Active Pharmaceutical Ingredients Market Size, In-Depth Industry Analysis, New Trends, and Future Growth Potential 2021 – 2028 | Grand View Research, Inc.
According to a new report published by Grand View Research, The growth can be attributed to the advancements in active pharmaceutical ingredient (API) manufacturing and the rising prevalence of chronic diseases, such as cardiovascular diseases and cancer. Favorable government policies for API production, along with changes in geopolitical situations, are boosting the market growth.
Active Pharmaceutical Ingredient Market Growth & Trends
The global active pharmaceutical ingredients market size is expected to reach USD 312.56 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.6% from 2021 to 2028. The market is driven by the growth of the biopharmaceutical sector, advancements in active pharmaceutical ingredient (API) manufacturing, and an increase in the geriatric population.
The growth of the captive API segment is propelled by companies investing in solving challenges and developing new chemical ways for the production of APIs in house. This aids in reducing costs and the risk of contamination. Artificial intelligence and protein synthesis are expected to facilitate faster development with greater control over the process.
The rising prevalence of chronic and lifestyle-based conditions, such as cardiovascular diseases, is accelerating the demand for API. For instance, as per U.S. Pharmacist in 2020, 47% of adults have at least one risk factor that supports cardiovascular disease development. Cardiovascular diseases are one of the global, critical public health burdens driving extensive R&D for APIs in the field.
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Developing nations like India are receiving an increased preference in the market over dominant API market countries, like China, owing to geopolitical situations. Furthermore, other factors favoring India include quality raw materials and products, large workforce, vast distribution network, and government subsidies under schemes like “Make in India”.
For addressing unmet medical needs, companies are collaborating to develop novel treatments. This allows firms to use their resources to aid in the development of products and enhance the supply chain. In August 2019, OmniChem Private Limited was acquired by Ajinomoto Bio-Pharma Services (earlier they were in a joint venture since 2011 for the manufacturing of APIs). The acquisition was completed in June 2020.
Active Pharmaceutical Ingredient Market Report Highlights
- According to the WHO, around 17.5 million people die each year due to cardiovascular diseases, accounting for 31% of all deaths across the globe
- The growing geriatric population in Asian countries, such as Japan and China, along with high untapped opportunities, is expected to drive the market during the forecast period. It is estimated that over 20% of the Japanese population is aged 65 and above
- According to the CDC, about 795,000 people in the U.S. suffer from stroke every year, out of which 87% cases are of ischemic stroke
- Companies are looking to diversify their API suppliers and manufacturers to different locations instead of outsourcing it to just one manufacturer or country
- Key players are increasingly focusing on vaccines, for instance, Sanofi announced an investment of USD 601.37 million for vaccine production and research in France. These investments are anticipated to drive the development of new vaccine APIs in the coming years to help facilitate readiness to deliver new products
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Active Pharmaceutical Ingredient Market Segmentation
Grand View Research has segmented the global active pharmaceutical ingredients market based on type of synthesis, type of manufacturer, type, application, and region:
Active Pharmaceutical Ingredient Type of Synthesis Outlook (Revenue, USD Billion, 2017 – 2028)
- Monoclonal Antibodies
- Recombinant Proteins
Active Pharmaceutical Ingredient Type of Manufacturer Outlook (Revenue, USD Billion, 2017 – 2028)
- Captive APIs
- Merchant APIs
Active Pharmaceutical Ingredient Type Outlook (Revenue, USD Billion, 2017 – 2028)
- Generic APIs
- Innovative APIs
Active Pharmaceutical Ingredient Application Outlook (Revenue, USD Billion, 2017 – 2028)
- Cardiovascular Diseases
- CNS and Neurology
Active Pharmaceutical Ingredient Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Active Pharmaceutical Ingredient Market
- Merck & Co., Inc.
- AbbVie, Inc.
- Bristol-Myers Squibb Company
- Boehringer Ingelheim International GmbH
- Cipla, Inc.
- Teva Pharmaceutical Industries Ltd.
- Albemarle Corporation
- Viatris Inc.
- Aurobindo Pharma
- Sun Pharmaceutical Industries Ltd.
- Dr. Reddy’s Laboratories Ltd.
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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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Published Sat, 02 Apr 2022 08:10:15 -0500