Reports And Data

Active Pharmaceutical Ingredients (API) market size was USD 222.4 Billion in 2022 and is expected to reach USD 345.02 Billion in 2032 With CAGR of 5%

NEW YORK, NY, UNITED STATES, April 20, 2023 /EINPresswire.com/ -- The global Active Pharmaceutical Ingredients (API) market was valued at USD 222.4 billion in 2022 and is expected to grow at a CAGR of 5% during the forecast period, according to a recent report by Reports and Data. The growth of the API market is primarily driven by the increasing prevalence of chronic diseases such as cancer, cardiovascular disease, and respiratory disease, which are responsible for 71% of deaths worldwide, according to the World Health Organization (WHO). The demand for safe and effective medicines has thus increased, driving the growth of the API market.

The United Nations predicts that there will be 2.1 billion elderly individuals worldwide by 2050, who are more vulnerable to chronic diseases, leading to a surging need for medication. Therefore, the demand for APIs is expected to grow in the future to meet the expanding medication requirements of this demographic.

Some of the prominent players profiled in the global Active Pharmaceutical Ingredients (API) market include Teva Pharmaceutical Industries Ltd., Sanofi S.A., Novartis AG, Merck & Co., Inc., Pfizer Inc., Sun Pharmaceutical Industries Ltd., Boehringer Ingelheim GmbH, Bayer AG, BASF SE, and Johnson Matthey Plc

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The need for affordable healthcare has also fueled the demand for generic pharmaceuticals, which are often less expensive than branded drugs. APIs play a critical role in manufacturing generic drugs, leading to a surge in demand for APIs. The upcoming expiration of patents for several blockbuster pharmaceuticals has also presented an opportunity for generic drug makers to enter the market.

According to the U.S. Food and Drug Administration (FDA), APIs account for around 40% of the total expenses associated with producing drugs. To ensure the quality of APIs and finished pharmaceutical products, the FDA mandates that manufacturers adhere to its Current Good Manufacturing Practices (CGMPs).

The latest report on the global Active Pharmaceutical Ingredients (API) market highlights the following key points:

• In 2022, the synthetic API segment accounted for the largest revenue share in the global API market due to its widespread use in pharmaceutical manufacturing, ease of production, and growing demand for generic drugs. The segment is projected to experience further revenue growth in the coming years.
• The Oncology segment is expected to contribute the largest revenue share in the API market during the forecast period due to the rising incidence of cancer worldwide and increasing research in the field of oncology.
• North America is predicted to dominate the global API market throughout the projection period, thanks to the presence of significant pharmaceutical companies, advanced healthcare infrastructure, and favorable government policies.
• Recent developments in the API market include Sanofi S.A.'s acquisition of Kadmon Holdings, Inc., Novartis AG's collaboration with Molecular Partners AG, and Teva Pharmaceutical Industries Ltd.'s launch of a new generic version of the EpiPen medication in the United States.

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For the purpose of this report, Reports and Data has segmented the global Active Pharmaceutical Ingredients (API) market on the basis of Product Type Outlook, Application Outlook, and Regional Outlook:

Product Type Outlook (Revenue, USD Billion; 2022 - 2032)

Synthetic APIs
Biotech APIs
Natural APIs
Others

Application Outlook (Revenue, USD Billion; 2022 - 2032)

Oncology
Cardiovascular Disease
CNS & Neurological Disorders
Endocrinology
Gastrointestinal Disorders
Musculoskeletal Disorders
Ophthalmology
Respiratory Disease
Others

Regional Outlook (Revenue, USD Billion; 2019-2032)

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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There have been notable innovations in the Active Pharmaceutical Ingredients (API) market in recent years. Some of these include:

1. Continuous Manufacturing: Continuous manufacturing is a novel approach to drug production that allows for the uninterrupted and consistent manufacture of APIs. This method of manufacturing can reduce the time and cost of production and increase the efficiency and quality of the final product.
2. Nanotechnology: Nanotechnology involves the use of extremely small particles to deliver drugs to specific cells or tissues. This technology has the potential to improve the efficacy and safety of drugs while reducing side effects.
3. 3D Printing: 3D printing is being used to manufacture complex drug products with precise dosages and customized shapes. This technology can improve patient compliance and reduce waste.
4. Artificial Intelligence: Artificial intelligence is being used to improve drug discovery and development processes. Machine learning algorithms can analyze vast amounts of data to identify potential drug candidates and predict their efficacy.

Conclusively, all aspects of the Active Pharmaceutical Ingredients (API) market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

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