Global Drug API Market to Reach $286.81 Billion by 2027 with a 7.47% CAGR
DUBLIN, Sept. 19, 2022 /PRNewswire/ — The “Global Drug Api Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Drug API Market is projected to grow at a CAGR of 7.47% during the forecast period to reach US$286.817 billion by 2027, from US$173.204 billion in 2020.The component of medicine that generates the desired effects is known as the active pharmaceutical ingredient (API).
Combination therapies, for example, have a number of active ingredients that treat different symptoms or function in different ways. APIs have generally been manufactured in-house by pharmaceutical businesses in their home nations. However, in recent years, many companies have chosen to outsource manufacturing to save money. This has resulted in considerable changes in how these pharmaceuticals are regulated, including the implementation of more stringent criteria and inspections. The global API market is segmented by drug synthesis type, application, and geography.
The growth of the ageing population and increasing investment in biologic drugs is expected to boost the growth of the global active pharmaceutical ingredient (API) market.
The expanding drug research and development activities for drug manufacturing, the increasing importance of generics, and the increasing consumption of biopharmaceuticals are the key factors driving the growth of the active pharmaceutical ingredients market. The rising frequency of chronic diseases is predicted to boost medicine demand, which will drive the active pharmaceutical ingredients market forward in the near future. Cardiovascular illnesses are the biggest cause of death worldwide, with an estimated 17.9 million people each year, according to the World Health Organization (WHO).
According to the Alzheimer’s Association, 5.8 million people in the United States had Alzheimer’s disease in 2018. This disease is the sixth leading cause of death in the United States, and it primarily affects people over the age of 65, with approximately 5.6 million patients falling into this age bracket. By the time the baby-boomer generation reaches 65 years of age, this number is expected to climb to 14 million, worsening the situation during the forecast period.
However, the market’s expansion is likely to be hampered by negative medicine price control regimes in several countries, high manufacturing costs, and strict regulatory policies.
By region, North America, followed by Asia-Pacific is expected to drive the growth of the global drug market during the forecast period.
Because of increased disease rates and an ageing population, the North American region is likely to enhance its market share in the future. For instance, according to the Centers for Disease Control and Prevention, approximately 795,000 people in the United States suffer from the effects of stroke each year, with ischemic stroke accounting for 87% of instances.
The United States controls the majority of the regional market. Pharmaceutical companies have raised their R&D spending in order to generate higher-quality APIs, which have a direct impact on the drug’s safety and efficacy. Pfizer, for example, struck a multi-year agreement with Gilead Sciences in 2020 to manufacture and supply Gilead’s antiviral drug (Remdesivir) for COVID-19 treatment. During the projected period, the market in North America is expected to grow due to an increase in the prevalence of lifestyle diseases and an increase in healthcare spending.
Due to rising healthcare expenditure and a high number of pharmaceutical businesses, Asia-Pacific is predicted to develop at the fastest rate in this market over the forecast period.
For example, in December 2019, Dr. Reddy’s Laboratories released Bortezomib, a traditional form of Millennium Pharmaceuticals’ Velcade, for infusion in the US market. Bortezomib is a drug that is used to treat adult patients with multiple myeloma or mantle cell lymphoma who have had at least one previous treatment. The existence of economies like China and India, which the world relies on for low-cost API production, is a benefit for the region. This further boosts the growth in the API market in the Asia-Pacific.
Key Market Segments
By Drug Synthesis Type
- Biotech Drugs
- Synthetic Drugs
By Drug Type
- Generic Drugs
- Branded Drugs
- Other Applications
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GLOBAL DRUG API MARKET, BY SYNTHESIS TYPE
6. GLOBAL DRUG API MARKET, BY DRUG TYPE
7. GLOBAL DRUG API MARKET, BY APPLICATION
8. GLOBAL DRUG API MARKET, BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
- Teva Pharmaceutical Industries Ltd
- Sun Pharmaceutical Industries Ltd
- Novartis AG
- Pfizer Inc.
- Mylan NV
- BASF SE
- Boehringer Ingelheim GmbH
- Dr. Reddy’s Laboratories Ltd
- Lupin Ltd
- Aurobindo Pharma
For more information about this report visit https://www.researchandmarkets.com/r/kt5d15
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SOURCE Research and Markets