Dublin, July 25, 2023 (GLOBE NEWSWIRE) -- The "Active Pharmaceutical Ingredients (APIs) Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global active pharmaceutical ingredients (API) market is expected to grow at a CAGR of 6.67% from 2022 to 2028.
MARKET TRENDS & DRIVERS
Rising Demand for Novel APIs
The rising demand for novel APIs is due to the increasing need for newer, more specialized drugs to treat complex diseases, illnesses, and medical conditions. Novel APIs are developed using advanced biotechnologies and advanced synthesis techniques to create more effective drugs that provide better treatment than existing drugs. The growing demand for novel APIs is that they present several advantages over existing drugs, including improved safety, efficacy, and cost-effectiveness. Moreover, they can be used to treat rare diseases that current drugs cannot treat and to produce new therapies for existing diseases.
Reshaping the Pharmaceutical API Industry with Digital Transformation
Digital Transformation has allowed the active pharmaceutical ingredients (API) market to reshape itself to optimize production, streamline processes and reduce costs. By embracing the digital revolution, API manufacturers and suppliers can leverage advances in automated workflows, AI-enabled production management, and increased predictive analytics capabilities for data-driven decision-making. Additionally, the cloud-based infrastructure allows API-focused stakeholders to store, manage and use their data. At the same time, the increasing affordability of automation and other digital technologies helps to create a more efficient and cost-effective API supply chain more easily. Together, these advancements have enabled the pharmaceutical API industry to become more agile, responsive, and cost-efficient - unlocking new possibilities for product innovation and providing customers with a better overall experience.
Technological Advancements API Manufacturing
The technological advancements in manufacturing in the active pharmaceutical ingredients (API) market have helped improve API quality, increase production efficiency, reduce costs, and ensure environmental protection. New technologies for API manufacturing include continuous processing and computerization of operations, which enable large-scale, cost-effective, and efficient production. Automated machines, computer-controlled process description (CPD) systems, and digital manufacturing systems are now being used to increase the accuracy of API formulation, improve overall efficiency, and reduce manual labor requirements. In addition, new technological advancements such as micronization techniques, nanotechnology, and crystallization techniques greatly improve API quality while increasing overall production speeds. Finally, new waste management methods, such as liquid waste treatments, have also significantly improved API manufacturing processes, as well as standards of environmental protection.
Growing Importance & Demand for Generic Drugs
Over recent years, the growing importance and demand for generic drugs have increased tremendously. This is mainly due to the cost savings they offer, as generic drugs typically cost 30-80% less than other brand-name drugs. Moreover, generic drugs are often the only option for patients who cannot afford expensive brand-name drugs. As such, generic drugs have become increasingly popular among consumers seeking affordable healthcare solutions. Additionally, generic drugs have become more widely available due to government programs like Medicaid and Medicare. These government-sponsored programs help to make generic drugs more accessible to those who need them. Furthermore, the increased demand for generic drugs has led to yet another significant development in the pharmaceutical industry: the formation of API manufacturers. These companies specialize in the production of APIs that are designed explicitly for generic medications. Creating APIs specifically tailored to generics can provide a cost-effective alternative to more expensive original drugs. As a result, manufacturers in the active pharmaceutical ingredients (API) market have become an essential component of the generic drug supply chain.
GEOGRAPHICAL ANALYSIS
North America is one of the largest global active pharmaceutical ingredients (API) markets, accounting for over 41% share in 2022. The region has seen a steady growth in the demand for APIs, driven primarily by the increasing prevalence of chronic diseases, the rising demand for generic drugs, and the rapid development of the pharmaceutical industry. The increasing number of chronic diseases in North America has been a major factor driving the demand for APIs. According to the Centers for Disease Control and Prevention (CDC), around half of the adults in the U.S. suffer from at least one chronic disease. This has led to an increase in the use of prescription drugs, which in turn has led to an increase in the demand for APIs.
KEY QUESTIONS ANSWERED:
1. How big is the active pharmaceutical ingredients (API) market?
2. What is the growth rate of the global active pharmaceutical ingredients (API) market?
3. What are the growing trends in the active pharmaceutical ingredients (API) market?
4. Which region holds the most significant global active pharmaceutical ingredients (API) market share?
5. Who are the key players in the global active pharmaceutical ingredients (API) market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 373 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $212.07 Billion |
| Forecasted Market Value (USD) by 2028 | $312.37 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- AbbVie
- Boehringer Ingelheim
- Bristol-Myers Squibb Company
- Cipla
- Eli Lilly and Company
- GSK
- Merck KGaA
- Novartis
- Pfizer
- Sanofi
- Sun Pharmaceutical Industries
- Viatris
- Abbott
- Albemarle Corporation
- Amgen
- Aurobindo Pharma
- BASF Corporation
- Biocon
- Dr. Reddy's Laboratories Ltd.
- Teva Pharmaceuticals Industries
- F. Hoffmann-La Roche
- GLENMARK PHARMACEUTICALS LTD.
- Lupin
- Shenzhen Hepalink Pharmaceutical Group
For more information about this report visit https://www.researchandmarkets.com/r/cjtfve
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