According to the latest market research report published by SPER Market Research, the active pharmaceutical ingredient (API) market estimated to reach USD 262.40 billion by 2030 with a CAGR of 6.8%.
Rising drug R&D, the increasing incidence of chronic diseases (diabetes, coronary artery disease, chronic obstructive pulmonary disease (COPD), asthma, hepatitis, arthritis, and cancer) the growing importance of generics, and the increasing uptake of biopharmaceuticals are the leading factors for the growth of Active Pharmaceutical Ingredient (API) Market.
With the WHO declaring the COVID-19 outbreak a pandemic, a mix of established pharmaceutical and biopharmaceutical companies, as well as small start-ups, have stepped forward to develop treatments that target the infection.
According to the International Diabetes Federation, in 2019, 463 million people worldwide were diagnosed with diabetes. Moreover, the number of new cancer cases per year is expected to rise to 23.6 million by 2030. Changing lifestyles, and dietary changes as a result of rapid urbanization. The geriatric population across the globe are more prone to such chronic diseases and infections.
The rising incidence of various diseases, the increasing number of off-patent biologic drugs, positive outcomes in ongoing clinical trials for biosimilars and the rising demand for biosimilars in different therapeutic applications (such as rheumatoid arthritis and blood disorders) are the major factors driving the growth of the biosimilars market. The expiration of patents and other intellectual property rights for originator biologics over the next decade is expected to open up opportunities for biosimilars to enter the market.
The largest share of the global active pharmaceutical ingredients market is dominated by the innovative APIs. Increased FDA approvals for new molecular entities, high price of innovative APIs as compared to the generic drugs, increased focus on R&D by the innovator API companies are the factors contributing towards the growth of the innovative APIs segment.
The oncology segment will witness the highest growth during the forecast period, in 2019; the oncology segment is expected to register the highest CAGR during the forecast period. Growth in this market segment is driven by the increasing demand for highly potent APIs (HPAPIs) for the treatment of cancer.
The global active pharmaceutical ingredients (API) market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players in the active pharmaceutical ingredients market include Pfizer Inc. (US), Novartis International AG (Switzerland), Merck & Co. (US), Teva Pharmaceutical Industries Ltd. (Israel), Mylan N.V. (US), Boehringer Ingelheim (Germany), F. Hoffmann-La Roche AG (Switzerland), Sanofi (France), AbbVie (US), Eli Lilly and Company (US), AstraZeneca (UK), Bristol-Myers Squibb (US), and GlaxoSmithKline plc (UK).
SPER Market Research study aims to provide market dynamics, demand and supply with yearly forecast to 2030. This report provides data for growth estimates and forecasts for Active Pharmaceutical Ingredient (API) Market, By Type (Innovative APIs, Generic APIs), APIs Market, By Type of Manufacturer (Captive Manufacturers, Merchant Manufacturers) , APIs market, by Type of Synthesis (Synthetic APIs Market, Biotech APIs Market ), APIs Market, by Type of Drug (Prescription Drugs, Over-the-counter Drugs), APIs Market, by Therapeutic Application(Communicable Diseases, Oncology, Diabetes, Cardiovascular Disease, Pain management, Respiratory Diseases, Orthopedics, Urology and Nephrology, Ophthalmology, Pulmonology, Women’s Health, and Gastroenterology).
This report also provides the data for key regional segments of North America, Europe, Asia-Pacific and Rest of the World.
This study also encompasses various drivers and restraining factors for this market for the forecast period. Various growth opportunities are also discussed in the report.