Wilmington, Delaware, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Growing adoption of cutting-edge biopharmaceutical processes for synthetic APIs is a key active pharmaceutical ingredients (API) market strategy. Emphasis on strengthening in house manufacturing of APIs will unlock promising avenues, indicate recent active pharmaceutical ingredients (API) market trends. The active pharmaceutical ingredients (API) market size is projected to reach US$ 331.3 Bn by 2031.
Growing investment for the development of biopharmaceuticals is enriching the prospects of global active pharmaceutical ingredients (API) market. Focus on safety and efficacy of small molecule drugs has opened up incredible value-grab opportunity for firms in the market. Indeed, rise in number of product approvals in the segment has generated vast profit streams for market players. Especially pediatric formulations have come under intense purview of regulatory agencies in key regional markets.
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Key Findings of Active Pharmaceutical Ingredients (API) Market Study
- Need for Effective Medications for Cardiovascular and Chronic Diseases Propelling Revenue Growth: Rise in incidence and health burden of cardiovascular diseases and range of chronic diseases particularly diabetes has spurred research in new drug candidates. Biopharmaceutical companies are capturing value from the commercialization of targeted therapies. The cardiovascular diseases accounted for a leading share of the market in 2020. Rise in elderly population suffering from these diseases is spurring demand for medicines for managing the diseases, thus boosting the active pharmaceutical ingredients (API) market size.
- Small-Molecule Cancer Drugs Presents Value-Grab Opportunity: Rapidly increasing adoption of small molecule drugs among pharmaceutical and biopharma companies has generated sizable revenue streams. Small molecule drugs accounted for a major market share in 2020, found the TMR study. A number of blockbuster drugs nearing expiry has fueled prospects of the active pharmaceutical ingredients (API) market. This has spurred development of generics, especially to target patients low- and middle-income countries.
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Active Pharmaceutical Ingredients (API) Market: Key Drivers
- Steadily growing demand for branded or innovative prescription drugs for managing chronic diseases is a key underpinning for the expansion of the active pharmaceutical ingredients (API) market.
- Prevalence of cardiovascular diseases and rising incidence of cancer have posed considerable economic and health burden. Need for novel drugs to address the concerns is propelling R&D in active pharmaceutical ingredients (API) market.
- Advances made in regulations pertaining to the safety and efficacy of APIs is playing a pivotal role in driving the evolution of the active pharmaceutical ingredients (API) market.
Active Pharmaceutical Ingredients (API) Market: Regional Growth Dynamics
- Asia Pacific is projected to emerge as remarkably lucrative region in active pharmaceutical ingredients (API) market. The revenue streams are propelled by rise in drug development for biologics and generics. In particular, owing to patent expiry of blockbuster drugs for chronic diseases, the demand for low-cost generics is anticipated to gather traction in India and China during the forecast period of 2021–2031.
- North America accounted for a major market share in 2020. The growth is fueled by sizable investments being made by pharmaceutical and biotech companies in synthetic APIs. Additionally, advancements in biological processing used for synthesis of APIs will open up new revenue streams in the regional market.
Active Pharmaceutical Ingredients (API) Market: Key Players
Prominent players in the active pharmaceutical ingredients (API) market include GlaxoSmithKline plc., Dr. Reddy's Laboratories Ltd., Eli Lilly and Company, Bristol-Myers Squibb Company, AbbVie, Inc., Hisun USA, Inc., Lonza, Novartis AG, Pfizer, Inc., Mylan N.V., Sanofi, Merck & Co., and Piramal Pharma Solutions.
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Global Active Pharmaceutical Ingredients (API) Market: Segmentation
- Active Pharmaceutical Ingredients (API) Market, by Manufacture Type
- In House Manufacturing
- Contract Manufacturing
- Active Pharmaceutical Ingredients (API) Market, by Drug Type
- Branded or Innovative Prescription Drugs
- Generic Prescription Drugs
- Over-the-counter (OTC) Drugs
- Active Pharmaceutical Ingredients (API) Market, by API Type
- Synthetic
- Biological
- Plant Extracts
- Active Pharmaceutical Ingredients (API) Market, by Application
- Anti-infective
- Cardiovascular
- Neurological
- Metabolic Disorder
- Respiratory
- Oncology
- Others
- Active Pharmaceutical Ingredients (API) Market, by End User
- Pharmaceutical & Biotechnological Industry
- CROs
- CMOs
- Others
- Active Pharmaceutical Ingredients (API) Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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