New York, July 25, 2023 (GLOBE NEWSWIRE) -- Worldwide revenue from the active pharmaceutical ingredients market stands at US$ 192.3 Billion in 2022, with the global market estimated to surge ahead at a CAGR value of 4.2% to reach a valuation of US$ 300.2 Billion by the end of 2033.
The Active Pharmaceutical Ingredient (API) market plays a critical role in the pharmaceutical industry, serving as the primary component in the formulation of drugs and medications. APIs are biologically active substances responsible for the therapeutic effects of pharmaceutical products. As the demand for innovative and effective drugs increases worldwide, the API market has witnessed substantial growth and transformation in recent years.
Market Overview
The global Active Pharmaceutical Ingredient market has experienced remarkable growth over the past decade. Factors such as the rising prevalence of chronic diseases, growing aging population, and advancements in drug development technologies have been instrumental in fueling the market expansion. Additionally, the increasing adoption of generic drugs and the rise of contract manufacturing organizations (CMOs) have further boosted API production and supply chain efficiency.
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Market Drivers and Challenges
Market Drivers:
- Increasing prevalence of chronic diseases and the demand for effective treatments.
- Rising adoption of generic drugs and biosimilars.
- Technological advancements in drug development and manufacturing processes.
- Growing investments in research and development activities.
- Favorable government regulations promoting pharmaceutical development.
- Surging demand for personalized medicine and biologics.
Market Challenges:
- Stringent regulatory approval processes.
- Fluctuating prices of raw materials.
- Patent expirations and increasing competition from generics.
- Supply chain complexities and quality assurance issues.
- Adverse environmental impact of API manufacturing.
- Rising concerns over counterfeit drugs.
Market Trends
- Increased focus on biologics and specialty APIs.
- Growing adoption of green chemistry and sustainable API manufacturing practices.
- Rise of personalized medicine and targeted therapies.
- Integration of artificial intelligence and big data analytics in drug development.
- Collaborations and partnerships between pharmaceutical companies and CMOs.
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Key Companies: Bristol-Myers Squibb Company, Pfizer Inc., Boehringer Ingelheim International GmbH, Cipla Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc, Hepalink Group Lonza, Merck & Co. Inc., Sandoz International GmbH, Aurobindo Pharma Limited, Fresenius Kabi LLC and more
Recent Developments
Some Recent Developments of companies in the active pharmaceutical ingredient (API) market:
- Pfizer entered into an agreement with Acuitas in 2022 to deliver a lipid nanoparticle delivery system for use in mRNA vaccines such as COMIRNATY ((tozinameran) and therapeutics.
- Sanofi and IGM announced a strategic collaboration agreement in 2022 to streamline and optimize the development and commercialization of IgM antibody agonists for oncology, immunology, and inflammation target.
- Boehringer Ingelheim and Mabgenesis collaborated in 2022 to develop novel monoclonal antibodies for canine therapeutic treatments.
- Teva Pharmaceutical Industries Ltd. invested USD 68.5 million in in new state-of-the-art facility in Durham, NC, in 2021, to further advance gene therapy capabilities.
Future Outlook
The future of the API market appears promising, driven by ongoing advancements in the pharmaceutical industry and the development of novel therapies. The market is likely to witness sustained growth, with a focus on specialty APIs and personalized medicine. The demand for green and sustainable manufacturing processes is expected to gain traction, aligning with the global emphasis on environmental conservation.
Key Market Study Points
- API market size, growth, and forecast for the next 5-10 years.
- Segmentation analysis based on service type, sourcing type, application, industry vertical, and region.
- Regional analysis of the API market, including major countries and growth opportunities.
- Identification of key market drivers, challenges, and trends influencing the industry.
- Analysis of recent developments, mergers, acquisitions, and collaborations in the API market.
- Competitive landscape assessment, profiling major players, and their market strategies.
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Market Segmentations
- By type: Synthetic APIs are the most common type of API, accounting for the majority of the market. They are made from chemical compounds that are synthesized in a laboratory. Biotech APIs are made from living organisms, such as bacteria or yeast. Natural APIs are derived from plants or animals.
- By application: Prescription drugs are the largest application segment for APIs, accounting for the majority of the market. Over-the-counter drugs are the second largest application segment. Generic drugs are copies of brand-name drugs that are made by different companies.
- By synthesis type: Organic synthesis is the most common type of synthesis for APIs. Inorganic synthesis is used to make a small number of APIs, such as metal-based drugs. Biosynthesis is used to make a small number of APIs, such as antibiotics.
- By region: North America is the largest market for APIs, followed by Europe and Asia Pacific. Latin America and Middle East & Africa are the smallest markets for APIs.
- By end-user: Pharmaceutical companies are the largest end-users of APIs, followed by CMOs and R&D institutions.
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