New York, March 15, 2022 (GLOBE NEWSWIRE) -- On March 11th, 2020, as the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic, numerous small, medium, and large pharmaceutical and biopharmaceutical organizations worldwide, had stepped forward for the development of treatments that can help to cure the viral disease. According to the WHO, 2000 researchers along with 14200 randomized hospitalized patients in 600 hospitals across 52 countries globally, were associated to date, thereby contributing their expertise and resources for developing potential new treatments for COVID-19. In addition to this, the three treatment arms that were chosen initially for evaluation in the WHO Solidarity PLUS Trial, which is the global randomized control trial platform backed by the WHO members, were artesunate, infliximab, and imatinib, apart from other drugs, such as remdesivir, hydroxychloroquine, lopinavir, and interferon amongst others. Besides this, as of February 18, 2022, a total of 144 vaccines for the disease were in clinical development phase, while 195 of them were in pre-clinical development phase.
Kenneth Research has recently released a report on the “Global Active Pharmaceutical Ingredients (API) Market” which includes a detailed study on the growth of the market in the five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The report also includes the latest market dynamics, including the growth drivers, key opportunities, recent market trends, and the challenges that are associated with the market growth during the forecast period, i.e., 2021-2030. In addition to this, a brief analysis of the market players, along with their growth strategies, recent developments, and product portfolio analysis are also studied in the market research report.
The economic and social burden of pandemics over the years has raised the need amongst the government bodies to raise their funding, particularly for the development of appropriate vaccines for COVID-19 disease on a global scale. According to the statistics by The Knowledge Network on Innovation and Access to Medicines, a project of the Global Health Center at the Graduate Institute, Geneva, the public sector funding for R&D of COVID-19 vaccine in the United States as of July 2021 was USD 2289 Million. This was the highest funding amount made by investors for the R&D of vaccines. On the other hand, in Germany, the funding amount registered USD 1507 Million. Owing to such factors, there is a growing need for different types of pharmaceutical ingredients amongst these pharmaceutical and biopharmaceutical organizations to support the research and development of these drugs that are under study for the development of vaccines. Such a factor is anticipated to drive the growth of the global active pharmaceutical ingredients (API) market in the coming years.
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The global active pharmaceutical ingredients (API) market generated a revenue of USD 185.23 Billion in the year 2020 and is further anticipated to garner a revenue of USD 331.37 Billion by the end of 2030, by growing with a CAGR of 6.08% during the forecast period. The growth of the market can also be attributed to the increasing incidences of chronic diseases, such as cancer, cardiovascular diseases (CVDs), and diabetes amongst others. In the other statistics by the WHO, in the year 2019, around 17.9 Million people died from CVDs, while around 1.5 Million deaths were caused due to diabetes. Moreover, in the year 2020, around 10 Million deaths were caused due to cancer, making it one of the leading causes of death worldwide. The market growth can also be attributed to the increasing importance of generics and the rising uptake of biopharmaceuticals in pharmaceutical industries. Furthermore, the increasing opportunity generated by the positive outcomes of the ongoing clinical trials for biosimilars, and the growing number of off-patent biologic drugs, are also projected to boost the market growth in the coming years. Additionally, the increasing demand for analgesics, pain management drugs, and anti-infectives among others, and the shift towards the development of complex APIs that are used in novel drug formulations for niche therapeutic areas, are also expected to contribute to the market growth.
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The global active pharmaceutical ingredients (API) market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America generated the largest revenue of USD 71.70 Billion in the year 2020 and is further projected to reach a revenue of USD 127.61 Million by the end of 2030. One of the major factors anticipated to drive the growth of the market in the region is the rising prevalence of chronic diseases in countries, such as the United States, along with the presence of a strong healthcare network in the region. According to the statistics by the Centers for Disease Control and Prevention (CDC), out of 10 adults in the United States, 6 of them had a chronic disease, while 4 of them had two or more of these diseases. The market in the region is segmented by country into the United States and Canada. Out of the market in these countries, the market in the United States is projected to register the largest revenue by the end of 2030 and also grow with the highest CAGR of 6.03% during the forecast period.
On the other hand, the market in the Asia Pacific generated the second-largest revenue of USD 56.35 Billion in the year 2020 and is further anticipated to touch USD 104.98 Billion by the end of 2030. Increasing expenditure on health along with the presence of major pharmaceutical suppliers in countries, such as India, and China, are some of the major factors anticipated to promote market growth in the coming years. According to the statistics by the World Bank, the domestic general government health expenditure as a share of current health expenditure in India, Singapore, China, and Japan increased from 18.877%, 22.918%, 27.885%, and 80.964% in the year 2001 respectively to 32.788%, 50.202%, 55.979%, and 83.857% in the year 2019 respectively. The market in the region is further segmented by country into Japan, Australia, Singapore, South Korea, India, China, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China generated the largest revenue of USD 19.78 Billion in the year 2020 and is further expected to reach a revenue of USD 36.90 Billion by the end of 2030. The market in India, on the other hand, is projected to grow with the highest CAGR of 7.08% during the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global active pharmaceutical ingredients (API) market is segmented by therapeutic application into communicable diseases, oncology, diabetes, cardiovascular diseases, musculoskeletal disorders, respiratory diseases, and other therapeutic applications. Amongst these segments, the cardiovascular disease segment is projected to garner the largest revenue of USD 68.81 Billion by the end of 2030 and further grow with a CAGR of 5.80% during the forecast period. Additionally, the segment, in the year 2020, generated a revenue of USD 39.50 Billion. Increasing prevalence of cardiovascular diseases worldwide caused due to unhealthy dietary patterns, physical inactivity, tobacco use, and harmful use of alcohol, followed by the growing use of APIs for the manufacturing of different types of drugs used to treat cardiovascular diseases, are some of the major factors anticipated to drive the growth of the segment in the coming years. Some of the major classes of drugs among cardiovascular APIs include cardiac glycosides, vasodilators, and vasoconstrictors. In North America, the segment generated a revenue of USD 15.30 Billion in the year 2020 and is further expected to reach a revenue of USD 26.77 Billion by the end of 2030. Moreover, in the Asia Pacific, the segment is anticipated to garner the largest revenue of USD 21.52 Billion by the end of 2030, up from a revenue of USD 12.06 Billion in the year 2020.
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The global active pharmaceutical ingredients (API) market is segmented by business mode into captive and merchant. Out of these segments, the captive segment is projected to generate the largest revenue of USD 124.55 Billion by the end of 2022, while the merchant segment is projected to grow with the highest CAGR of 6.22% during the forecast period. The merchant API business mode is defined as APIs that are sold by third parties. The growing need for low-cost manufacturing of APIs amongst pharmaceutical manufacturers is one of the major factors anticipated to drive the growth of the segment in the coming years. In North America, the merchant segment is projected to grow with the highest CAGR during the forecast period, while in Europe, the captive segment is anticipated to garner the largest revenue of USD 24.50 Billion by the end of 2022.
The global active pharmaceutical ingredients (API) market is also segmented by type and by synthesis type.
Global Active Pharmaceutical Ingredients (API) Market, Segmentation by Type
- Generic
- Innovative
Global Active Pharmaceutical Ingredients (API) Market, Segmentation by Synthesis Type
- Synthetic
- Biotech
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Some of the prominent industry leaders in the global active pharmaceutical ingredients (API) market that are included in our report are Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Sanofi-aventis Groupe, Boehringer Ingelheim International GmbH, Aurobindo Pharma, Dr. Reddy’s Laboratories Ltd., API Corporation, Bristol-Myers Squibb Company, KATSURA CHEMICAL CO., LTD., and others.
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