The latest market report published by Credence Research, Inc. “Active Pharmaceutical Ingredient Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the active pharmaceutical ingredient market was valued at US$ 152.6 Bn in 2017 and expected to reach US$ 273.5 Mn by 2026 at a CAGR of 6.7 % during the forecast period from 2018 to 2026.
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Market Insights
The global active pharmaceutical ingredient (API) market shows fruitful growth during the forecast period from 2018 to 2026. The API is the active part of any drug that delivers its reaction. Many times a drug may contain few APIs and the reaction to a specific medication will rely upon the prescription of the dosage pattern, which changes from individual to individual. For instance, combination therapeutic treatments have various dynamic active ingredients to treat different side effects. TEVA Pharmaceuticals is one of the leading manufacturers of APIs in the global market having a vast portfolio of API products of around 300 APIs. Dr. Reddy’s is also a leading API maker using more than 60 APIs currently.
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North America to contribute maximum revenue share in the global active pharmaceutical ingredient market attributed to rising chronic diseases, higher adoption of prescribed drugs, demand for specialty drugs & biologics, increasing awareness, and rise in R&D for new drug formulations and development. In the current scenario, manufacturers present in the U.S. and Europe region are expanding their manufacturing capacity for APIs in the developing nations such as in India and China to cut expenses. This has made noteworthy changes in how these drugs are regulated, with more specific guidelines and regulations. For example, presently AstraZeneca Plc produce only 15% of their APIs in the U.S. However, there are plans to end that small ratio and outsource all the manufacturing assembly in the Asia Pacific and Latin America market. Increase in healthcare spending is a global phenomenon, and this directly benefited the generics API market in recent years in the developing nations due to high demand and ease of access. However, the cost of enhancing process outline, higher cost of specialty API drugs, and stringent approvals regulations may act as a restraining factor to the overall development of the API market. Improvement of new inventive API’s and inorganic development through mergers and partnerships with smaller organizations additionally support the API market in the developing nations. Adoption of branded generic drugs & medications is growing exponentially in developing economies, for example, in India and China. In addition, rising utilization of specialty drugs expected to increase the pharmaceutical spending around the world.
Increase in demand for advanced therapeutics for treatment of alarming diseases, rising prevalence for chronic diseases and lifestyle diseases globally along with increasing purchasing power, beneficiary schemes for reimbursement are various factors fueling the demand for active pharmaceutical ingredient market in near future.
Key Market Movements:
- Globally, the active pharmaceutical ingredient market expected to exhibit a profitable growth with a CAGR of 6.7% for the period from 2018 to 2026
- Based on the API type, the synthetic chemical segment shows lucrative growth with increasing applications in the therapeutic treatment procedures.
- The development of the worldwide active pharmaceutical ingredient is mainly contributed the high demand for innovative therapeutics, a rise in FDA approvals, for new molecules and drugs, and expansion of the manufacturing capacity in the overseas market.
- In addition, new technology assessment in API manufacturing along with the existence of top API manufacturers & sophisticated healthcare facilities in the developed nations is further going to spur revenue growth during the forecast period.
- Eastern Europe, Latin America, and the Asia Pacific to show promising opportunities and shows growing CAGR during the forecast period owing to rising manufacturing capacity for active pharmaceutical ingredient and dosage pattern for various treatment. Surging population & along with ease in availability of drugs and medications, and increasing healthcare spending in Russia, Brazil, India, China, and Japan may contribute to the growth of the market during the forecast period.
- Major players in this vertical are Teva Pharmaceutical Industries Ltd., Pfizer, Inc., Sanofi, Boehringer Ingelheim, Novartis International AG, Bristol-Myers Squibb, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Co., Inc. and AbbVie Inc., Lonza Group and others.
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