Westford USA, June 12, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Active Pharmaceutical Ingredients Market will attain a value of USD 351.81 Billion by 2031, with a CAGR of 5.9% over the forecast period (2024-2031). The market is expanding due to increasing demand for high-potency APIs used in the fabrication of potent medicines like hormone therapies or cancer drugs. Furthermore, the changing consumer taste towards personalized and precision medicine is expected to drive the active pharmaceutical ingredient (API) market. North America captured the largest market due to the expanding health sector and increased research and development(R&D) spending.
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Active Pharmaceutical Ingredients Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $222.4 Billion |
| Estimated Value by 2031 | $351.81 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Synthesis, Drug, potency, Therapeutic applications, End-user |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Shift towards highly potent active pharmaceutical ingredients |
| Key Market Opportunities | Increased use of highly potent active pharmaceutical ingredients |
| Key Market Drivers | Increasing focus on precision medicine is boosting active pharmaceutical ingredients market |
Rising Prevalence of Heart Diseases Allows Cardiovascular Application to Hold Dominance
As heart disorders are becoming more common, there is a growing need for reliable financial tracking in the healthcare industry, which has led to a dominance of cardiovascular applications in the worldwide accounting software market. When searching for effective ways to handle their insurance claims and billing, it is important for healthcare providers to consider specialized accounting software solutions as this will lead to more usage and market superiority.
Streamlining Manufacturing Processes in Synthetic API Allowing them to Emerge as a Dominant Sub-Segment
The significance of synthetic APIs in optimising production procedures and augmenting operational effectiveness has led to their emergence as a major player in the worldwide accounting software industry. Precise financial management is necessarily required by pharmaceutical companies for them to maintain their dominance in the market due to the intricacy involved in manufacturing synthetic API sand strict regulatory demands, thus necessitating specialised accounting software solutions.
Increasing Geriatric Population and Cancer Cases Allowing North America to Spearhead Active Pharmaceutical Ingredients
As result of rising elderly population, high rates of diabetes, cancer, and neurological and cardiovascular diseases, North America held the biggest market share. Additionally, the rising cost of healthcare and the creation of superior APIs are fuelling the regional market's expansion. For example, the American Cancer Society released estimates for 2024 that indicate there would be roughly 2,001,140 new cases of cancer identified in the US in 2024, including 353,820 cases linked to the digestive system, 313,510 cases connected to the breast, and 252,950 cases related to the respiratory system.
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Active Pharmaceutical Ingredients Market Insight
Drivers:
- Increasing Focus on Precision Medicine is Boosting Active Pharmaceutical Ingredients Market
- Production Capacity Expansion in Pharmaceutical and Biopharmaceutical Companies
- Growing Demand for Pharmaceutical Products
Restraints:
- Concerns Related to Drug Pricing to Hinder Market Growth
- Low Profit Margins and High Manufacturing Costs
- Pricing Pressures from Generic API Competitors
Prominent Players in Active Pharmaceutical Ingredients Market
The following are the Top Active Pharmaceutical Ingredients Companies
- Pfizer Inc. (US)
- Johnson & Johnson Private Limited (US)
- Abbott (US)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Bausch Health Companies Inc. (Canada)
- Sunovion Pharmaceuticals Inc. (US)
- Jazz Pharmaceuticals, Inc. (UK)
- AstraZeneca (UK)
- GSK plc (UK)
- H. Lundbeck A/S (Denmark)
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Key Questions Answered in Global Active Pharmaceutical Ingredients Market Report
- How does the dominance of cardiovascular applications in the global accounting software industry stem from the rising prevalence of heart diseases?
- What are the contributing causes to the rise of synthetic application programming interfaces as a leading subsegment in the global accounting software market?
- What demographic and illness-related factors contribute to North America's supremacy in the market for active pharmaceutical ingredients, and why does it have the largest market share?
This report provides the following insights:
- Analysis of key drivers (Precision medicine helps in predicting prevention, recognising precision medicine as one of the finest growing opportunities, increase in production capacity expansion of pharmaceuticals and new state-of-the-art analytical & chemical development), restraints (Unregulated pharmaceutical market fluctuates market prices, lower new molecular entities being developed per annum and very complex process that involves the synthesis of chemical compounds), opportunities (Using highly potent active pharmaceutical ingredients, lineup of better medicines that need smaller doses and generic active pharmaceutical ingredients market continues to get highly competitive), and challenges (Usage of fake or counterfeit medicines and availability of raw materials) influencing the growth of active pharmaceutical ingredients market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the active pharmaceutical ingredients market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the active pharmaceutical ingredients market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Pharmaceutical Intermediates Market
Pharmaceutical Excipients Market
Pharmaceutical Manufacturing Market
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