Surge in Cardiovascular Conditions to Benefit Active Pharmaceutical Ingredients Market
Market Research Future (MRFR) sheds light on the growth of the active pharmaceutical ingredients (API) market, which is expected to achieve the valuation of USD 215.12 Mn by 2023. The report adds that the market is expected to surge at a CAGR of 4.93% during the forecast period (2018–2023).
API Market Leaders
- Boehringer Ingelheim GmbH,
- Teva Pharmaceutical Industries Ltd.,
- Pfizer Inc.,
- Abbott Laboratories,
- Merck & Co. Inc.,
- F. Hoffmann-La Roche AG,
- GlaxoSmithKline Plc (GSK),
- Bayer AG,
- Novartis AG,
- Eli Lilly and Company,
are some of the prominent companies in the global active pharmaceutical ingredients market.
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Market Drivers and Key Restraints
The active pharmaceutical ingredients market gets a major boost from the growing prevalence of cardiovascular conditions, infectious diseases, and various other chronic disorders. Other than these, the rise in various genetic disorders has driven the use of biologicals and biosimilars, the world over. In many instances, biosimilars are the most preferred owing to them being low-cost. Biosimilars have the potential of creating a highly sustainable healthcare system which makes way for innovation, allowing more patients to receive the optimum care.
The growth of active pharmaceutical ingredients market is marked by the huge demand for drugs like analgesics, anti-infectives and diabetes, and pain management drugs. But with the rising trend of increasing research and development (R&D) activities, the demand is experiencing a shift towards the advancement of complex APIs that find use in novel formulations, thereby targeting niche therapeutic areas.
At present, a huge number of drugs are in the pipeline for the development of treatments for autoimmune disorders, metabolic diseases, and cancer. On account of the hike in the number of cancer cases, numerous manufacturers are now proceeding towards developing highly potent APIs as well as specialty APIs, in a bid to meet with the accelerated demand for such products. These factors are expected to have a remarkable effect on the market growth in the subsequent years.
Active Pharmaceutical Ingredients Industry Trends
The emergence of Highly Complex Active Pharmaceutical Ingredients
The latest generation of APIs being created is highly complex, which include high potency API, peptides, sterile API and oligonucleotides. This has led to more complicated R&D as well as certification processes.
Increasing Competition in the API Market
The rising number of small producers that have expertise in the manufacturing of niche APIs, has resulted in a highly stiff competition within the global market. Thus, the latest trend in the form of intensifying competitive nature of the market is projected to elevate the market position in the coming years.
Active Pharmaceutical Ingredients Market Segmentation
by Manufacturing Process
- Captive Manufacturing
- Contract Manufacturing
by API Formulation
- Generic API
- Branded API
- Innovative API
- Cardiovascular Disease
- Neurological Disorders
- Orthopedic Disorders
- Gastrointestinal Disorders
- Large Molecule
- Small Molecule
- Middle East & Africa
The key markets for active pharmaceutical ingredients include South America, Europe, Asia Pacific, North America, and the Middle East & Africa.
North America is spearheading the API market growth in the Americas, which in turn is leading the global market with the largest share. The crucial factors backing the said growth include the presence of a large number of prominent companies within the region. In addition, countries like the United States (U.S.) and Canada note high occurrences of chronic as well as neurological diseases, which is believed to be a prominent driver of the regional market growth.
Europe has bagged the second spot in the global API market, backed by the increasing number of initiatives within the region that support the development of generic drugs. Moreover, improving pricing, as well as reimbursement policies coupled with a huge number of manufacturing activities, is presenting multiple growth opportunities to the regional market.
As the active pharmaceutical ingredients market has reached the maturity phase in the developed countries around the globe, the market focus is shifting towards the Asia Pacific. This factor has substantiated the region as the fastest-growing market globally. The presence of a humungous patient population within countries like India and China paired with the rising incidences of chronic diseases in the region is poised to benefit the market in the subsequent years. On top of that, availability of cheap labor and need for low investments in infrastructure are encouraging several renowned pharmaceutical vendors to outsource manufacturing to Asia Pacific, opening the door for further market success.
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