Active Pharmaceutical Ingredients Market Overview
The global active pharmaceutical ingredients market is witnessing a massive rise amid COVID 19 outbreak. The spread of coronavirus has placed unprecedented pressure on countries across the globe. Active pharmaceutical ingredients (API) are the main ingredient in a number of drugs that are intended for the treatment of COVID 19. Resultantly the API market is garnering exponential traction and attention worldwide.
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According to Market Research Future (MRFR), the global active pharmaceutical ingredients market is projected to reach USD 215,125.4 MN by 2023, registering 4.96% CAGR over the review period (2018-2023). Besides, factors such as the increasing occurrences of myriads of chronic diseases and growth in abbreviated new drug applications (ANDA), push the growth of the API market globally.
The rising acceptance & uptake of biopharmaceuticals, alongside the growing importance of generics across the globe, drive the market growth, excellently. Moreover, the increasing numbers of healthcare infrastructure, including hospitals & clinics, are expected to foster market growth. Additionally, factors such as the growing healthcare expenditures and the increase in the global population & economy positively impact the growth of the API market.
Conversely, adverse effects associated with API and the availability of substitutes are the major factors anticipated to restrain the growth of the market. Also, factors such as the stringent regulatory and drug price control policies in various countries are to hamper the growth of the market. In addition, the shortage of particular APIs required in human drugs indicated for coronavirus treatment is posing challenges to market growth.
Global Active Pharmaceutical Ingredients Market – Segments
The report is segmented into six dynamics;
By Manufacturing Process: Captive Manufacturing, Contract Manufacturing, and others.
By Type of Synthesis: Synthetic, Biotech, and others.
By API Formulation: Generic API, Branded/ Innovative API, and others.
By Application: Oncology, Cardiovascular Disease, Neurological Disorders, Orthopedic Disorders, Respiratory, Gastrointestinal Disorders, Urology, and others.
By Molecule: Large Molecule, Small Molecule, and others.
By Regions: Americas, Europe, Asia Pacific, and the rest-of-the-world.
Global Active Pharmaceutical Ingredients Market – Geographical Analysis
North America leads the global active pharmaceutical ingredients market. The region’s largest market share attributes to the rising prevalence of myriads of chronic diseases such as cardiovascular & neurological diseases and orthopedic, respiratory, and gastrointestinal disorders. Besides, the increasing advances in diagnostics techniques and medical & drug development technologies drive regional market growth. Moreover, the rising advances in diagnostics techniques and medical & drug development technologies drive regional market growth.
Also, the presence of notable players and rising numbers of Pharma companies that emphasize on delivering cost-effective product range fosters the growth of the regional market. The North American active pharmaceutical ingredients market is estimated to retain its leading position in the global API market throughout the forecast period.
Europe stands second in the global active pharmaceutical ingredients market. Market growth attributes to factors such as the presence of a large number of CMOs involved in the manufacturing of APIs and the growing need to develop generic drugs. Moreover, the proliferating healthcare industry and pharmaceutical sector in the region boost the growth of the market.
Moreover, increasing incidences of cardiovascular disease and neurological disorders drive the growth of the regional market excellently. The European active pharmaceutical ingredients market value is estimated to escalate exponentially during the assessment period.
The active pharmaceutical ingredients market in the Asia Pacific region is growing continually. Factors such as rising numbers of pharmaceutical & biotechnology companies and a large patient population drive the API market in the region. Additionally, some of the rapidly developing economies such as China, India, and South Korea, which are becoming hubs for the outsourcing of drug manufacturing, impact the market growth positively.
Moreover, constant economic growth in the region influences the growth of the market. The APAC active pharmaceutical ingredients market is expected to register a modest CAGR during the review period (2018 to 2023). Moreover, constant economic growth in the region influences the growth of the market. The APAC active pharmaceutical ingredients market is expected to register a modest CAGR during the review period (2018 to 2023).
Global Active Pharmaceutical Ingredients Market – Competitive Landscape
Highly competitive, the active pharmaceutical ingredients market appears fragmented due to the presence of many well-established players. Companies build additional capacities to develop their APIs at the in-house R&D Centre and to commercialize their portfolio. Focusing on new molecules and patented processes, industry players look forward to making more RD investments.
Active Pharmaceutical Ingredients Market Major Players:
Players leading the global active pharmaceutical ingredients market include F. Hoffmann-La Roche Ltd (Switzerland), Sanofi SA (France), Pfizer Inc. (US), Bayer AG(UK), Abbott (US), Merck & Co., Inc (US), GlaxoSmithKline Plc (UK), Boehringer Ingelheim GmbH (UK), Novartis AG (UK), Teva Pharmaceutical Industries Ltd (Israel), and Eli Lilly and Company (US), among others.
Active Pharmaceutical Ingredients Industry/ Innovation/ Related News:
May 06, 2020 —- The Indian government agreed to supply Europe with around 1,000 tonnes of the active pharmaceutical ingredient (API) for the making of the common pain reliever paracetamol to cope with COVID-19 symptoms. COVID-19 has accounted for 57% of the global death toll in Europe. Europe sought up to 800 tonnes of paracetamol APIs every month.
The European government has asked drugmakers to ensure the stock of up to four months of domestic requirements. In March, the Indian government had put a hold on exports of several drugs including paracetamol, to secure supplies for its people. However, the country has eased the export controls on over-the-counter medicines used for the coronavirus treatment after seeing that the disrupted supply chain of the industry globally.
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