Fort Collins, Colorado, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Active Pharmaceutical Ingredients (API) Market size was valued at USD 151.2 Billion in 2022 and is expected to reach USD 346.4 Billion by 2032 at a CAGR of 8.7%.
APIs are components of pharma drugs used for treating medical conditions. They are derived from various sources, including chemical synthesis, natural sources like plants and microorganisms, and biotechnological processes. With the rise in chronic diseases like cancer, diabetes, COPD, hepatitis, asthma, and arthritis, the demand for APIs has increased to accelerate manufacturing.
The rise in active pharmaceutical companies has caused many drugs to go off-patent, leading to advancements in drug treatments. However, the strict API manufacturing standards result in high development costs, longer development times, and maintaining high-quality standards. With an increase in the global geriatric population, the demand for drugs has also increased due to higher risk of age-related infections and diseases like diabetes and COVID-19.
The active pharmaceutical ingredients market is driven by the rise in per capita healthcare expenditure and increased awareness about diagnosis in developing countries. APIs are useful for treating specialty and rare diseases, and specialized APIs for these drugs are growing. The expiration of patents and intellectual property rights for originator biologics in the next decade will increase the demand for pharmaceutical drugs to treat diseases, further driving the market.
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Segmentation Overview:
The global active pharmaceutical ingredients market has been segmented into synthesis, manufacturer, type, drug and region. The captive API segment leads the API market, with easy availability of raw materials and increased investments in advanced manufacturing facilities contributing to its significant growth. The synthetic API segment also shows growth due to the increased availability of raw materials and the production of various synthetic molecules.
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Active Pharmaceutical Ingredients Market Report Highlights:
- The global active pharmaceutical ingredients market growth is anticipated at a CAGR of 8.7% by 2032.
- Factors including rising disease prevalence, off-patent biologic drugs, positive clinical trial results for APIs, and demand for therapeutic applications such as rheumatoid arthritis and blood disorders drive market growth.
- North America dominates the market due to the growing prevalence of chronic diseases and increased government incentives for creating innovative drugs, leading to a rise in demand for biological APIs.
- Some prominent players in the active pharmaceutical ingredients market report include include Merck & Co., Inc.; AbbVie Inc.; Teva Pharmaceutical Industries Ltd.; Viatris Inc.; Cipla Inc.; Boehringer Ingelheim International GmbH; Merck & Co., Inc.; Sun Pharmaceutical Industries Ltd.; Bristol-Myers Squibb Company; Albemarle Corporation and Aurobindo Pharma.
Industry Trends and Insights:
- Aurobindo Pharma's joint venture company, Eugia Pharma, gained USFDA approval to launch Methotrexate tablets in March 2020, with an estimated market size of US$ 98 million.
- Sun Pharma launches PRWINLEVI, Canada's first androgen receptor inhibitor for acne treatment.
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Active Pharmaceutical Ingredients Market Segmentation:
- By Synthesis: Biotech and Synthetic
- By Manufacturer: Captive and Merchant
- By Type: Generic and Innovative
- By Drug: Prescription, Over-the-counter
- By Application: Cardiovascular Diseases, Oncology, CNS And Neurology, Endocrinology, Pulmonology, Orthopedic, Ophthalmology
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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