribution channel is expected to witness a higher growth, but presently the larger share of population is still dependent on conventional distribution channel such as pharmacies at hospital, ambulatory surgical centers, and retail pharmacies.

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