Turkey Activated Carbon Market to Witness 8.95% CAGR Growth Between 2024 and 2030

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According to MarkNtel Advisors study, The Turkey Activated Carbon Market size is valued at USD 39.88 thousand in 2023 & is projected to grow to USD 73.81 thousand in 2030. The market is also estimated to grow at a CAGR of around 8.95% during the forecast period, i.e., 2024-30.

The continuous increment in mining activities has been a significant driver for the Activated Carbon Market in Turkey. Over recent years, Turkey has witnessed a steady rise in mining operations across various sectors, including coal, metals, and minerals. This ongoing expansion has been propelled by the country's rich geological resources & increasing industrial demands. Hence, as mining activities require effective purification solutions, particularly in wastewater treatment and ore processing, where activated carbon plays a crucial role in removing impurities, its demand has escalated substantially over the historical years.

Furthermore, there are several upcoming mining projects as well that have been announced recently in Turkey. Thus, the continuous growth in mining activities is projected to further amplify the demand for activated carbon for environmental compliance in the sector in the forecast years.

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Market Challenge: Latin America has a huge prevalence of diabetes. Over the years, the lives of people with diabetes have changed with the subsequent improvements in insulin formulations and delivery devices. The average price of insulin in Latin America has increased over the past decade, and the high cost of insulin has become a barrier to diabetes treatment. The life-saving treatment is financially out of reach for many people with diabetes. This high cost is primarily attributed to limited competition in the Latin America Insulin Market due to regulatory barriers, monopolies, or a lack of generic alternatives. The lack of competition has allowed pharmaceutical companies to maintain higher prices in the region, affecting its affordability and accessibility to patients.

Further, patent protections and economic challenges, such as inflation and healthcare system limitations, have also contributed to the high cost of insulin in the region. As a consequence, many were not able to afford adequate treatment for diabetes in the form of insulin. All this has negatively impacted the Latin America Insulin Market.    

Latin America Insulin Market Key Players:

Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Biocon Limited, Wockhardt, Geropharm, Gan & Lee Pharmaceuticals, The United Laboratories International Holdings Limited (TUL), Beacon Pharmaceuticals PLC, Medtronic, and others

Market Segmentation Overview:

By Product Type

-Insulin Drugs

--Insulin Analogs & Biosimilars

---Long Acting Biosimilars

---Rapid Acting Biosimilars

---Premixed Biosimilars

--Insulin Biologics

---Short Acting Biologics

---Intermediate Acting Biologics

---Premixed Biologics

-Insulin Delivery Devices

--Insulin Syringes

--Insulin Pens

---Disposable Insulin Pens

---Reusable Insulin Pens

--Insulin Pumps

---Tethered/External Pumps

---Patch Pumps

--Others (Needles, Injectors, etc.)

The Insulin Drugs segment held a major market share. The market growth has been attributed to rapid urbanization and lifestyle changes that have heightened diabetes prevalence, prompting a demand for more effective treatments. Insulin drugs, including biosimilars and biologics, play a vital role in managing diabetes and improving the quality of life for individuals with the condition. Increased partnerships and collaborations between pharmaceutical companies and government agencies to boost awareness and education about diabetes in the region have positively impacted segmental market growth.

By Application

-Type I Diabetes

-Type II Diabetes

By Region

• Mexico
• Brazil
• Argentina
• Colombia
• Chile
• Peru
• Rest of Latin America

Note: If you require specific information not covered in the current report, we can provide it through Customized Option

Latin America Insulin Market Recent Development

In July 2021: BIOMM signed an agreement with Nemera to commercialize the company’s Advapen under the trade name Lifepen in Brazil for the administration of Glargilin insulin to treat diabetes.

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