NEWARK, Del, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The worldwide demand for specialty active pharmaceutical ingredient market was valued at US$ 196.8 billion in 2022. The overall market is anticipated to increase at a CAGR of 3.2% through 2033. This market analysis further predicts the market value to reach up to US$ 282.88 billion by 2033 from US$ 206.44 billion in 2023.
Contract AI manufacturing services are gaining momentum and are expected to drive the overall market during the forecast period. Additionally, there have been advancements in the production capabilities of patented chemical methods in recent years. Advanced testing devices have significantly decreased the cost of generating specialized active pharmaceutical components.
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The pandemic outbreak in 2020 and 2021 caused several API producers, including contract manufacturing organizations, to witness a decline in their production capacity. However, this difficult period also created sufficient ground for the development of high-quality active pharmaceutical ingredients that could be witnessed over the coming years.
Key Takeaways from the Global Specialty Active Pharmaceutical Ingredient (API) Market Report:
- The United States leads the consumption of pharmaceutical ingredients, holding almost 29.2% market share in 2023.
- European countries also hold a significant share of the global market. Germany leads the region with a global revenue share of 6.7% in 2023.
- The demand for specialty active pharmaceutical ingredients in the United Kingdom is expected to surge at 1.8% CAGR through 2033.
- Throughout the projection period, the market in China is anticipated to expand at a CAGR of 4.1% through 2033.
- On the other hand, India is anticipated to emerge as the fastest-growing nation in the specialty API market, following a CAGR of 5.7% through 2033.
“Leading firms primarily concentrate on API manufacturing, with strategic alliances with local players to secure raw materials. It has ultimately resulted in a number of adjustments to the production and manufacturing regulatory rules, giving way to the emergence of many new market participants. Other main tactics on which the top companies in the market should concentrate are portfolio strengthening by the creation of APIs for broader use.” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Specialty Active Pharmaceutical Ingredient (API) Market Report Scope:
| Attribute | Details | |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available | 2018 to 2022 | |
| Market Analysis | US$ million or billion for Value and Units for Volume | |
| Key Regions Covered | North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania | |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa | |
| Key Segments Covered | By Product Type, By Consumption, and By Region | |
| Key Companies Profiled |
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Competitive Landscape for the Specialty Active Pharmaceutical Ingredient (API) Market Players:
The overall market is highly fragmented owing to the presence of numerous industries operating at regional as well as global levels. Also, the existence of different producers with a wide range of products and technology for the production of active components has further diversified the market.
Recent Developments:
- In March 2021, Amgen Company announced the acquisition of Rodeo Therapeutics Inc., a biopharmaceutical company specializing in creating small molecule treatments. After this collaboration, the company aims to diversify its portfolio of active pharmaceutical ingredients for inflammatory diseases.
- The United States Food and Drug Administration authorized Teva Pharmaceutical and MEDinCell to submit a new medication application for treating schizophrenia in August 2021.
- In May 2023, a distribution and partnership deal between Sandoz International and Adalvo gave six medicines exclusive marketing rights in the United States. Such drugs cover a range of crucial therapeutic fields like cancer, lung, and antifungal or antibiotic.
Key Segments of Specialty Active Pharmaceutical Ingredient (API) Market:
By Product Type:
- Small Molecules API
- Controlled Substances API
- HPAPI
- Peptides API
- Carbohydrate Drugs API
- Steroidal Drugs API
By Consumption:
- In-house
- Outsourced
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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