Argentina pharmaceuticals market is anticipated to
witness impressive growth during the forecast period. This can be ascribed to
the growing demand for healthcare because it maintains improved health
outcomes, increased lifespan, economic benefits, improved quality of life,
social and mental benefits along with growing demand for healthy lifestyle as
daily routine for health benefits. Also, increasing prevalence of chronic
diseases such as diabetes, hypertension, and cancer is increasing, leading to a
higher demand for pharmaceutical products to manage and treat these conditions
and this is expected to create a lucrative growth of Argentina pharmaceuticals
market during the forecast period. According to Statistics Argentina,
as of 1994, the import was 6.9% of medicine. In 2020, the import of medicine
reaches to 30%. As the population of Argentina continue to grow, so
does the demand for pharmaceutical product. As per report by world bank
the population of Argentina in 2010 was 4.08Cr and in 2021 it reaches to
4.58Cr.
Healthcare spending increases in Argentina, so does
the demand for pharmaceuticals, as they are a crucial component of healthcare
services. In 2019, the average spending of Argentina on healthcare was
USD 946, which is 9.51% of GDP. Also, the pharmaceutical companies
have the potential to export its global market which could increase revenue and
drives the growth of Argentina pharmaceutical market.
Increasing Demand for Healthcare
The rising population and increasing life
expectancy in Argentina have led to a greater demand for healthcare services,
including pharmaceuticals. As more people seek access to healthcare services,
there is a corresponding increase in the demand for pharmaceuticals to support
the provision of healthcare and it is expected to drive the Argentina
pharmaceutical market.
As more people seek access to healthcare services,
there is a corresponding increase in the demand for prescription drugs to treat
various illnesses and conditions. As per data of 2018 the distribution
of medicine Painkillers/Anti-inflammatories-59%, Antibiotics- 43%, Antiviral
drugs-35%, Hypertension medicines-13%, Allergy medicine-11% Contraceptives-11%,
Antacids-10%, Cholesterol medication-8%, Sleeping pills-7%, Sedatives-6%,
Anxiolytics-3% Antidepressants-3%, Lexatives-2% and others were 7%.
The growing demand for healthcare services has led
to an increase in healthcare expenditure, including spending on
pharmaceuticals. In 2017, Argentina spent USD 1530 on healthcare a
32.61% increase from 2016 and 2017 spending is 10.44% of GDP.
The prevalence of chronic diseases such as
diabetes, hypertension, and cancer are increasing, leading to a higher demand
for pharmaceuticals to manage and treat these conditions The rising demand for
healthcare services is a major driving force in Argentina's pharmaceutical
market, and this trend is expected to continue in the future years.
Growing Middle Class Population Promises The Growth
Of Market
Argentina's increasing middle class is a
significant driver of the pharmaceutical market, since it has raised demand for
healthcare services, particularly pharmaceuticals. The growing middle class in
Argentina has increased purchasing power, which has led to increased demand for
pharmaceuticals. In 2021, the average median household income (PPP) was
USD 40,094. Argentina's median household income (PPP) will be USD 31,385 in
2021, up 3.1% from the previous year. With higher incomes, the middle
class has greater access to healthcare services, including pharmaceuticals,
which has increased demand for the pharmaceuticals and drives the growth of
Argentina Pharmaceutical Market.
The growing middle class has spurred innovation in
the pharmaceutical industry, with companies investing in research and
development to develop new and improved drugs to meet the needs of its
demographic. the Inter-American Development Bank (BID) recently said 54.5% of
Argentine households belonged to the middle class, ranking second after Uruguay
where the number was of 55.8%.
Increase In Aging Population
The increasing aging population in Argentina is a
major driver of the pharmaceutical market, as it has led to increased demand
for healthcare services and pharmaceuticals the present aging
population of Argentina is 5,114,599 which is 11.02% of total population people
above 64 years age out of which 2,107,649 males and 3,006,950 females in
Argentina the rate of Aging population will increase from 11.4% to 17.3%.
