Growing Demand for Biopharmaceuticals to Drive Active Pharmaceutical Ingredients Market
The global Active Pharmaceutical Ingredients Market is expected to exhibit a strong 4.96% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global active pharmaceutical ingredients market is expected to reach a valuation of USD 215,125.4 million by 2023, according to the MRFR report. The impact of the COVID-19 pandemic on the active pharmaceutical ingredients market is also assessed in the report.
Active pharmaceutical ingredients are that part of a drug that actually have the medicinal properties that work against the specific disease. Active pharmaceutical ingredients can be acquired from a number of sources, including natural and synthetic. Some drugs may contain more than one active pharmaceutical ingredient in order to counter different diseases. The growing prevalence of chronic diseases such as COPD and coronary artery disease is likely to be a major driver for the global active pharmaceutical ingredients market over the forecast period. The growing prevalence of chronic diseases has led to increasing innovation in the pharmaceutical sector in order to counter the spread of these diseases. Active pharmaceutical ingredients have become a key target for invention and innovation in the pharmaceutical industry in recent years as a result of this. This is likely to be a major driver for the global active pharmaceutical ingredients market over the forecast period.
The growing demand for biopharmaceuticals is likely to be a major driver for the global active pharmaceutical ingredients market over the forecast period. Biopharmaceuticals are obtained from biological sources such as animals and plants. This has become a popular practice in the pharmaceutical industry due to the consumers’ perception that these ingredients are healthier and more effective than synthetic active pharmaceutical ingredients. Biopharmaceuticals are also easier on the environment, as they degrade naturally without causing any adverse effects to the environment. The growing geriatric population is also likely to be a key driver for the active pharmaceutical ingredients market. The rising demand for generic drugs is also likely to be a major driver for the global active pharmaceutical ingredients market, as the demand for active pharmaceutical ingredients in developing regions is increasing and many consumers in developing regions can’t afford branded drugs. Generics are likely to remain highly important in the global active pharmaceutical ingredients market over the forecast period.
Competitive Leaderboard:
Leading players in the global Active Pharmaceutical Ingredients Market List include Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Novartis AG, GSK plc, Boehringer Ingelheim GmbH, Merck & Co. Inc., Bayer AG, Abbott, Pfizer Inc., F. Hoffman-La Roche Ltd., and Sanofi SA.
In September 2016, Pfizer Inc. completed the acquisition of Medivation Inc., increasing the former’s portfolio for anti-infective drugs.
Segmentation:
The global active pharmaceutical ingredients market is segmented on the basis of manufacturing process, type of synthesis, API formulation, application, molecule size, and region.
By manufacturing process, the global active pharmaceutical ingredients market is segmented into captive manufacturing and contract manufacturing. The contract manufacturing segment is likely to grow over the forecast period, as contract manufacturing has emerged as a highly profitable industry in developing regions such as Asia Pacific.
By type of synthesis, the global active pharmaceutical ingredients market is segmented into synthetic and biotech. The biotech segment is further sub-segmented into monoclonal antibodies, recombinant proteins, vaccines, and others.
By formulation, the global active pharmaceutical ingredients market is segmented into generic and branded/innovative. The generic segment is likely to grow at a high rate over the forecast period due to the growing demand for generic APIs.
By application, the global active pharmaceutical ingredients market is segmented into cardiovascular disease, oncology, neurological disorders, orthopedic disorders, respiratory conditions, gastrointestinal disorders, urology, and others. The cardiovascular and oncology segments are likely to dominate the global active pharmaceutical ingredients market over the forecast period.
By molecule size, the global active pharmaceutical ingredients market is segmented into large molecule and small molecule.
Regional Analysis:
The Americas, led by North America, holds the highest share in the global active pharmaceutical ingredients market, followed by Europe. Asia Pacific is expected to grow at the highest rate over the forecast period.
Key Players
Leading players profiled in the global active pharmaceutical ingredients (API) market report include Teva Pharmaceutical Industries Ltd, Novartis AG, Merck & Co., Inc., GlaxoSmithKline Plc (GSK), Boehringer Ingelheim GmbH, Abbott Laboratories, Sanofi, F. , Pfizer Inc., Eli Lilly and Company, Hoffmann-La Roche AG, and Bayer AG. Industry players have incorporated strategies such as mergers, acquisitions, product launches, and others to stay ahead in the competition.
Industry News
Sanofi will soon set up a standalone company in France that will make active pharmaceutical ingredients (API).
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