MARKET OUTLOOK
The market for opioid drugs in Latin America has been projected to depict growth in terms of revenue and expand with a CAGR of 2.79% during the forecast years 2019-2028, according to a report by Triton Market Research. Brazil, Mexico, and Rest of Latin America together form the market in this region.
In 2017, the International Narcotics Control Board (INCB) stated that, in Mexico, the percentage of legally prescribed opioid drugs is meager in comparison with the US. However, as per a 2019 research article, Mexico might transition from being a low opioid using country to a high opioid using one. Each year, around 30 million cases of people suffering from chronic pain are reported in the country.
This opens up multiple avenues for growth for players operating in the opioid drugs market. A few years back, Purdue Pharma entered the Mexican market, to tap onto its unrealized potential. This factor is helping the growth of Mexico’s opioid drugs market. However, in the coming years, the drug trafficking scenario in the country is expected to take a turn for the worse. Also, stringent guidelines with respect to opioid trade from the US and other established markets across the globe are expected to decelerate the market growth in the coming years.
COMPETITIVE OUTLOOK
The key companies profiled in the report include Johnson Johnson, Mylan NV, Purdue Pharma LP, Cipher Pharmaceuticals Inc, Sun Pharmaceutical Industries Ltd, Biodelivery Sciences International Inc, Indivior Inc, Sanofi-Aventis SA, and Lannett Co Inc.