Latin America and the Caribbean: Medicaments Containing Insulin Market 2023

Medicaments Containing Insulin Market Size in Latin America and the Caribbean

The Latin American medicaments containing insulin market skyrocketed to $X in 2021, increasing by 193% against the previous year. Over the period under review, consumption enjoyed resilient growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Medicaments Containing Insulin Production in Latin America and the Caribbean

In value terms, medicaments containing insulin production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of 23%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Medicaments Containing Insulin Exports

Exports in Latin America and the Caribbean

Medicaments containing insulin exports shrank sharply to X kg in 2021, dropping by -45% against the year before. In general, exports, however, continue to indicate measured growth. The most prominent rate of growth was recorded in 2014 when exports increased by 326% against the previous year. Over the period under review, the exports reached the maximum at X kg in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, medicaments containing insulin exports fell sharply to $X in 2021. Overall, exports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 538% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico represented the largest exporter of medicaments containing insulin but not antibiotics in Latin America and the Caribbean, with the volume of exports accounting for X kg, which was approx. 70% of total exports in 2021. Panama (X kg) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by Costa Rica (9.8%).

Mexico was also the fastest-growing in terms of the medicaments containing insulin but not antibiotics exports, with a CAGR of +32.7% from 2012 to 2021. At the same time, Panama (+9.9%) displayed positive paces of growth. Costa Rica experienced a relatively flat trend pattern. From 2012 to 2021, the share of Mexico, Costa Rica and Panama increased by +63, +9.8 and +8.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) emerged as the largest medicaments containing insulin supplier in Latin America and the Caribbean, comprising 71% of total exports. The second position in the ranking was taken by Panama ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Mexico amounted to +37.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Panama (+11.7% per year) and Costa Rica (0.0% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, rising by 18% against the previous year. In general, the export price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2015 an increase of 87%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while Panama ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+3.2%).

Medicaments Containing Insulin Imports

Imports in Latin America and the Caribbean

In 2021, the amount of medicaments containing insulin but not antibiotics imported in Latin America and the Caribbean surged to X tons, picking up by 145% compared with 2020. Overall, imports posted a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, medicaments containing insulin imports soared to $X in 2021. In general, imports showed a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Brazil (X tons) was the largest importer of medicaments containing insulin but not antibiotics, constituting 70% of total imports. Mexico (X tons) took the second position in the ranking, distantly followed by El Salvador (X tons). All these countries together took near 21% share of total imports. Guatemala (X tons) held a relatively small share of total imports.

Imports into Brazil increased at an average annual rate of +42.6% from 2012 to 2021. At the same time, El Salvador (+107.4%) and Mexico (+39.2%) displayed positive paces of growth. Moreover, El Salvador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +107.4% from 2012-2021. By contrast, Guatemala (-5.4%) illustrated a downward trend over the same period. Brazil (+62 p.p.), Mexico (+12 p.p.) and El Salvador (+6.1 p.p.) significantly strengthened its position in terms of the total imports, while Guatemala saw its share reduced by -7.1% from 2012 to 2021, respectively.

In value terms, Brazil ($X) constitutes the largest market for imported medicaments containing insulin but not antibiotics in Latin America and the Caribbean, comprising 82% of total imports. The second position in the ranking was taken by Mexico ($X), with a 5.6% share of total imports. It was followed by Guatemala, with a 2.3% share.

From 2012 to 2021, the average annual growth rate of value in Brazil amounted to +37.4%. In the other countries, the average annual rates were as follows: Mexico (+28.0% per year) and Guatemala (+1.0% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, picking up by 40% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 87% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guatemala ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+6.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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