Active Pharmaceutical Ingredients (API) Market to Exhibit 6.1% CAGR; Rising Demand for Biosimilar & Biologics to Drive Growth: Fortune Business Insights™
Key Companies Covered are Aurobindo Pharma, Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Mylan N.V., AbbVie Inc., Sun Pharmaceutical Industries Ltd., Abbott, Biocon, Cipla Inc., Amgen Inc. among others
PUNE, India, April 20, 2020 /PRNewswire/ -- The global active pharmaceutical ingredient (API) market is set to gain impetus from the rising implementation of strict norms and regulations in several countries regarding the production of high-quality API. It is further aiding in upsurging the overhead costs of in-house API manufacturing. Therefore, numerous pharmaceutical companies are focusing on outsourcing the manufacturing. This information is provided by Fortune Business Insights™ in a recent report, titled, "Active Pharmaceutical Ingredients (API) Market Size, Share & Industry Analysis, By Type (Generic API, and Branded API), By Synthesis (Biological API, and Synthetic API), and Regional Forecast, 2019-2026." The report further mentions that the API market size stood at USD 164.20 billion in 2018 and is projected to reach USD 261.28 billion by 2026, exhibiting a CAGR of 6.1% during the forecast period.
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This Report Answers the Following Questions:
An Overview of the Impact of COVID-19 on this Market:
- What are the recent API market trends that are affecting the market?
- Which are the top companies present in the market?
- How many companies have signed new contracts and agreements?
- What type of multi-year and annual collaborations are the organizations exploring?
- What are the major growth drivers, challenges, and opportunities?
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Drivers & Restraints-
High Demand for Novel Drugs to Boost Growth
The Indian Brand Equity Foundation (IBEF) mentioned that during 2015 to 2020, the pharmaceutical industry of India is set to exhibit a considerable CAGR of 22.4%. As per one of our lead analysts, "The incidence of chronic diseases is surging at a fast pace worldwide backed by the rising geriatric population. Rapid urbanization, as well as increasing adoption of sedentary lifestyle would also contribute to the growth." Apart from that, there is an alarming rise in the number of new cases of chronic diseases. It is therefore, skyrocketing the demand for state-of-the-art drugs. High demand for biosimilars and biologics would hence, propel the active pharmaceutical ingredient market growth in the coming years. However, changes in price policies in the developing nations may hamper growth.
Segment-
Synthetic API Segment to Grow Steadily Backed by their Cost-effective Nature
Based on synthesis, the market is bifurcated into biological API and synthetic API. Out of these, the synthetic API segment led in terms of API market share in 2018 backed by the cost-effective nature of raw materials used for producing these APIs. They are cheaper than the biological API. The biological API segment is anticipated to grow considerably throughout the forecast period on account of the rising technological advancements in biologics, as well as high demand for biopharmaceuticals to treat many diseases. Additionally, the surging number of FDA approvals for biological drugs, namely, recombined proteins, blood components, and vaccines would contribute to the growth of this segment.
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Regional Analysis-
Presence of Many Contract Manufacturing Organizations to Favor Growth in Asia Pacific
In terms of region, the market is divided into Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America. Amongst these, in 2018, North America procured USD 79.80 billion API market revenue. This growth is attributable to the rising government initiatives to develop unique drugs, as well as the rising prevalence of chronic diseases in this region.
Asia Pacific, on the other hand, is expected to outpace Europe and North America in the near future because of the rising number of pharmaceutical industries and contract manufacturing organizations present in the developing countries, such as India and China. Owing to the availability of raw material in abundance and lower labour cost, these countries have started becoming major venues for outsourcing API manufacturing. Also, several manufacturers have implemented favourable regulatory policies in this region to broaden their production capacity. It would also boost growth.
Competitive Landscape-
Key Players Focus on Developing Various APIs to Boost Sales
The market includes many contract manufacturing organizations that are mainly aiming to develop biological APIs. Companies located mainly in Asia Pacific are focusing on creating generic APIs. But, key players situated in North America and Europe are moving towards the development of biological API. Below are a couple of the recent industry developments:
- January 2020: Astellas Pharma Inc. developed its brand new API manufacturing facility for a first-line immunosuppressant called Prograf. It will be used for organ transplantation.
- June 2016: AbbVie Inc. widened its small molecule API facility located in Singapore to strengthen its position in women's health and oncology sectors.
List of the Key Companies operating in the Active Pharmaceutical Ingredients Market. They are as follows:
- Aurobindo Pharma
- Teva Pharmaceutical Industries Ltd.
- Dr. Reddy's Laboratories Ltd.
- Mylan N.V.
- AbbVie Inc.
- Sun Pharmaceutical Industries Ltd.
- Abbott
- Biocon
- Cipla Inc.
- Amgen Inc.
- Other key market players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Chronic Diseases -2018
- New Product Launches by Key Players
- Recent Industry Developments- Partnerships, Mergers, And Acquisitions
- Therapeutic Applications of the Different Types of Active Pharmaceutical Ingredient
- Global Active Pharmaceutical Ingredient (API) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Generic API
- Branded API
- Market Analysis, Insights and Forecast – By Synthesis
- Biological API
- Synthetic API
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
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