According to a new market report published by Persistence Market Research “Active Pharmaceutical Ingredient (API) Market” the global active pharmaceutical ingredient market was valued at US$ 127 Bn in 2014 and is estimated to reach US$ 186 Bn by 2020 at a CAGR of 6.6% from 2015 to 2020.
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Active pharmaceutical ingredient (API) refers to a therapeutically active ingredient or substance combination used in manufacturing a drug product. Production of active pharmaceutical ingredients is a highly sophisticated and technically demanding process. The global active pharmaceutical ingredient market is surging due to the increased demand for pharmaceutical drugs, which in turn is driven by aging population, increasing prevalence of chronic diseases such as cancer, diabetes, cardiovascular, neurological and infectious diseases among others. Further, fragmented nature of the pharmaceutical supplies market, brings a smaller profit share to each player.
The global active pharmaceutical ingredient market encompasses geographies such as North America, Asia Pacific, Europe and Rest of the World. North America accounted for the largest segment in the global active pharmaceutical ingredients market in 2014 due to fact that North America is the leading consumer of APIs and API exporters consider North America as the most lucrative market. India and China are the major suppliers of APIs to North America due to low production and labor costs. Moreover, biologics have become one of the top-selling drugs in North America. Thus, the expected market entry of biosimilars with flexible regulatory process would boost the API market in North America. The API market in the U.S. displays high level of competition, with mergers and collaborations between various key players such as Teva Pharmaceutical Industries Ltd., Sandoz (Novartis AG), Mylan, Inc., and Allergen plc.
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Additionally, demand for biological APIs is high in the region, as technological developments in the pharmaceutical industry are paving the way for newer biotechnology drugs. These expansion strategies intensify the competition between the global players, which is a result of expected high growth in the API market.
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