Increasing incidences of chronic diseases and surge in development of new drugs to drive global active pharmaceutical ingredient market
According to TechSci Research report, “Global Active Pharmaceutical Ingredient Market By Type of Synthesis (Biotech (Recombinant Proteins, Vaccines, Monoclonal Antibodies), Fermentation, Plant Extracts, Synthetic), By Type of Manufacturer (In-house, Contract), By Route of Administration (Oral, Injectable, Topical), By Route of Administration (Oral, Injectable, Topical), By Therapeutic Application (Cardiovascular Disease, Oncology, Neurological Disorders, Orthopedic Disorders, Respiratory, Gastrointestinal Disorders, Urology, Others), By Region, Forecast & Opportunities, 2025”, the market is expected to undergo significant CAGR during forecast period owing to increasing prevalence of chronic diseases such as diabetes, cancer, arthritis, bone & joint infections and pneumonia. The spike in development of new drugs using active pharmaceutical ingredient to fight against chronic and infectious diseases are also acting as key factors driving the market. Moreover, growth in biopharmaceutical sector and increasing geriatric population which is more prone to chronic diseases are some other important factors propelling the growth of global active pharmaceutical ingredient market. With growing advancements in active pharmaceutical ingredient (API) manufacturing, the market is expected to undergo significant growth in the coming years.
Additionally, the outbreak of COVID-19 and other hospital acquired infections is creating demand for active pharmaceutical ingredient for new drug developments. They are being extensively used as antibody drug conjugates (ADCs), which are used in combination with monoclonal antibodies and biologically active drugs for treatment of cancer. Also, increasing number of hospitals and diagnostic centers are supporting the growth of active pharmaceutical ingredient market.
However, active pharmaceutical ingredient industry is also facing some challenges such as, shortening the drug development time and reducing the cost of development. Moreover, lack of skilled professionals and limited availability of drugs in the developing nations may hamper the market growth during the forecast period.
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The global active pharmaceutical ingredient market is segmented based on type of synthesis, type of manufacturer, route of administration, type of drug, therapeutic application and region. Based on type of synthesis, the market is segmented into biotech, fermentation, plant extracts and synthetic. The biotech segment is further categorized into recombinant proteins, vaccines and monoclonal antibodies. Among them, the synthetic segment accounted for largest market share in 2019 owing to easier procedures and easy availability of raw materials for the synthesis of active pharmaceutical ingredient.
Based on type of manufacturer, the global active pharmaceutical ingredient market is segmented into in-house and contract. Among them, the in-house manufacturer segment is expected to hold largest market share through 2025 as innovator companies are preferring in-house manufacturing to avail economic benefits and prevent technology leakage.
Major players operating in the global active pharmaceutical ingredient market include Abbott Laboratories, Inc., Teva Pharmaceutical Industries Ltd., Cipla Inc., Dr. Reddy’s Laboratories Ltd., Mylan N.V., Bristol-Myers Squibb Company, Boehringer Ingelheim GmbH, Aurobindo Pharma Ltd, Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Albemarle Corporation, GlaxoSmithKline Plc, Novartis AG, F. Hoffmann-La Roche AG, Pfizer Inc., Sanofi, AstraZeneca, Eli Lilly, Aspen and AbbVie Inc. The market players are adopting growth strategies like agreements, partnerships and collaborations to strengthen their market positions.
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“North America dominates the global active pharmaceutical ingredient market followed by Europe as the two regions are witnessing increasing government focus on generic drugs. Further, increasing technological advancements in manufacturing of APIs is providing lucrative opportunity for manufacturers in North America. Also, the presence of adequate manufacturing units in developed nations are propelling API market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Active Pharmaceutical Ingredient Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare, Anti reflecting, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By End User (Hospitals, Specialty Clinics, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global active pharmaceutical ingredient market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global active pharmaceutical ingredient market.
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