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Global Active Pharmaceutical Ingredients Market to Reach US$ 247.2 Billion by 2024, Fostered by Rising Prevalence of Chronic Diseases

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 Pharmaceutical Ingredients Market

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:

  • Based on the drug type, the market has been segmented as innovative and generic APIs, wherein innovative APIs dominate the market.
  • On the basis of the type of manufacturers, captive manufacturers exhibit a clear dominance in the market, followed by merchant API manufacturers.
  • The market has been segregated based on the type of synthesis into synthetic and biotech APIs. At present, synthetic APIs account for the largest market share.
  • Based on the therapeutic application, the market has been classified as oncology, cardiovascular and respiratory, diabetes, central nervous system disorders, neurological disorders and others. Among these, oncology is the largest segment.
  • Region-wise, North America enjoys the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined, with some of the key players being Pfizer, Inc., Novartis International AG, Sanofi SA, Boehringer Ingelheim Group, Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, GlaxoSmithKline plc, Merck & Co., Inc. and AbbVie Inc.

 

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