As people age, they are more likely to develop
chronic conditions such as arthritis, dementia, and cardiovascular diseases,
leading to an increased demand for medications to manage these
conditions. The Inter-American Development Bank (IDB) authorized a USD150
million loan to assist Argentina in reducing the number of deaths caused by
cardiovascular events and other chronic diseases, with a particular focus on
persons without health insurance.
The aging population has led to a higher prevalence
of chronic diseases such as diabetes, hypertension, and cancer, which has
driven demand for pharmaceuticals to manage and treat these conditions. Tumors
and Cardiovascular disease caused 46% of death out of which 29% of people are
above 70 years or younger. The aging population requires more
healthcare services, including prescription drugs, which has led to increased
healthcare expenditure and higher demand for pharmaceuticals, anticipating the
growth of Argentina pharmaceutical market.
Download Free Sample Report
Recent Development
In November 2020, Pfizer announced the acquisition
of Laboratorios Phoenix, a leading pharmaceutical company in Argentina. The
acquisition is expected to strengthen Pfizer's position in the Latin American
Market.
In March 2021, Knight Therapeutics completed its
acquisition of Biotoscana, a leading specialty pharmaceutical company in Latin
America, including Argentina. The acquisition is expected to expand Knight's
presence in the region and provide access to new products and markets.
In February 2021, Advent International acquired
Zona Franca Córdoba, a leading pharmaceutical manufacturing company in
Argentina. The acquisition is expected to help Advent expand its manufacturing
capabilities in the region.
In August 2020, Dr. Reddy's Laboratories completed
its acquisition of select businesses of Wockhardt, including its business in
Argentina. The acquisition is expected to expand Dr. Reddy's presence in the
Latin American market.
Market Segmentation
The Argentina pharmaceutical market can be
segmented by drug type, product type, application, distribution channel, and
region. Based on drug type, the market can be segmented into generic drugs and
branded drugs. Based on product type, the market can be segmented into
over-the-counter drugs and prescription drugs. Based on application, the market
can be grouped into cardiovascular, oncology, metabolic disorder,
musculoskeletal, anti-infective, and others. Based on distribution, the market
can be grouped into retail pharmacy, hospital pharmacy, and e-pharmacy.
Market Players
Roemmers Inc, ELEA Phoenix S.A., Gador S.A, Casasco
& Nardi SpA, Montpellier Holdings Ltd, BAGO Do Basil S.A, Baliarda S.A.,
and Novartis Pharma AG/Argentina are some of the leading players operating in
the Argentina pharmaceutical market.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 – 2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024 – 2028
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2018-2023
and 2024-2028
|
|
Report Coverage
|
Revenue forecast, company share, competitive landscape, growth
factors, and trends
|
|
Segments Covered
|
Drug Type
Product Type
Application
Distribution Channel
|
|
Regional scope
|
Pampas, Litoral, Northwest, Sierras and Others (Cuyo, Patagonia, etc.)
|
|
Key companies profiled
|
Roemmers Inc, ELEA Phoenix S.A.,
Gador S.A, Casasco & Nardi SpA, Montpellier Holdings Ltd, BAGO Do Brasil
S.A, Baliarda S.A., Novartis Pharma AG
|
|
Customization scope
|
10% free report customization with purchase. Addition or alteration to
country, regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to
meet your exact research needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We can also provide the editable version
of the report in PPT/Word format on special request)
|
Report Scope:
In this report, the Argentina pharmaceutical market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Argentina Pharmaceutical Market, By Drug
Type:
o Generic Drugs
o Branded Drugs
- Argentina Pharmaceutical Market, By Product
Type:
o Over-The-Counter
Drugs
o Prescription
Drugs
- Argentina Pharmaceutical Market, By
Application:
o Cardiovascular
o Oncology
o Metabolic
Disorder
o Musculoskeletal
o Anti-infective
o Others
- Argentina Pharmaceutical Market, By
Distribution Channel:
o Retail Pharmacy
o Hospital
Pharmacy
o E-Pharmacy
- Argentina Pharmaceutical Market, By
Region:
o Pampas
o Litoral
o Northwest
o Sierras
o Others (Cuyo,
Patagonia, etc.)
Competitive Landscape
Company Profiles: Detailed analysis of
the major companies present Argentina pharmaceutical market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Argentina pharmaceutical market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]