According to the latest report by IMARC Group, titled "Active Pharmaceutical Ingredients (API) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global active pharmaceutical ingredients (API) market reached a value of US$ 209.9 Billion in 2021. Active pharmaceutical ingredients (APIs) refer to the biologically active components of a pharmaceutical drug. They are commonly manufactured using a vast array of processes, including fermentation, isolation, chemical synthesis, recombinant DNA, and recovery from natural sources. A drug can contain multiple APIs that vary upon the effect of the same on a patient. Numerous healthcare professionals can prescribe combination therapy to their patients that widely utilizes two or more than two active ingredients to treat different symptoms in a unique manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Active Pharmaceutical Ingredients (API) Market Trends:
The global market is majorly driven by the increasing incidences of chronic and lifestyle disorders. This has led to the rising demand for effective drugs for their treatment, which, in turn, is providing a boost to the sales of APIs. Moreover, the growing number of blockbuster patent expiries is continually creating a positive outlook for the generic API market. The market is further driven by the research and development (R&D) activities conducted by key players to launch better-quality, low-cost APIs that can assist in the treatment of medical conditions that are beyond the scope of small molecule drugs. Apart from this, the widespread preference for outsourcing operations to developing countries for developing low-cost APIs is also creating a positive outlook for the market. Some of the other factors contributing to the market growth include the growing geriatric population, increasing healthcare expenditure and the rising demand for APIs for biologicals. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 5.46% during 2022-2027.
- 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.
- The market has been segregated based on the type of synthesis into synthetic and biotech APIs. At present, synthetic APIs account for the majority of the total 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 represents the biggest segment in the market.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America, and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Pfizer, Inc., Novartis International AG, Sanofi, Boehringer Ingelheim, Bristol-Myers Squibb, Teva Pharmaceutical Industries Ltd., ELI Lilly and Company, GlaxoSmithKline, Merck & Co., Inc. and Abbvie Inc.
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