Active Pharmaceutical Ingredients (API) Market to Reach US$ 357.0 Billion by 2032
Active Pharmaceutical Ingredients (API) Market
SHERIDAN, WYOMING, UNITED STATES, March 5, 2024 /EINPresswire.com/ -- IMARC Group’s latest research report, titled “Active Pharmaceutical Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” the global active pharmaceutical ingredients (API) market size reached US$ 234.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 357.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.
Factors Affecting the Growth of the Active Pharmaceutical Ingredients (API) Industry:
• Increasing Generic Drug Demand: The growing global demand for generic drugs is a key driver of the Active Pharmaceutical Ingredients (API) industry. As patents for various branded drugs expire, pharmaceutical companies turn to generic versions to offer cost-effective alternatives. This surge in generic drug production elevates the need for APIs, as these are the essential components responsible for the therapeutic effects of medications. The resultant increase in API manufacturing and sourcing contributes significantly to the industry's growth, with emerging markets playing a crucial role as hubs for generic drug production.
• Rising Chronic Disease Prevalence: The escalating incidence of chronic diseases, such as cardiovascular conditions, diabetes, and cancer, fuels the demand for pharmaceutical interventions, propelling the API industry forward. APIs are integral to the formulation of medications used for chronic disease management. As the global burden of chronic illnesses continues to rise, pharmaceutical companies are compelled to innovate and develop new APIs to address unmet medical needs. This sustained demand for APIs in the development of therapeutics for chronic conditions is a major factor influencing the industry's growth.
• Increasing Outsourcing and Contract Manufacturing: The trend of outsourcing API manufacturing and engaging in contract manufacturing agreements is a prominent factor shaping the API industry. Pharmaceutical companies are increasingly relying on specialized API manufacturers to enhance production efficiency, reduce costs, and ensure a robust supply chain. This strategic shift allows pharmaceutical companies to focus on their core competencies in drug development and marketing. Contract manufacturing organizations (CMOs) offering API synthesis services are witnessing heightened demand, fostering industry growth. The globalization of the pharmaceutical supply chain and the pursuit of cost-effective and quality manufacturing solutions contribute to the expansion of outsourcing in the API sector.
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Top Active Pharmaceutical Ingredients Companies Worldwide:
• 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.
• AbbVie Inc.
Global Active Pharmaceutical Ingredients (API) Market Trends:
The global Active Pharmaceutical Ingredients (API) market is witnessing significant trends that are reshaping the pharmaceutical landscape. One prevailing trend is the increasing focus on biopharmaceuticals, including complex biological APIs. As advancements in biotechnology accelerate, the demand for biologically derived APIs for targeted therapies and personalized medicine is on the rise.
Another noteworthy trend is the emphasis on sustainable and environmentally friendly API manufacturing processes. Pharmaceutical companies are adopting green chemistry principles to minimize environmental impact and reduce waste during API synthesis. This sustainability-driven approach aligns with both regulatory requirements and the growing awareness of environmental responsibility within the pharmaceutical industry. Furthermore, the API market is experiencing a surge in the adoption of continuous manufacturing techniques. Continuous processes offer advantages in terms of efficiency, cost-effectiveness, and quality control, marking a shift from traditional batch manufacturing and driving innovation in API production methods.
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Active Pharmaceutical Ingredients (API) Market Report Segmentation:
Breakup by Drug Type:
• Innovative Active Pharmaceutical Ingredients (API)
• Generic Active Pharmaceutical Ingredients (API)
Innovative active pharmaceutical ingredients (API) represented the largest segment due to the increasing demand for new and improved treatment options.
Breakup by Manufacturer:
• Captive Manufacturers
• Merchant API Manufacturers
o Innovative Merchant API Manufacturers
o Generic Merchant API Manufacturers
Captive manufacturers represented the largest segment as they have robust research and development (R&D) capabilities.
Breakup by Synthesis:
• Synthetic Active Pharmaceutical Ingredients (API)
o Market Breakup by Type
Innovative Synthetic APIs
Generic Synthetic APIs
• Biotech Active Pharmaceutical Ingredients (API)
o Market Breakup by Type
Innovative Biotech APIs
Biosimilars
o Market Breakup By Product
Monoclonal Antibodies
Vaccines
Cytokines
Fusion Proteins
Therapeutic Enzymes
Blood Factors
o Market Breakup By Expression System
Mammalian Expression Systems
Microbial Expression Systems
Yeast Expression Systems
Transgenic Animal Systems
Others
Synthetic API represented the largest segment as it offers a wide range of options in terms of chemical modifications and derivatizations.
Breakup by Therapeutic Application:
• Oncology
• Cardiovascular and Respiratory
• Diabetes
• Central Nervous System Disorders
• Neurological Disorders
• Others
Oncology represented the largest segment due to the rising incidence of cancer globally.
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
North America’s dominance in the market is due to the rising investments in research and development (R&D).
Related Report By IMARC Group:
• https://menafn.com/1107756958/4K-Tv-Market-Price-Outlook-Share-Growth-Drivers-And-Forecast-2024-2032
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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