Report : South America Fill Finish Manufacturing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Consumables and Instruments) and End User (Contract Manufacturing Organizations, Biopharmaceutical Companies, and Other End Users)
Prefilled Syringes is expected to be the fastest growing Segment during the forecast period 2020–2027
According to a new market research study on “South America Fill Finish Manufacturing Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and End User,” is expected to reach US$ 595.99 million by 2027 from US$ 343.77 million in 2020. The market is estimated to grow at a CAGR of 8.2% from 2020 to 2027. The report provides trends prevailing in the South America fill finish manufacturing market along with the drivers and restraints pertaining to the market growth. Broadening demand for biologics, boosting adoption of prefilled syringes for parenteral administration, and single-application systems for aseptic fill finish are the major factor driving the growth of the South America fill finish manufacturing market. However, growing competition in biopharmaceutical contract manufacturing industry hinder the growth of South America fill finish manufacturing market.
The coronavirus pandemic has become the largest challenge to the South America region, because it falls under the low-cost regions. South America regions are widely dependent on the import of pharmaceutical and biopharmaceutical products. The lockdown situation in many countries has resulted in no trade in foreign countries. Thus, the countries in the South America have started producing API in their domestic market. However, the cost of production was a challenge for several countries. According to the Brazilian Association of Generic Medicines Industries (PróGenlicos), 75% of the pharmaceutical product is done domestically. However, it is widely dependent on the imports of APIs. The rise in the dollar has created a vital challenge for the manufacturers in the country. Similarly, it is a vital challenge in other countries such as Argentina. Therefore, the government is collaborating with the private market player to supply vaccines against COVID–19. For instance, in June 2020, Astra Zeneca and Brazil are on the verge of signing a deal for the vaccine. However, there are hurdles in signing the deals. Such hurdles are also expected to create challenges for countries. The pharmaceutical industry in the regions is highly affected by the outbreak of the COVID–19 pandemic. It is further expected to show a negative impact on market growth.
The fill finish manufacturing market is segmented based on product, end user and country. Based on product, the market is segmented into consumables and instruments. In 2019, the consumables segment held the largest share in the market and the same segment is expected to be the fastest growing during the forecast period. Further, based on consumables, the market is segmented into prefilled syringes, vials, cartridges, and other consumables. In 2019, the prefilled syringes segment held the largest market share and it is also expected to the fastest growing segment over the forecast period. Based on end-user, the market is segmented into contract manufacturing organizations, biopharmaceutical companies, and other end users. In 2019, the contract manufacturing organizations segment held the largest market share and it is also expected to the fastest growing segment over the forecast period. Similarly, based on country, the market is segmented into the Brazil, Argentina, Chile, and Rest of South America. In 2019, the Brazil held the largest share in the market and it is also expected to be the fastest growing during the forecast period.
BD; West Pharmaceutical Services, Inc.; Gerresheimer AG; I.M.A. Industria Macchine Automatiche S.P.A.; Bausch+Strobel; Groninger and Co. GmbH; Maquinaria Industrial Dara SL; Nipro PharmaPackaging; SCHOTT AG; SGD Pharma; Stevanato Group; Syntegon Technology GmbH; and Optima Packaging Group Gmbh are among the leading companies in the South America fill finish manufacturing market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Dara Pharma has acquired CoolVacuum, a freeze-dryers manufacturer. This acquisition will support development in aseptic filling equipment at Dara pharma, thereby enhancing company's production capacities.
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