Latin America Medical Enzymes Market 2022-2028
MARKET OUTLOOK
Triton’s research report infers that the medical enzymes market in Latin America is likely to display growth at a CAGR of 7.27% during the forecasting years 2022-2028. Brazil, Mexico, and Rest of Latin America are countries studied in this region.
The pharmaceutical industry has grown significantly in Mexico over the past few years, attaining around $7.4 billion in 2020. Since then, healthcare expenditure has grown substantially. In this regard, the rising healthcare expenditure and government healthcare initiatives are expected to support the medical enzymes market’s growth over the forecast period.
Additionally, Mexico is witnessing a surge in its geriatric population. With the rise in the aging population, along with the high prevalence of chronic conditions, the demand for medical enzymes is expected to surge. Therefore, these factors are contributing heavily to the studied market’s development.
In Argentina, the government has introduced initiatives to encourage efficient healthcare spending. As per estimates, healthcare spending was around 9.51% of the GDP. In recent years, the country has witnessed a significant rise in chronic conditions, including chronic obstructive pulmonary disease, kidney diseases, and strokes. Therefore, the rise in chronic conditions is anticipated to fuel the medical enzymes market’s growth.
COMPETITIVE OUTLOOK
The major firms in the medical enzymes market include BASF SE, DSM, Sanofi SA, Roche Holding AG, and Novozymes.
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