The South American antirheumatic drugs market was valued at US$6,851.495 million in 2020. The market is projected to grow at a CAGR of 2.36% to attain a value of US$8,067.500 million by 2027. Countries like Brazil, Argentina, Peru, and Colombia are witnessing a continuous rise in the number of people suffering from chronic diseases. According to the World Health Organization, the total prevalence of diabetes in Argentina is 10.2% of the country’s total population. As such, the prevalence of arthritis is also increasing in the region, thus driving the antirheumatic drug market in South America. Studies have shown that exposure to air pollution may have a direct role in triggering disease activity, including Systemic Lupus Erythematosus (SLE) in children and adolescents. Thus, rising levels of air pollution in various countries in South America are further augmenting the demand for antirheumatic drugs for conditions such as lupus, thereby bolstering the market growth. The growing ageing population is also a factor that is spurring the market growth of antirheumatic drugs in the region. As per the data provided by the World Health Organization (WHO), the prevalence of diabetes has increased steadily since 1980, with 7.4% of males and 8.8% of females suffering from diabetes in Brazil. Moreover, half of the Brazilian population is overweight, while 20% are obese. This, in turn, is escalating the number of cases of arthritis, thereby driving the market growth of antirheumatic drugs in South America.
The rise in the sales of generic drugs in South American countries is another factor that is boosting the growth of the region’s antirheumatic drug market. The growing pharmaceutical industry in countries like Brazil and Peru, supported by favourable government policies and measures, is also contributing to the market growth of the antirheumatic drug market in South America. According to the INDEC (National Institute of Statistics and Census), 70 percent of the Argentine domestic market turnover was made up of local manufacturers, whereas the remaining 30 percent accounted for resold imports.
COVID-19 SCENARIO
The pandemic of COVID-19 has an adverse impact on the market for antirheumatic drugs in South America. According to the Lancet Rheumatology 2020, are at significant risk of developing severe symptoms and consequences. Many COVID-19 cases have been seen in Asian countries such as India, which has altered the healthcare sector's focus to COVID-19 patients. Non-COVID patients had less access to hospitals. As a result, there was a decline in rheumatic diagnoses, resulting in lower demand for antirheumatic drugs in the region. As a result, market growth has been slower than planned. With the loss of health insurance coverage, fewer hospital visits, and reduced diagnostic rates, the product is selling well.
The South American Antirheumatic Drugs market has been segmented based on the type of disease, type of molecule, and sales channel. By type of disease, the market has been segmented as osteoarthritis, rheumatoid arthritis, gout, lupus, and others. By type of molecule, the South American antirheumatic drugs market has been classified into pharmaceuticals and biopharmaceuticals. The market segmentation has also been done by sales channel as prescription and over-the-counter (OTC). The South American antirheumatic drug market is divided into three countries: Brazil, Argentina, and Others.
Segmentation