IMARC Group’s latest report, titled “Active Pharmaceutical Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global active pharmaceutical ingredients market size reached US$ 176.3 Billion in 2018. Active pharmaceutical ingredients (APIs) are the biologically active components of a pharmaceutical drug. They are manufactured through a variety of processes such as chemical synthesis, recombinant DNA, fermentation, isolation, and recovery from natural sources. At present, many governments, especially in developing economies, are promoting the domestic production of APIs to reduce dependence on foreign supply.
Global Active Pharmaceutical Ingredients Market Trends:
The increasing prevalence of chronic diseases is the primary factor that has led to an increase in the demand for drugs, which in turn has augmented the growth of the global API industry. Moreover, several manufacturers are investing in research and development (R&D) activities to produce better-quality, low-cost APIs that can help in the treatment of diseases beyond the scope of small molecule drugs. Apart from this, pharmaceutical companies are shifting their manufacturing facilities, as well as outsourcing their operations to developing countries for increasing production and reducing input costs. Moreover, the demand for generic APIs is expected to increase significantly as blockbuster drugs worth several billion dollars are projected to lose patent protection in the coming years. Looking forward, the market value is anticipated to reach US$ 247.2 Billion by 2024, expanding at a CAGR of 5.8% during 2019-2024.
Market Summary:
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